According to eventmanagerblog.com only 28% of events were able to pivot to virtual profitably, while 10.8% were able to exceed their physical event. Done right not only can digital events be hugely profitable they can provide gateways to gaining attendance to your physical events. Many event organisers are now incorporating digital events into their long term marketing strategy. The use of digital events continues to rise so why are some events struggling to make profits? At Evessio we're seeing event organisers increase revenue not lose money. Your physical infrastructure costs have been removed, your capacity for attendees is higher so why are you not seeing a profit? We’ve identified five key reasons why this might be happening to you.

Content is key

The most important part of a digital award ceremony, conference or meeting is the content. The quality of the content not only gets people through the virtual doors in the first place but it holds attendee engagement throughout the event. Quality content reduces the number of dropouts during the event and incentivises people to sign up for future events. If attendees have enjoyed the content streamed at a digital event they will be more likely to attend future events and encourage colleagues and friends to attend. Providing valuable, engaging and insightful content is key in return attendance, attracting new attendees and maximising marketing efforts when promoting future events.

The importance of relevant content is also key. Successful digital events put a lot of effort into seeking out insightful content. They go after high profile, relevant speakers so attendees really feel like they are learning something and getting value. Many of Evessio's customers contribute a lot of their success and impressive turnover to going after insightful content. Not only does quality content increase engagement during events, and increase participation in future events but also helps attract high profile guest speakers and event partners. It is also proven that people are more likely to pay for digital events if the content is high quality. People are willing to pay for digital events where they will learn something new and receive the information they can't get anywhere else.

Engage with attendees beforehand

With digital events, it's really important to consistently engage with attendees beforehand. If one of the most important objectives of your event is networking then there are things you can do before the event to encourage participation. Evessio’s customers have had huge successes with networking when attendees were given plenty of help guides and encouraged to fill out their profiles beforehand.

To ensure the full range of tools and functionalities within the Evessio virtual venues are fully utilised, make sure all attendees are given a thorough grounding on the platform in advance of events including a guidance video and visual tour of the room provided by Evessio, outlining how they can interact and network efficiently. The amount of clear guidance from Evessio in advance can help everyone attending familiarise themselves with the platform beforehand so that on the day of the event, chats can happen naturally and smoothly. The software offers innovative ways for guests to connect and the range of channels through which contact can be made enhances the way networking can take place. Sending out regular updates and engaging with attendees beforehand also encourages them to still attend, attendees may lose interest or schedule something else on the day of the event if not keeping in regular contact with them. The problem is it's easy for attendees to not turn up to a digital event because the loss in not attending is minimal compared to committing to an in-person event. Regular contact will keep them interested!

Events aren't generating enough sponsorship

Over the last 2 years, events have had to deal with mastering the digital world and ensuring they provide their attendees with a great experience online to keep their businesses afloat. Event organisers were having to adapt and move successful events online so going after sponsorship has kind of taken aback foot. Getting used to creating a great digital event experience took priority over maximising the same sponsorship revenue they would usually get with physical events. Another reason digital events haven't been generating enough sponsorships is that organisers don't know how to price point their events and feel like they can't ask for the same amount to support a digital event as an in-person event. A lot of people assume sponsors are not willing to contribute the same amount and we would argue that is absolutely not the case, you can justify asking for the same amount if not more. Think about it, part of what you previously offered sponsors starts before the event. Part of the deal is that you promote their brand to your community on social media and in newsletters. During the event, the sponsors' branding is on infrastructure or memorabilia. With a digital event, include the sponsor's logos on video backdrops and virtual spaces where possible. Evessio's virtual venue allows you to create tables for sponsors online and provides excellent networking experiences for guests and attendees. The room provides exclusive exposure for sponsors, intimating the exposure sponsors would receive in a physical venue.

Events are cutting down on waste such as disposable free items anyway as part of their sustainability initiatives. You can still achieve sponsor presence digitally as you would a physical event by including the sponsor's logo on video backdrops and streaming. Have their logos printed on environmentally friendly gift bags and hampers that are sent out to attendees to enjoy at home. You can offer twice as many sponsor tables online. By operating in a digital or hybrid format you can attract twice as many attendees as you would at a physical event. You don’t have venue capacity restrictions with digital and hybrid. Doubling your attendance is more appealing to sponsors because that means doubling their networking opportunities. There are analytical and tracking tools you get with digital events that you don’t get with physical. This is another important consideration for sponsors. Networking digitally has proven to yield better results. Be sure to add the data capture any analytical tools that come with sponsoring a digital event in your sponsorship proposal.

Events aren't charging

It's a difficult decision when deciding whether to charge for virtual events or not and how much you can charge. Most people are reluctant to pay for virtual events but are willing to pay for virtual events if they feel like they are getting value out of the experience. It's exactly the same as a person seeking value for money at a physical event, they will pay more if they are confident they are going to get a great experience and value for money. This goes back to the previous point on how important quality content is. People will pay for educational, informative events with high-quality speakers. It really depends on what your event objectives are, if it's a lead generation exercise and gateway into physical events then don't charge. If it's a high-quality event with valuable content attendees won't receive elsewhere then do charge. You could also consider tiered pricing and offer three different packages, higher paid packages could include access to exclusive areas and networking opportunities with gifts sent to the attendee's home. That way you're giving the attendee a choice on whether they feel like the event is worth paying for.

Events aren't utilising their event management software

A good event management platform and virtual venue are essential in creating smooth event delivery from start to finish. Look for a provider that can provide you with a bespoke branded website, complete event management software to organise events and virtual venue. A tech company that provides all is more likely to provide a seamless attendee experience from start to finish whilst protecting your brand. With this comes a lot of functionality so be sure to utilize all the tools available to you. A supplier who empowers you to maximise all software will have a good onboarding and training process. Make sure the team that will be using the software gets the most out of the training offered by tech companies so that they can navigate their way around the platform confidently. A good tech company will have a solid onboarding process, a great customer support team and great account managers to guide events planners through all the tools available to them ensuring they get the most out of the software.

Digital events can be highly profitable when used as part of a long term marketing strategy and gateway into other events. Quality content, engaging with attendees beforehand, maximising digital sponsorship opportunities and event management tools available are all key in generating revenues with digital events.

Book a demo with a member of the Evessio team to find out how Evessio can help your digital events generate revenue 

Claire Singleton

Marketing Manager

Evessio

Claire is the Marketing Manager at Evessio, an industry-leading event management platform for awards, conferences and exhibitions. Claire has years of experience and specialises in marketing event software, marketing events and sponsorship. Claire has a proven track record of re-branding events and implementing strategies that doubled event participation.