When we talk about digital events we know that costs are much lower than in physical events. Event planners save on venue, food, accommodations, and travel costs. When you organize a virtual event everything happens in the same place. Everyone knows the date and place and what to expect there. Hosting a digital event means low costs, but still, allows for a profit. So, may seem easy, but the question is how will you price your digital event? How will you determine the right price for your event? In the text below, we are giving you some tips and advice on these questions.
Track time
Firstly, it’s important to track your time and find out how much do you invest in planning and organizing your virtual event. Don’t forget that the working hours need to be paid properly. Even you are not organizing an in-live event you are still providing a unique experience for your attendees. You need to consider how much time do invest in one task and how much effort do you put into it.
Define your event planning costs
When you organize a digital event you save on venue, food, catering, and equipment. But, there are still some costs that need to be considered. Anyway, you need to create a list of costs like software, virtual event platform, equipment, speaker fees, and promotion. If you want strictly to define your event cost, you should analyze other virtual events, their platforms, and speakers. Also, there are some hidden costs to consider as the design of the logo and other branding elements of your event. When you know all of these costs, you will be ready to create a detailed budget and look closely at your expenses.
Predict the numbers of attendees
One of the most complicated tasks, when you are planning a virtual event, is creating a prediction about the number of attendees. This is very important because you need to know what to expect on your platform. If you want to make a great prediction you need to compare your event with other events. Although, if you find one similar to yours, that’s your best reference point.
Find sponsors
There are many reasons why your event needs sponsors. They will help you with the marketing, improving your brand, and most important increase in sales numbers of tickets. Obviously, before you find a sponsor you need to do a little research about what sponsors are best for your event. If you find sponsors and combine the profit from them you have free space to lower the price for the attendees. This step will help you lower the price, increase the number of attendees, and actually profit more!
Consider the value of your event
Before you define the price, put yourself in the attendee’s shoes. Also, be honest and consider the real value of your event. It’s important to know what people are getting like an exchange for the price that they are paying. Make a list of significant points of your event and promote them properly. Further, identify the line items at your event that will help to consider the value for your attendees.
Are you considering planning a digital event? You are choosing the right way! Digital events will continue to control the event industry. The explosion of virtual events will continue to rise in this business. Using this pricing guide will help you to properly price your event and increase your sales with the right price!