Another big question that remains to be fully answered, How to Price Your Virtual Event?

It’s a whopper of a question. The Big Mac of all unanswered questions. Yup, pricing is a difficult conversation for anyone let alone an entire industry that has been forcibly shoved into Virtual Events.

Sure, was the industry eventually headed towards some sort of hybrid version of live events. Of course it was, but that wasn’t the expectation NOW…it was maybe 5 to 10 years into the future.

So what and how should we approach pricing?

Let’s start with this. What is the core of events? I talk about this in another post and it’s important to bring up again, especially since we are all in panic mode.

Content, Community, Commerce, and Connections. Think about that a bit. All events need to deliver on those 4 attributes in order for it to be successful.

Commerce and Connections are the huge components that make up the reason your Exhibitors come to your event. Most of the time, exhibitors are the main source of revenue for events. Yes, there are conferences that are more heavy on content and education revenue but the biggest question to be answered is the exhibitor side of the equation.

With commerce and connections being the aspect needed to be delivered to your exhibitors, it’s important to choose your virtual platform wisely. With that, how should you price it.

I firmly believe you should price every exhibitor the 10×10 space price for your live event, for your virtual event. There…I said it.

The rest you can deliver in additional add-ons. More connections? Additional exposure that can be measured? There are a ton of virtual sponsorships that are very similar to the billion dollar ad business.

Look outside the industry for some support and guidance. They have been virtual for years now.