Conferences are popular for a reason. Not only do they help increase brand awareness and showcase the best of what your business has to offer, they’re prime territory for generating leads and forming new partnerships.
But they’re not without drawbacks. In fact, putting on a conference can be the most stressful thing most businesses will ever do. They’re time-consuming and expensive, with no guarantees of attendees covering the costs of the venue, catering and keynote speakers.
We’re not here to put a dampener on things, though. There’s nothing we love more than a good conference and we want your events to be financially successful, so that you can keep running them year after year.
And that’s why we’ve written this post: to help you make money and increase your return on investment. It involves capitalising on the people that aren’t there. Don’t worry, it will all become clear.
Increasing your audience without booking a bigger venue
Of all the people that express interest in your conference only a fraction attend. Why is this the case?
Well, there are a host of reasons. Most commonly it’s because a person can’t attend due to other commitments, they can’t afford or justify the cost of attending, or they’ve simply changed their mind — your event isn’t something they’re willing to pay for.
None of these people are a lost cause — even the person that isn’t willing to pay for your event.
If cost or travel are barriers to attending your event, you’ll lose ticket sales, but you won’t necessarily lose their custom. You just need to give them another way to get involved.
An online webcast is that way.
By putting your event online for everyone to see, you open it up to a whole new audience — one that doesn’t even have to leave the comfort of their sofa to enjoy the experience.
With an online webcast, your audience can watch keynotes, speakers, influencer panels and engage in other features in much the same way they would in person, minus the nice food and networking. This takes you from working within the confines of a venue’s facilities and capacity to having a potentially huge new revenue stream that increases ROI.
How to use conference webcasting to monetise your audience
So, you’ve got a new worldwide audience eager to tune into your conference. How do you turn this into an opportunity to increase revenue? In three simple ways:
Charge the audience to watch.
Those who can’t attend due to cost or inability to travel will be more than willing to pay a reduced fee to stream the event online. You can charge a set fee for the whole event or allow the audience to choose a viewing package based on what they want to view. Bonus content can also be used as an added incentive.
Charge advertisers for access to this audience.
A live-streaming audience gives brands unrivalled insights. Advertisers can use these insights to better market their products and services for increased sales. Typically, insights gathered from an online audience include demographic information, job roles, time spent engaged/viewing figures, and online/social details. Make sure you have permission from the audience first, to stay on the right side of GDPR.
Charge higher sponsorship fees.
With the leverage of an engaged online audience, as the host you can charge sponsors for exposure to more people. This exposure can be gained from online ads on web pages, as well as banner placements and marketing materials at the conference itself. More eyes on a brand equals greater potential for sales, which puts you in a position to justify higher fees.
Measuring the impact
Once the dust has settled on your event, you can use the analytics of your online webcast to prepare for your next one (maybe take a two week holiday first). Track and measure attendance data, viewing times, click-throughs and engagement, to see what worked and what can be improved at your next conference for better ROI. It’s a gift that keeps on giving!
With a highly experienced team and powerful platform streamGo are experts at delivering professional, successful live streaming and webcasting. Want to find out more about how streamGo can help with your webcasts? Get in touch today.