When planning a hybrid event there are certain things that can be done in order to make it profitable. The first step will be to determine the revenue model that you wish to use, are you going to charge a fee for attendance, seek funding from sponsors, or use both?
You will want to make sure that you train the presenters and the sponsors on the digital platform that will be used so that everyone will get the most from the event. Once the event is completed conduct a debriefing with the sponsors and sales to see what worked and what did not. You will then need to document adjustments that should be made and include improvements that you would like to see so that you are ready to go for your next event.
Here are checklist/guidelines to follow for monetizing your next hybrid event.
1. Content Strategy: make sure that the content of the hybrid event is suited for monetization
2. Topics: identify the topics that are relevant to your target audience. These should be timely and on their minds.
3. Your content strategy must be balanced against the known market for likely sponsors if you are looking for paid sponsorships for the event. For a paid event you will need to consider the likelihood that people will pay to attend the event.
4. Experts: you will need to identify the experts and the leaders in the industry for potential presenters. Consider people who are respected and known by your target audience of sponsors and attendees.
5. Consider the different revenue hooks that you might use for both digital event experiences and face to face experiences. What are people most likely going to pay for?
6. Build attendee and sponsor packages and test them. Ask the platform provider to go over the materials so that you know that you will be able to deliver what you are promising.
7. Consider whether or not a package building strategy will work for your event. Make sure that the sponsorship packages are distinguishable so that there is a desire to choose one of the higher levels.
8. Price your different packages. For the first event this will be more of an art than a science. Once you get the first event under your belt you will have a better understanding of pricing.
9. Sales Preparation: make sure that the microsite for your hybrid event is posted as soon as possible. The longer the registration page is available before the event, the better.
10. Develop and build sales collateral for your sponsorship and attendee packages. Make sure that you do not skimp on effort, time, cost as effective collateral will be what makes your sales at your hybrid event and can shorten the cycle of sales if not done properly.
Monetizing a hybrid event is quite possible if the appropriate steps are taken. You will want to make sure that you have a well-trained sales team and take the time to set up a quality marketing package to get the most out of the event.