{"id":6767,"date":"2021-03-17T17:44:39","date_gmt":"2021-03-17T21:44:39","guid":{"rendered":"https:\/\/sproutvideo.com\/blog\/?p=6767"},"modified":"2021-03-25T17:36:32","modified_gmt":"2021-03-25T21:36:32","slug":"everything-to-know-about-paid-virtual-events","status":"publish","type":"post","link":"https:\/\/sproutvideo.com\/blog\/everything-to-know-about-paid-virtual-events.html","title":{"rendered":"Everything to Know About Paid Virtual Events"},"content":{"rendered":"\n
(Photo by<\/em> <\/em><\/a>Andrey_Popov<\/a> on Shutterstock)<\/em><\/h6>\n\n\n\n

If you\u2019ve never put together a virtual event, now is the time to learn how it can benefit your business. Over the last year, ticketed virtual events have become part of our new \u201cnormal\u201d and will continue to be a way for brands to reach audiences like never before. <\/p>\n\n\n\n

In this post, we\u2019ll be going over what a paid virtual event is, examine the many benefits of creating one, and look at some examples of successful events you can emulate in the future.<\/p>\n\n\n\n

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What is a Virtual Event?<\/h2>\n\n\n\n

A virtual event is a shared experience online with a group of people all focused on a particular topic. It can take many forms, whether it\u2019s a webinar, a live stream, or a mix of live and pre-recorded content.<\/p>\n\n\n\n

Unlike internal virtual events, which we covered in this post<\/a>, external, ticketed, or recurring events are going to need a different approach to create a similar experience to something you would put together for an in-person event. They can be as simple as just a live video showcasing a speaker appearance, or as complicated as having virtual breakout rooms, pre-recorded presentations, or multiple days with a virtual meet and greet space. <\/p>\n\n\n\n

Benefits of a Paid Virtual Event<\/h2>\n\n\n\n

While you could host a free event, paid events have their own unique set of advantages that may sway you in that direction, especially if it\u2019s replacing a ticketed in-person experience. <\/p>\n\n\n\n

Higher Quality Leads <\/h3>\n\n\n\n

Considering they are paying for it, attendees are more likely to engage with the content instead of popping in and out of sessions as you could if it were a free event. The same thought process can be applied to the leads you\u2019ll gain from a paid event. You may have potentially fewer registrations, but they will have high intent and interest in what you have to offer.  <\/p>\n\n\n\n

Increased Reach <\/h3>\n\n\n\n

Moving an event online isn\u2019t always ideal, but it does make it more accessible. As long as your audience has an internet connection, your reach has endless potential. People from any corner of the globe can attend your event without having to worry about extra travel expenses. Further, since the event is digital, those who may not be able to make it to live sessions will be able to go back and view the recording on their own time if you allow it.<\/p>\n\n\n\n

Recurring Revenue <\/h3>\n\n\n\n

Virtual events can quickly become a great way to generate another revenue stream for your company. Depending on your business, you could potentially host events, classes, or shows on a regular basis. Charging per event or implementing a membership or subscription fee will allow you to reach a whole new audience and bring in money at the same time. <\/p>\n\n\n\n

Even after the pandemic is over, this model can be useful for reaching people who may not be able to attend your in-person events, classes, or shows. It could also be a premium add-on to boost your fees.<\/p>\n\n\n\n

More Affordable <\/h3>\n\n\n\n

Events of any kind will cost money to produce, but virtual events tend to be less expensive. Depending on your format, your cost may only include software, booking presenters, video equipment, and the cost to promote your event. Another thing to consider is where you\u2019ll be filming your sessions. If you and your presenters have a nice at-home video studio, or you are filming on location like a gym, you won\u2019t have to worry about it. However, if that doesn\u2019t apply to you, you may need to rent a space that will increase your overall spend. <\/p>\n\n\n\n

Planning a Virtual Event <\/h2>\n\n\n\n

Whether you\u2019re adjusting to the times and moving your event online, or creating a new recurring event to drive revenue, a good plan is always the best place to start.  <\/p>\n\n\n\n

Lean into the Event Being Digital<\/h3>\n\n\n\n

From the get-go, it\u2019s important to address the elephant in the room. If you\u2019re taking a previously in-person event online, it\u2019s going to be different, and that is completely okay. This past year, in-person events were few and far between, and brands have been doing their best to create an experience that was similar to the real thing. <\/p>\n\n\n\n

It\u2019s better to acknowledge the fact that things are going to be different than shy away from it. You\u2019ll need to set expectations for your team and your audience which will help lay the groundwork for a great event. <\/p>\n\n\n\n

A good example of this is Hubspot\u2019s Inbound event<\/a>. Knowing that they couldn\u2019t do their usual in-person event activities, they took the extra steps necessary to make it as \u201cnormal\u201d as possible. A big emphasis for them was creating a sense of community. Before the event even started, their social media team created a specific Facebook group to allow attendees to interact and start conversations. Furthermore, their event platform featured a virtual map, interactive components, and even avatars to emulate an actual community during the event. Read more about their experience in this piece from Simple Machines Marketing<\/a>. <\/p>\n\n\n\n

Explore What You Want Your Event to Look Like <\/h3>\n\n\n\n

This step is going to be crucial for setting up an event your attendees will love. Take some time to envision how your event is going to transition to a digital space. <\/p>\n\n\n\n