As we make the shift from in person events to virtual or hybrid, the question that keeps popping up amongst planners is how to monetize a virtual/hybrid event.  In the past (pre-Covid), sponsorships were based on tangible, hands-on benefits through in-person events, trade show booths, conference breaks, etc.  Now, sponsors are relegated to reaching out to their target audience virtually as most networking events have been put online.  The result of this shift has been either a decrease in the number of sponsorships or a reduction in the amount of sponsorship dollars. 

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In an effort to determine how organizations and planners have been affected by Covid, Without Clouds has been conducting a survey of marketing and event professionals, which includes a cross section of association, corporate, non-profit, and political organizations. Without exception, a primary concern for those who are switching to virtual or hybrid events is how to monetize the events and drive value for both sponsors and attendees.

 

Based on the responses so far, we believe that sponsorships will either decline or be de-valued with this switch, unless the host organization can convince their stakeholders that virtual/hybrid meetings are as effective as in-person meetings. 

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There are, of course, a couple of upsides for sponsors in the new normal of virtual/hybrid events.

• Companies are seeing an uptick in participation.  According to several association executives Without Clouds has interviewed, participation has increased anywhere from 20-40% now that participation can be on-demand and doesn’t require travel.

• The longer time period for on-demand content allows sponsors more opportunities to reach their intended audiences.

• The longer the threat of Covid remains, the more audiences, sponsors and hosts are adjusting to the world of virtual meetings.

 

Here are some ways that we think marketers and event professionals can successfully capitalize on that broader audience and drive both access and revenues:

• Try new approaches to your sponsorship strategy
  The value of your virtual or hybrid event sponsorship may be greater or lower value than your live event.  So, when developing sponsorship strategy, consider how you can demonstrate value to your sponsors.  Here are three important ways that sponsors can benefit from virtual.
  Longer lasting impact with on-demand sessions.  Virtual events allow the host to offer sessions on-demand to their audience for an extended period-of-time resulting in greater exposure for the sponsor.

  • Greater attendance/ease of attendance.  Travel barriers, cost, timing are no longer constraints to participation. 

  • Enhanced data analytics.  On-line events lend themselves to easily captured data increasing the information surrounding ROI.

• Think about established, broadly used elements of your event that you can offer up for sponsorship.
  In an effort to bring your audience something new and exciting, while simultaneously offering value to your sponsors, creation of new ways of interacting with the audience is key.  Here are some examples:

  • Pre-Event Incentives - Start courting your attendees before the event occurs.  As part of a 2020 event to attract younger customers, Jack-in-the-Box hosted a virtual prom.  Partnering with sponsors, they sent digital coupons to registered guests to buy flowers, dresses, tuxedos, etc., all designed to build excitement for the event and to enhance their guest’s experience.

  • Pre-Roll Video and Backgrounds - Offer sponsors the opportunity to brand session intro videos and backgrounds.  During the Money Moves Summit in 2020, each workshop, panel and keynote speaker session began with an introduction that featured Mastercard.  In addition, the session backgrounds had consistent branding across all sessions that included the financial company’s logo.

  • Transition Videos - Used to seamlessly move from session to session, transitional videos are a great opportunity for sponsors to get their message out.  It is best to advise sponsors to shy away from making it too much of a sales pitch and lean toward making the presentation authentic – talking about how their service/product is helping this specific attendee base.  

 

Other options include:

• Incorporating a sponsor’s graphics into your conference app

• Gamification that includes a sponsors’ branding and messaging in the game (or possibly in the prizes!)

• Sponsored breakout sessions

• A registration page that includes sponsor branding or messaging

In this time of change and uncertainty, it’s important to reimagine how virtual events can satisfy your sponsors. Dare to think beyond the tried and true strategies of the past and incorporate creative thinking into your future events.  It’s a brand new world out there!