Imagine you are preparing your next event, so you have allocated available funds for marketing, sales, organization, production and now you believe you are ready to rumble. We think there is still one thing missing.
You guessed it, the online segment. Expanding the experience of your event to anyone who wants to attend is not only financially sensible but can also drastically improve your attendance potential.
Let’s dive into the main question:
Why?
Why go online with my event, you ask? Well, there are about a million reasons why, but the most prominent are time and money.
Time
Event platforms that look out for you (as we do) usually have dedicated event managers who will ensure that you are efficient in time management and will make sure to spend as little of your time as possible. The time you do spend on extending and upgrading your event by adding an online format gets overshadowed by the potential it can bring. Your in-person event and its online counterpart will utilize the same resources, saving your team’s time on production and coordination. Think of this as copying your existing event to an additional venue. Keep in mind that the online venue requires about 20 % of your effort while the ticket for the online event costs 50 % or more compared to your regular one.
And this brings us to:
Money
It is well-known that money is a big part of any business, irrelevant of the industry. So we segmented it into 2 main sub-reasons to make it a bit fancier.
Attendance
Can your event host everyone that wants to be there? Let us answer: no, definitely not. Every event that is not online is missing out on a lot of potential attendees. Some do not have time to fly over and visit your event, some don’t want the spend their money on the travel, and some are just introverts who don’t enjoy crowds. So why not offer them the option to attend online?
The number of these potential attendees is not limited by any venue and with it, the revenue potential can be as high as your demand. The RWC per participant increases with every participant added, and with Confiva the price per participant reduces with the increased number of participants.
Workload
When organizing an event, you need to consider that the workload is there regardless of the online component. That means that you have an additional revenue stream for a lot less workload as the content has to be modified and not created from scratch.
The timeframe in which we are able to successfully transfer an event online is less than a week, the transformation is simple, effective, and guided by our dedicated event managers. However, we strongly recommend including the online segment in the initial planning of your event.
In the end, this is a simple question of risk and reward. We and many others using Confiva believe that the risk is minimal for the reward you are able to achieve. You can read all about our Success stories here but if you are ready to roll simply contact us and we will take care of the rest.
