Pricing Your Association Chapter’s Virtual Events
Updated: Oct. 12, 2020 | Categories: Meetings/Events
We talked in a previous post about a survey method association chapters can use to understand what association members would be willing to pay to attend an event. Just as important as knowing that amount is figuring out how to make whatever you charge easier for association chapter membership and guests to pay without much difficulty. This especially important these days, with all the layoffs and furloughs and unsettled work environments many are experiencing.
Virtual Event Pricing Strategies
By the way, if you haven’t started charging for your virtual events, it’s not too late. These are also really effective ways to transition your free virtual events to paid ones.
Multi-tiered pricing. Offering a range of payment points for an event is a good way to ensure your event remains affordable, while presenting multiple opportunities to upsell and bring in additional revenue. The easiest way to explain this is with an example. Let’s say you’ve planned a virtual speaker series. Consider the following pricing structure:
- an individual ticket for a single speaker: $25
- two tickets for the price of one, for a single speaker: $40 ($20 each)
- a “table” of tickets: 10 tickets for $200 ($20 each)
- VIP upgrades at each price point. For an extra $10 per person, attendees can access a pre-or post-meeting meet and greet (use a breakout session for this) and have a signed copy of the speaker’s book shipped to them before the event.
Discounted admission or flexible cancellation. How about a 15% off admission if they purchase a ticket by a certain date? Or, using the earlier educational speaker series example, offer a discount for purchasing a ticket up front for all three sessions? And let association members know that if they have to cancel, even the day of the event, they can apply the amount to a future event.
Further Monetize your Virtual Event
We’ve touched on adding a VIP meet-and-greet, but there are plenty of other options, like repurposing the content from the event for on-demand access (free for attendees and for sale to others) including videos, white papers, training materials, etc. These are all ways to bring in additional revenue, while showing those who didn’t attend what they missed out on.
Regardless of the virtual event pricing strategy you choose, your event has to be one people want to attend. So in addition to pricing, create an event marketing communication strategy that will get people interested and willing to pay.