Taking apart the traditional face-to-face conference and turning it into a virtual event can be challenging. And one of the biggest obstacles when it comes to planning is pricing your virtual conference appropriately.
You need to find the sweet spot for the pricing that offers value to your audiences while also being enough to provide your team a good experience. Keeping that in mind, we have made a list of the things that you should keep in mind before you determine the price of your virtual conference tickets.
So, without any further ado, let us dive right in.
How to price your virtual conference tickets
When pricing a virtual conference, organizations must find the right balance between maximizing their profits and providing reasonable ticket prices for attendees.
Things to consider when setting prices for virtual conferences include:
● Costs and Expenses
● Prices of similar industry events
● Value of the content offered
● How much are attendees willing to pay
Figure out your costs and expenses
The first step to determining your virtual conference pricing is to look at your budget. Examine the total cost and expected expenses of your event and use the total overhead costs as a starting point for pricing.
Virtual conferences cost less than in-person conferences however organizations must consider the expenses associated with virtual events. These expenses include purchasing essential virtual event software and technology, marketing costs, and the booking fee of any special guest speakers. Keep these expenses in mind when deciding on the ticket pricing of virtual events.
See what similar events are doing
Research the costs, agendas, and duration of virtual programming in similar industries. Examine the value of each event compared to their ticket prices.
Compare similar industry events to each other and consider the following questions:
● Which virtual events had the highest attendance rate?
● What are these events offered?
● How long did the virtual event last?
● How much did attendees pay to register for the event?
Use all of the information collected as a guide to setting your own virtual event pricing.
Consider pricing tiers
When pricing a virtual conference consider providing consumers with tiered pricing options. Determine ticket pricing tier based on the needs of attendees. Certain pricing tiers could offer access to particular days, certain sessions, exclusive content, and extended online access.
Organizations could also consider setting a nominal registration fee and offering attendees lower-priced or free access to virtual conferences if they agree to provide additional data to sponsors and vendors.
Don’t overprice it
Offer fair and comparable ticket pricing.
Virtual events track and gather large amounts of consumer data. This data can be used for capturing leads and target marketing. The lower the ticket price the more accessible the event will be to consumers and the more data each event will capture.
There are typically fewer costs associated with virtual events than in-person events. The lower overhead costs should equate to lower ticket pricing. Overpricing virtual conferences and events can cause consumers to lose interest.
Have a group discount scheme
At the end of the day, you want to make a profit while also offering value to your attendees. And this is exactly where a group discount scheme comes into play.
By offering a flat discount rate on group purchases, you encourage your consumers in the way of a larger quality sale. And as there will be no cost of traveling, and a lower price for group registration, people are more likely to join the virtual conference.
You can also introduce a referral program to your pricing, so your event gets more exposure, sale, and a lucrative pricing structure.
Virtual conferences are a great way to save money and reach your audience on a global scale! To make sure everything is running smoothly, you should use a great virtual events platform!
You’ll need to find a company that will take care of all of the technical issues for you and helps you operate a smooth virtual trade show.