One question we hear a lot of at Notified is: “How can I monetize my virtual event?” The answer lies in virtual event sponsorship opportunities.
Hosting an event includes both hard and soft costs. Obviously, there is the cost of the event technology. Beyond that, however, there are costs associated with A/V and presenters’ equipment, as well as the time and resources necessary to successfully plan, sell and execute the event.
These costs can be intimidating, and it’s reasonable for event planners (and their company stakeholders) to question how a virtual event will produce ROI.
While selling tickets and charging attendees admission is also possible, creating attractive sponsorship opportunities is the best way to monetize your event.
Here’s how to monetize your virtual event with sponsorships.
How Do I Monetize a Virtual Event?
Unlike an in-person event, virtual event environments live beyond the event dates and can be updated and promoted for months afterward. Highlight this fact when speaking to potential event sponsors.
Virtual event spaces offer a wealth of digital inventory to monetize – session tracks, badges, networking lounges, exhibit booths, welcome messages and videos – all available for your potential sponsors. And before you design your sponsorship packages, it’s important to identify which of these spaces you’d like to make available to sponsors.
How Do I Create Virtual Event Sponsorship Packages?
Now that you’ve identified the areas within your virtual event you’d like to make available for sponsorship opportunities, it’s time to build your packages.
Creating sponsorship packages is more art than science. You want to ensure that your package descriptions are clear and that they provide tangible value to your potential sponsors.
Here are a few best-practices to consider when creating your sponsorship packages:
Create tiered packages: Include a variety of features and options at different price points. A tier of packages allows your top sponsors to receive all the benefits they’d like, while providing first-time sponsors with a lower entry point.
Create a clear delineation between package tiers: Ensure sponsors see a clear difference in value from one tier to the next. If the $15,000 sponsor package looks too close to the $10,000 sponsor package, it becomes too easy to select the $10,000 option. Be sure there’s a clear reason for a sponsor to step up fro one level to the next.
Use a small set of packages: Less choice makes things easier for sponsors. It’s also easier for your sales team. We recommend that you create no more than five sponsorship packages.
Use scarcity to your advantage: Making a single Platinum sponsor package available can encourage your sponsors to “one up” each other in their bid to secure that package. In addition, it places a sense of urgency around the selling process.
Sample Sponsorship Packages