Master the Art of Monetizing Your Next Hybrid Event

Master the Art of Monetizing Your Next Hybrid Event

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Pathable Hybrid Events

Hybrid events can be challenging to manage, especially when it comes to monetizing them. Virtual and hybrid event platforms make it possible to monetize your next event and make doing so easy for all involved.

 

So much of monetizing a hybrid event really comes down to what our team at Pathable considers hybrid event best practices. When your team implements a strategic monetization plan for your next hybrid event, and follows up with part paints in meaningful ways, you should see a significant increase in your overall return on investments (ROI).  

 

What follows is a quick breakdown of what event managers can do before, during, and after hosting a hybrid event to help monetize their efforts and realize hybrid event success

 

Turn a profit before, during, and after your hybrid event 

Perhaps the trickiest part of hosting a successful hybrid event comes from the challenge of catering to two distinct audiences: in-person and virtual. Both audiences require unique and specific platforms and must be carefully managed during every step of the participant’s journey.   

Before your event…  

As you plant, consider all the typical logistics of hosting in-person: the right venue, a well-designed and accessible floor plan, seamless registration, convenient ID retrieval (hint: on-demand badge printing is a gamechanger), plus ample refreshments and appropriate signage and support for sponsors. Those are just the basics required for successful in-person events.   

 

For the attendees who prefer or need virtual, your team must ensure that these participants are empowered to use your online platform to access important pre-event information. From registration to session sign-ups, virtual attendees must have the same level of control over their event experience as those attending on the ground.  

 

Both audiences benefit from pre-recorded content and promotions that excite your event. Monetize this content in the form of downloads for purchase.   

Pro-tip:  

Collaborate with your event’s sponsors to create content that benefits all parties. By creating helpful, entertaining, and compelling content that attendees are willing to pay for, the event host, supporting sponsor, and attendees all benefit.  

 

Before you even think about monetizing your content, check out our tips on How to Seek Sponsorships to Monetize Your Next Hybrid Event (And How to Avoid Sourcing Sponsors that Miss the Mark).  

 

Strategic sponsorships present real potential to monetize your event significantly ahead of time. 

 

You can make this task easier on yourself by working with what you know — event management, your audience, and your sponsors. In other words, train your team to create the counterpart to whatever in-person features you offer at your event. 

Everyone likes swag bags 

It’s easy enough to present in-person participants with swag bags full of sponsored goodies, but did you know you can do the same for your virtual attendees?   

 

In many ways, virtual event gift bags have an advantage over those handed out during in-person opportunities. Consumers are increasingly concerned about the environment and how to reduce their carbon footprint; virtual gift bags are certainly more environmentally-friendly when presented as digital-only via gift cards and vouchers.   

 

Any gifts you plan to present to your in-person attendees should also be shipped to remote participants. By doing this, you model inclusion for everyone at your event, which speaks volumes about how much you value both audiences.   

 

Circling back to our sponsors, ensure you leave enough time before the event to discuss what branded items they would like to contribute for both formats.   

 

If you partner with the right sponsors early, you’ll significantly impact your attendees immediately, putting you in a more advantageous position to nurture those relationships throughout and after the event. 

During your event…  

When monetizing a hybrid event, you must pay close attention to the virtual component. Avoid the temptation to load up your event with pre-recorded content (no matter how creative or compelling it might be). Doing so means you miss the opportunity to create interactions between participants, speakers, and sponsors. And interaction during a virtual event is where you will make your money.   

What are some engaging ways to inspire interaction during a virtual event?  

There is no shortage of fun ways to inspire engagement among virtual event attendees. In addition to polling, contests, games, and giveaways, you can also consider some unique (but proven) ideas that will delight your participants.   

 

Event managers must take this step seriously to avoid leaving money on the table. Current research shows that 49% of marketers attribute audience engagement to virtual event success as the number one factor.  

 

And some of the most popular — and fun! — ways to include and interact with your virtual audience require thinking ahead to allow critical processes like shipping.   

 

Tasting sessions are currently trending in the virtual event space. Depending on your sponsors, you might host chocolate, cheese, beer, or wine tasting, which means you need to allow ample lead time to ship the components so that your attendee is ready to participate when the time comes.  

 

You might also consider hiring a sommelier to run a virtual wine tasting. This is a great way to pair an industry pro with an enthusiastic audience while simultaneously representing the importance of communication and education. It’s proof that your event truly supports professional goals!   

 

Using a tool like Pathable’s virtual and hybrid event platform, you can track attendee engagement in both formats throughout the event.   

After the event 

The post-event realm is where too many event managers miss the mark. Without driving your attendees crazy, you need to remain top-of-mind after the event is over to help turn a more significant profit from your hybrid event. An excellent way to do this is to introduce new content created during the event and make it available as a paid download after the event.   

 

Rely on tools like Pathable’s metrics and analytics to help determine what kinds of content your audience engages with and values from your schedule. From there, create additional content that can be accessed for a small fee long after the event has officially wrapped.   

Pro-tip:

 It helps to think of your event as never over but an ongoing resource. That way, your audience can continue to pull information while you continue to pull a profit.   

To Sum, it up — Show me the money strategies 

Who doesn’t love a checklist? (Especially a short one.)  

 

These key takeaways you should be prioritized if you’re serious about monetizing your next hybrid event.  

  • Secure the right sponsorships based on your audience’s wants and whom they want to interact with.  
  • Inspire that interaction for all attendees by creating engaging opportunities that increase involvement and communication.  
  • Create content your audience will find valuable enough to pay for before, during, and after the event. 
  • Become a reliable resource for your attendees to return to when they need information from thought leaders and colleagues about their industry.  

Discover our easy-to-use engagement platform and mobile app 

Again, hybrid events aren’t easy to host. There are many moving parts and components to keep up with when planning an event.   

 

By teaming up with Pathable, you’ll have a pro-level partner passionate about supporting hybrid event managers eager to deliver remarkable and memorable experiences for their attendees.