January 2021
VEI module summary 31
framework for how to assess sponsors ’ and attendees ’ unmet needs ; survey questions you can use to define the key features that are needed at your events ; what we can learn from Mcdonald ’ s about how to build product bundles ; and how to create customer personas and define products that meet their needs .
In the price optimisation module we look at how to determine which is the best pricing technique to apply for your event ; the different pricing models you can use for virtual events ; and how to build a pricing scorecard which calculates the optimal price for your virtual event .
The second module explains how to accurately set pricing for virtual events . It goes through the different methods organisers can use to set prices and helps students understand which method works best in different circumstances . I then show how you can apply those techniques and use available benchmarks and pricing scorecards to determine the optimal price for your event .
What unique key teachings will students learn during the module that they can ’ t get elsewhere ?
One of the challenges for event organisers is that they need expertise across many disciplines . Product strategy and pricing are tricky disciplines to get right and do require some specialist training . The modules aim to provide an easily digestible , step-by-step introduction to this . What is more , they are focused specifically on virtual events using techniques that are tried and tested for the
“ OVERPRICE AND YOU RISK LOSING EXISTING CUSTOMERS , UNDERPRICE AND YOU RISK UNDERMINING THE VALUE OF YOUR EVENTS WHICH CAN RISK YOUR EVENT ’ S LONG TERM REVENUE POTENTIAL .”
events industry .
There are a few unique techniques that I introduce in the modules . In the value-based pricing module : A
Three top tips for virtual event organisers on monetising events
1 . Make sure you stay close to your customers needs and that the products you are looking to monetise meet those needs . 2 . Be ready with data proving the value of your audience and the return customers will get from your events . 3 . Get your pricing right . Overprice and you risk losing existing customers , underprice and you risk undermining the value of your events which can risk your event ’ s long term revenue potential . Understanding the value of what you are delivering is key .
The Virtual Events Institute is the global community for virtual & hybrid events . Through certification training , content , events , and awards , the VEI is creating the next generation of event professionals . Save 10 % on all VEI training courses by using the code MASH10 . Become a virtual and hybrid event expert at www . virtualeventsinstitute . com