Virtual events will remain on the market anyway, and understanding how to properly monetize them is essential for the industry’s survival and recovery. What is the cost of accessing these events? Which strategies work best?
The answer to this question is more complicated than it might seem at first glance. Surveys show that nearly 75% of respondents do not charge at all for their virtual events. From a pragmatic point of view, you must convince potential attendees that your event is worth the cost, but it is important to be alert to the unprecedented financial challenges we all face, which means setting a fair price.
After all, you cannot continue to deliver value to your customers unless you create a sustainable model for your own business. Moreover, you definitely do not need to understate the price of the product you are offering. To help you design a pricing model for your own events, we’ve looked at three examples of different monetization strategies.
“Pay what you can” smoothly transforms into a fixed price
The timing of the resumption of the entire event industry is unclear, and long-term plans change from day to day. In these conditions, it is advisable to adjust your pricing model in order to gain a foothold.
The Skift team opted for a temporary pay-what-you-can system for their virtual events. They offered three different prices and also gave people the option to enter their amount. Thus, they understood what a good price is for people. So Skift will soon be moving to fixed-price tickets based on that data.
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