For sure, physical events are more expensive than virtual events. Moreover, they are tedious to manage and you have some sort of field work/operations to handle.
I’ve got great news to share with you on virtual event pricing for your events.
Wondering what’s new and unique about virtual event pricing?
Virtual event pricing is super easy to structure and based more on VALUE rather than cost.
Let’s talk about how you do it:
– Value-based pricing
What’s really valuable for your attendees and speakers?
A — Rich knowledge content, networking opportunities and ability to attend?
B — Gifts, lunch, snacks?
They would always go for option A. And that’s what brings value to them and why they pay money for your tickets.
When you have a good value-based pricing structure for your guests, they appreciate it more.
Imagine you invite the CEO of Facebook, Mark Zuckerberg to virtually speak at your event (online) and your ticket price is slightly higher than the standard virtual conference ticket price.
Nevertheless, people would love to attend the event to listen to him and learn. Education is really important. But its value depends on who imparts it.
Attendees place their trust in subject matter experts and industry influencers when it comes to consuming knowledge. People who can not attend the same event at a physical venue will be more interested to attend the event online.
Again rich content intrigues your guests and attendees to excitingly attend your virtual event — with all comfort.
Organizers often wonder how to price their virtual events? How much an attendee would pay to attend your virtual event? You don’t want to price your event too less and de-value it, also you do not wish to make them so pricy that it does not sell. After organizers put in efforts to arrange the best minds up to impart amazing insight and knowledge. So, what is the key to pricing?
After having observed the industry closely, we understand both businesses as well as its perceived value. While there is no fix formula to price virtual events but these seven strategies would certainly help you decide upon an approach to finally put a figure to your virtual event’s ticket
– Session-based pricing
When you host online events, you can price your tickets as per sessions you’re hosting with speakers.
Allow your attendees to attend their preferred sessions. Do not bundle out the entire event price as one price for them, if you want to go for it.
– Standalone pricing
Making standalone pricing for different categories of attendees would also help you attract new attendees.
Special pricing with a standalone structure will give you more reach and buzz for your events.
– Speaker-based pricing
One of the best parts of virtual events is that you can branch out your ticket price as per the quality and reputation of speakers.
This enables you to capitalize on the best speakers you’re inviting.
– Full event pricing
Here, you can bundle your price for the full event This mostly depends on a low number of speakers and attendees from the same industry attending your events.
– Offer bonuses, discounts
Try to offer bonuses and discounts on your tickets.
Early bird discounts
Group registration discounts
Free materials, tips, e-papers as bonuses
– Special event pricing
Black Friday sales, Christmas sales, etc, can help you spread the buzz of your events faster.
– Competitor based pricing
Research your competitor pricing. Understand how and where you can increase or decrease pricing.
Cost elements to consider while developing your event ticket pricing strategy
- You will not have to consider costs of travel, accommodation, food, physical venue, onsite facilities, (lights, stages, chairs, etc.).
- Consider the price you need to pay for roping in speakers.
- Providing promotional opportunities to your clients will be a great marketing opportunity for them.
- It’s always good to use only one virtual event management software partner rather than multiple partners. Take your software price into consideration.
- Ensure you have a good internet facility — can’t neglect the cost of good internet.
- Customized service offering to specific clients allow you to meet their event requirements. Establish a good pricing structure for those clients who want to have your standard pricing to be modified as per their needs.