Two Key Considerations When Pricing Your Virtual Event
- The price you set says everything about the value of the information you have to offer.
- Participants understand the value of convenience.
The Price You Set Says Everything About The Value Of The Information You Have To Offer
The best advice we can offer regarding pricing is to price your virtual event at a level commensurate with the value of the information you're providing. If you've chosen the right topic and recruited the best possible speakers, price your event accordingly.
On the other hand, if 90 minutes of information and interaction with your content experts is worth only $50 to your members, price it accordingly. It could pay (literally) to consider a different topic/speaker in the future.
Here's something else to consider. "Free-to-attend" events typically have high no-show rates - usually at least 35 percent, compared to less than 5 percent for "pay-to-attend" events. Early disconnect rates are also usually much higher than with "pay-to-attend" events. Keep in mind that many consumers have already been exposed to free "webinars" and often associate these free events with a sales pitch. It can be difficult to overcome their "Are you trying to sell me something?" skepticism.
Participants Understand The Value Of Convenience
A KRM client and experienced sponsor of virtual events said it well when he wrote, "Perhaps the biggest mistake that sponsors make is under-pricing the tuition for virtual seminars. Too often, sponsors remain locked in a traditional pricing model and price by the credit rather than the convenience and timeliness of the information being presented. It is far easier for a sponsor to anchor tuition at the high end and move back than to start at the low end and have to ratchet upwards. Remember, solid content combined with the convenience factor can overcome almost any prejudice."
Most organizations charge for the connection or site license, not the number of listeners. Registrants appreciate the fact that multiple listeners can participate from the same office for one price. Participants will pay a higher tuition fee than usual and still appreciate the cost savings to them. They avoid downtime, travel cost and frustration, etc.
Another benefit of the site license pricing is that the people listening together at any given registered site all hear the same message at the same time, avoiding the pitfall that can happen when one person returns from an event and tries to re-teach the information and create buy in from his or her colleagues. Many of our clients ask their speakers to leave the audience with discussion questions to consider, encouraging the group to remain together to discuss the implications and applications of what they've just learned.
