Factors That Influence Users to Pay for Virtual Events
In a modern world where users are becoming more comfortable attending virtual seminars and events, its more important than ever for businesses to learn how to keep the revenue model working as they move from traditional events to virtual events.
Factors that Effect Willingness to Pay for Virtual Events
Recently eMarketer.com did a great study on the factors that influence the willingness of users to pay for a virtual event.
Some of the factors listed at the top of the priority list I find quite obvious but there are a few eye openers. As an example, “Easy Check-In and Out During Event.” What type of program do you use that allows users to enter, exit, and pause presentations at any given time? Convenience is the key here, and in addition to making it easy to need to advertise how easy it will be as part of all your marketing and registration materials online.
Also of great importance is cost. This should be a problem. You should be able to create a more economic experience without effecting your bottom line for two reasons. First, because your overhead is so much lower. Less for the “venue,” nothing for food/catering, and no cost for printed materials. Second because of sheer volume and capacity. You can sell a much larger number of attendees into your virtual events than you ever could have in your traditional events.
As you go down the list of factors to the left you will find a simple theme of three factors. In order of importance they are:
- Content that I care about
- Convenience of attending and participating virtually
- Networking opportunities with other attendees.
This is not my first time here, and again you know what you’re doing, keep it.