5 Ways to Maximize Revenue at Your Next Virtual Event

September 17, 2021

Gavin Escolar, a happy Uber driver, made $252,000 a year, only $36,000 of which came from his daily trips. The "Uberpreneur" made the extra money by using his car as a "showroom" for his jewelry design company.

Much like Gavin, event profs too, try to make the most from organizing an event. Here are 5 ways for event profs to engage with customers and make that extra buck for their brand, virtually.

  1. Ticket sales - Ticket sales are like the mafia of events. Want to learn how to make pretty pennies from them at virtual events? Bifurcate ticketing based on:
  • Early bird discounts
  • VIP tickets
  • Reserved seating
  • Season pass
  • Referral discounts
  • Group bookings
  • Membership tickets

Make the most of each category by offering exclusives and rewards. Keep a window for attendees to upgrade their tickets through add-ons. Offer VIP access at a nominal fee to someone with a season pass or discounts to groups on larger bookings.

  1. Sell brand merchandise and swag - Event organizers can make a virtual event memorable by selling merch and swag. Invite exhibitors and sponsors to sell their swag by setting up an online store on the virtual event platform. The swag items could be personalized:
  • Caps
  • Webcam Shutters
  • Planners
  • Coffee mugs
  1. Earn sales commission from exhibitors - Organizers can charge a small fee from exhibitors and sponsors for items sold at the online store. They can also take a commission on leads generated, new members enrolled, or any other sponsor goal that is met. This fee can be charged based on a mutually agreed commission rate/percentage.
     
  2. Ad Space - Ads on a virtual event platform, never go unnoticed. They are an effective way to promote your sponsors and exhibitors and drive traffic to their virtual booths. It is also a great way to generate additional revenue from the event. Event profs can help sponsors and exhibitors increase brand awareness and event presence through image ads, video ads, and banner ads across the virtual event platform.
  3. Offer premium content - Create 10X value to an attendee’s experience. Sell premium content at virtual events that attendees can take home, learn, and benefit from. Organizers can sell content such as:
    Masterclasses
  • Short-courses
  • E-books
  • Template bundles

Convincing attendees to loosen the purse strings is an art that can be mastered through practice. Use Hubilo's virtual event platform to implement these tactics and discover new ways to maximize revenue. Book a free 1-1 with our team!

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Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.    Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.    Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.   The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.    MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.     MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.