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How to monetize your Virtual Event

Today, more people than ever are using online platforms to host events. The current situation forces many artists to keep their fans engaged through different streaming platforms, right from their own houses. As expected, this change from offline to online is quite different in terms of generating revenue for both event organizers and artists. Therefore, in order to support everyone who puts on live events as part of their daily lives, it is extremely important to find efficient methods to earn actual income from virtual events. In this article, we will go over different monetization strategies for your online events.

Monetize through Sponsorship

Sponsors are looking for engaging ways to get exposure. In a virtual environment, there are several ways to connect participants with a brand in a fun and interactive manner, before and after your event.

  • Branding Opportunities during your Live Stream

Enable your sponsors to bid for a designated logo space on your live stream. Based on the available sessions, you can offer them to have a logo displayed during a keynote, breakout or even in networking spaces. Identify those sessions that receive more publicity and aim to target higher tier sponsors to be part of it. Make sure to find a platform that is equipped with this feature.

  • Sponsored Virtual Event Bags

Yes, virtual event bags seem to be a thing now! You can give your sponsors the option of choosing what goes inside your virtual event bag. Ranging from coupons or vouchers to a free trial or an online course, it can basically include anything that can be claimed online. Afterwards, the bag is shared directly with your attendees in the form of a newsletter, via email, social media or through the event app.

Ticketing and paid access to Streams

Revenue coming from ticket sales plays an important role for both online and offline events. However, since the attendee experience can be quite different in a virtual environment, participants might get reluctant when it comes to paid events. For this reason, organizers need to add sufficient value (content, speakers, artists, interactions and sponsors) to convince fans that paying for their virtual event is totally worth it. It can be easy to make them buy tickets for a first edition. However, the quality of the presented content and the overall success can only be measured after hosting at least two online events and after experiencing a positive retention rate.

Selling products in Virtual Events

Traditionally, virtual events that promote the launch of a new product invite attendees to purchase those products in a physical location, after the event. While this is a good sales strategy, because your clients can test and see the real product in an actual location, allowing them to order straight from your live stream can prove to be efficient as well. How is this possible?

Based on the purpose of your virtual event, you can host a dedicated session during your live stream and create an online market for your participants. Let’s assume that online viewers want to buy a product in the middle of a demo. Don’t make them wait until the event is over. Instead, find a solution that provides shopping cart functionalities so that your viewers can drag items into the cart at any point in the presentation.

What if you want to include some items in the ticket price? As previously mentioned, it tends to be a bit harder to convince people to purchase tickets for virtual events. However, if you play it right and you provide great value in return, selling tickets for online events should be a joke, especially if freebies are included. With Oveit, organizers can include products in the ticket price by using the ‘Perks, benefits and addons’ feature. Why is this feature useful for virtual events? Well, it is a great way to keep track of claimed items. Maybe you sell three ticket categories and only those that purchase a ‘Gold’ category are entitled to claim those freebies. You want to avoid scenarios where you need to manually search for individual attendees and find out what they are entitled to claim.

Adding ticket addons

Final Thoughts

There are a lot more monetization strategies for virtual events, but following the ones mentioned in this article should get you a good start. If planned right, online events can serve as a highly effective means to connect and form a community, while generating revenue in the same time.

Here at Oveit, our team is currently working on developing a user-friendly solution for Virtual Events. We will keep you updated with our progress, but don’t hesitate to drop us a line!

A different way to connect festival sponsors with attendees

During a festival, sponsors contribute to the attendee experience and entertainment. It’s very unlikely to attend a large festival without noticing heavy signs of branding across the grounds. Ranging from exclusive vendor booths to branded stage names and traditional banners, sponsors have become an integral part of a festival’s success.

Sponsors aim to build genuine connections with participants through innovation. According to a recent study, millennial attendees perceive brands that sponsor festivals as more authentic and trustworthy. As we live in a world where data is the new gold, being able to follow up and form a lasting relationship with your prospective clients is essential. As expected, festival-goers don’t like to lose their precious time with providing personal details, especially in this environment.

What if sponsors could collect valuable data from attendees with a simple tap of the hand?

Great news! Oveit Interact is the game changer in this case.

Sponsors using Oveit Interact

To collect data as a festival sponsor with our solution, the process is straight forward and user friendly. There is no need to ask individual attendees for personal information and manually input it. Instead, the NFC chip placed inside the branded wristband does the magic. Sponsors can create unique accounts and personalize the interaction screen as they wish. After each interaction, participants give their consent and agree to share their information with sponsors (GDPR compliant).

At the end of the festival, you can simply export the collected information from your account by pressing a button. If there are no add-ons attached to a particular ticket category, the interaction can only take place once. In other words, if someone tries to connect with a sponsor for the second time, the App will notify that an interaction has already occurred.

Austrian Airlines using Oveit Interact to connect with participants

Attendees using Oveit Interact

Recently, I attended a festival with a variety of brand activations (sponsors) on site. All of those activations were completely unique and truly inspiring. I found it annoying to participate in their campaigns, because I had to repeat myself every time to provide relevant details, such as my e-mail address or phone number . But guess what … I still did it because their freebies were quite amazing and worth claiming.

With Oveit Interact, providing those details in an environment where music is banging in your ears is not necessary. You can simply enjoy those cool freebies with a tap of your wrist.

Oveit Interact interface (it can be fully customized to represent your brand)

Main takeaways

As previously mentioned, data is the new gold. Oveit Interact enables festival sponsors to step up their game and collect valuable information in a matter of seconds. As for keeping in touch with the ones who passed by your booth, you can customize the follow-up email and the App takes care of sending it out after each interaction.

As for the attendees, it is important to mention that sponsors don’t have access to sensitive information. The information collected comes strictly from the registration form, included in the ticket purchase process. With that being said, don’t hesitate to contact us for additional information!