Making Virtual Profitable: Steal These Business Ideas
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According to FutureWatch 2010, 12% of meeting professionals are expecting virtual meetings to be a continuing trend in 2010. The question meeting professionals have now is how do they create a virtual strategy that serves their audience’s educational and networking needs while expanding their own revenue opportunities. This session with explore four business models for virtual options: * Freemium Registration: Free registration for basic content. * Paid Registration: Charging for premium content. * Exhibitors/Sponsorship: Exhibiting, advertising and brand awareness associated with the virtual component. * Hybrid Opportunities: Prizes, games and sponsorships that span the physical and virtual event
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Making Virtual Profitable: Steal These Business Ideas
- 1. Making Virtual Profitable: Steal These Business Ideas Presented by Cece Salomon-Lee February 9, 2011
- 3. Feel free to tweet out
- 4. And ask more questionsTwitter: @csalomonlee Hashtag: #MPI
- 5. 1. State of the Meetings & Events Industry 2. Four Models for Virtual 3. Which Makes Sense For You
- 6. Events Making a Return 6.6% growth professional attendance 5.2% growth in sq footage of exhibit space sold 5.2% growth in # of exhibitors 5.6% positive growth in projected revenue CEIR Index, November 2010
- 7. Events Are Vital $650 Billion global industry $230 Billionin the US alone CWT Travel Institute, “Meetings & Events: Where Savings Meet Success”: August 2010
- 8. Virtual Opportunity $18.6 Billion from 2010-2015 Market Research Media, February 2010
- 16. No exhibitors or sponsorship
- 17. Organized by one organization
- 20. Extend message to global market place: customers, partners, press, analysts and employees
- 22. 5920 registrants
- 23. 2496 live attendees from 52 countries
- 25. Provide education to a specific group
- 26. members, customers, partners and employees
- 27. Audience acquisition goal: leads/members
- 28. Deliver news
- 31. Tiered system for registration
- 32. Members, non-members, group discounts
- 36. Build upon existing community
- 37. Generate additional revenue streams by reaching out to members who couldn’t attend in person
- 38. Offered tiered registration packages:
- 40. $300 for members
- 43. Registration fee – Production Cost = Broke Even
- 45. Education-based for CE credits or professional training
- 47. EXHIBITOR / SPONSOR DRIVEN
- 48. EXHIBITORS POSTIVE ON VIRTUAL
- 49. GENERAL MODEL: EXHIBITORS Free for attendees Tiered program for exhibitors: bronze, silver, gold Leads-based, including: Visitors to booth Guaranteed leads Entire registrant list
- 50. GENERAL MODEL: SPONSORS Free for attendees Tiered program for sponsors: bronze, silver, gold Brand awareness opportunities: banner ads, session sponsorship, game sponsorship, etc. Leads may or may not be included Example: all attendees to keynote session
- 51. EXHIBITOR/SPONSOR DRIVEN MIX & MATCH PROGRAM ELEMENTS
- 52. FUTURES MAGAZINE Geographically dispersed audience Time constrained Drive quality leads Booths priced from $4,500 – $12,500 – gold level received speaking opp Provide entire registration list
- 53. FUTURES MAGAZINE RESULTS 39% increase in attendance from one virtual event to the next Consider increasing exhibitor booth fees
- 54. WHY CONSIDER Audience doesn’t attend physical events Audience is geographically dispersed Test new markets or conference products Expand your revenue base Expand your database Attract exhibitors/sponsors to participate Corporate: partners/customers Association: members, suppliers
- 55. HYBRID MODEL
- 56. HYBRID MODEL
- 57. HYBRID MODEL Combination of paid/free registration Include exhibitors and/or sponsors Physical conference with virtual component All or part of content accessible to virtual
- 58. CISCO LIVE!
- 59. CISCO LIVE! Physical + virtual Virtual provided a taste of the physical conference Multiple opportunities Exhibit hall Sponsorship via games, ad banners, etc. Variety of technologies leveraged Virtual event, webcasting, Second Life
- 60. CISCO LIVE! RESULTS Virtual drove first timers to Cisco Live High-level audience: 33% exec/sr. management 34% of the virtual attendees indicated that they would go to in-person 30,000 registered from 185 countries
- 61. WHY CONSIDER Strong content to attract both physical and virtual audiences Leverage virtual to drive in-person Emerging audience that is web-savvy/existing web-savvy audience Physical attendance/accessibility limited by location Reach broader audience
- 65. Consider your support system for in-person and virtual events
- 66. Consider your AV/production requirements
- 67. Consider starting small and building upon your program
- 70. “Ford Model T” by wwarby via flickr: http://www.flickr.com/photos/wwarby/4782308801/
- 71. “Best things in life are free” by HowiePoon via flickr: http://www.flickr.com/photos/22320124@N05/2438632688/
- 72. “Payment” by las-initially via flickr: http://www.flickr.com/photos/21561428@N03/4962703844/
- 73. “Toyota Prius G sports” by Toyota UK via flickr: http://www.flickr.com/photos/toyotauk/5209223732/
- 75. IBM Cognos 10 Product Launch, Virtual Edge Summit 2011, “Successful New Product Launches Through Virtual Environments Case Studies”: http://www.virtualedge.org/page/ves-2011-video-sessions
- 76. Cisco Live Virtual Case Study, Virtual Edge Institute, http://www.virtualedge.org/forum/topics/once-you-go-hybrid-youll-never
Hinweis der Redaktion
- Good morning everyone. Thank you for joining me today for this presentation. Virtual has definitely become a very big topic over the past 12-18 months. And when we take a step back (next slide)
- projected revenue growth over 2009. While it may be too soon to cheer, it’s a positive indicator for 2011
- With the US responsible for nearly 30% of the total global industry
- While virtual represents a drop in the bucket within the overall meetings & events industry, it represents an opportunity for both corporations and associations
- The question I want to help you answer is – if I go virtual, which business model makes sense for me. Before I begin, I want to get a sense of everyone’s level with virtual events to date and what mix is association, corporation or both
- And a hybrid model in terms of how to incorporate opportunities that span a physical to virtual event and back again
- Exceeded reg/attendee goals: 5920 registrants, 2500 attended from 52 countries
- Another model is to look at exhibitor-drive virtual events.
- In terms of attract more people and global reach of such a model
- Value is audience – have a quality audience that suppliers and vendors want to sell to - exhibitor
- Value is audience – have a quality audience that suppliers and vendors want to sell to - exhibitor
- Audience – global, time constraint, expectationsObjectives – how does this complement your organization’s overall goals - corporation: marketing objectives - association: membership / revenueSupport system – what support staff do you have available to manage the events? How well-trained are they?AV/Production – what quality are you seeking to provide? Free live stream provides a different quality and experience than full two-camera, live streaming video/audio set-upStart small and build – if this the first time you’re doing this, consider starting small with a couple of sessions/speakers, and find a provider that has some of the elements you’re seekingTest-test-test: the one thing that each of the case studies demonstrate is you have to test, test, and test some more. This will help determine what does and doesn’t work.
- Audience – global, time constraint, expectationsObjectives – how does this complement your organization’s overall goals - corporation: marketing objectives - association: membership / revenueSupport system – what support staff do you have available to manage the events? How well-trained are they?AV/Production – what quality are you seeking to provide? Free live stream provides a different quality and experience than full two-camera, live streaming video/audio set-upStart small and build – if this the first time you’re doing this, consider starting small with a couple of sessions/speakers, and find a provider that has some of the elements you’re seekingTest-test-test: the one thing that each of the case studies demonstrate is you have to test, test, and test some more. This will help determine what does and doesn’t work.
- Elsevier case study: http://www.foliomag.com/2010/hybrid-events-live-virtual-combo