making virtual profitable: steal these business ideas
DESCRIPTION
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 eventTRANSCRIPT
Making Virtual Profitable: Steal These Business IdeasPresented by Cece Salomon-LeeFebruary 9, 2011
My three quick rules:- Ask questions- Feel free to tweet out- And ask more questions
Twitter: @csalomonleeHashtag: #MPI
3. Which Makes Sense For You
2. Four Models for Virtual
1. State of the Meetings & Events Industry
Events Making a Return
5.6% positive growth in projected revenue
CEIR Index, November 2010
5.2% growth in # of exhibitors
5.2% growth in sq footage of exhibit space sold
6.6% growth professional attendance
$650 Billion global industry
Events Are Vital
$230 Billion in the US alone
CWT Travel Institute, “Meetings & Events: Where Savings Meet Success”: August 2010
Market Research Media, February 2010
Virtual Opportunity$18.6 Billion from 2010-2015
Where to start?
Driving Virtual Forward:Four Business Models•Freemium•Paid Registration•Exhibitor/Sponsor Driven•Hybrid Model (physical + virtual)
FREE MODEL
GENERAL MODEL
• Virtual-only• Free registration• No exhibitors or sponsorship• Organized by one organization
• corporation, association or governmental agency
IBM COGNOS 10 PRODUCT LAUNCH
IBM COGNOS 10 PRODUCT LAUNCH
• Launch Cognos 10 Product Launch @ Business Analytics Forum
• Extend message to global market place: customers, partners, press, analysts and employees
• Drive sales pipeline for future quarters
IBM COGNOS 10 RESULTS
• Registration/Attendee #’s Exceeded Targets• 5920 registrants• 2496 live attendees from 52 countries
• Awareness via social media
WHY CONSIDER
• Increase brand awareness for a single organization
• Provide education to a specific group• members, customers, partners and
employees• Audience acquisition goal: leads/members• Deliver news • Kick-off additional events (in-person and/or
virtually)
PAID REGISTRATION
GENERAL MODEL
• Single fee for everyone• Tiered system for registration
• Members, non-members, group discounts• In-person, virtual-only
• May or may not contain exhibitor/sponsorship elements
LEARNING FORWARD 2010
LEARNING FORWARD 2010
• In-depth sessions and workshops• Build upon existing community• Generate additional revenue streams by
reaching out to members who couldn’t attend in person
• Offered tiered registration packages:• $350 for nonmembers• $300 for members• $1000 for 5 people
LEARNING FORWARD 2010 RESULTS
• High satisfaction • Attracted 150 attendees• Registration fee – Production Cost =
Broke Even• Established proof of concept to
stakeholders
WHY CONSIDER
• Currently provide high quality content• Education-based for CE credits or
professional training• Geographically disperse audience unable to attend in-person events• Generate additional revenues with existing content
EXHIBITOR / SPONSOR DRIVEN
EXHIBITORS POSTIVE ON VIRTUAL
GENERAL MODEL: EXHIBITORS
• Free for attendees• Tiered program for exhibitors:
bronze, silver, gold• Leads-based, including:
– Visitors to booth– Guaranteed leads– Entire registrant list
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
EXHIBITOR/SPONSOR DRIVEN
MIX & MATCH PROGRAM ELEMENTS
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
FUTURES MAGAZINE RESULTS
• 39% increase in attendance from one virtual event to the next
• Consider increasing exhibitor booth fees
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
HYBRID MODEL
HYBRID MODEL
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
CISCO LIVE!
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
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
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
FIVE CONSIDERATIONS
FIVE CONSIDERATIONS
• Consider your audience• Consider your objectives• Consider your support system for in-person
and virtual events• Consider your AV/production requirements• Consider starting small and building upon
your program• TEST, TEST, and TEST SOME MORE
QUESTIONS?
ResourcesPHOTO Credits• “Drop in bucket” by Pranav Singh via flickr: http://www.flickr.com/photos/pranavsingh/232560833/• “Ford Model T” by wwarby via flickr: http://www.flickr.com/photos/wwarby/4782308801/ • “Best things in life are free” by HowiePoon via flickr:
http://www.flickr.com/photos/22320124@N05/2438632688/ • “Payment” by las-initially via flickr: http://www.flickr.com/photos/21561428@N03/4962703844/ • “Toyota Prius G sports” by Toyota UK via flickr: http://www.flickr.com/photos/toyotauk/5209223732/ • “C is Central” by M.V. Jantzen via flickr: http://www.flickr.com/photos/mvjantzen/377111498/
SURVEY/CASE STUDY CITATIONS• Futures Magazine, video interview with Ginger Szala: http://www.youtube.com/watch?v=-it7mcodoP0 • 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 • Cisco Live Virtual Case Study, Virtual Edge Institute,
http://www.virtualedge.org/forum/topics/once-you-go-hybrid-youll-never • Learning Forward, Virtual Edge Summit 2011, “Virtual Event Models that Work Delivering Revenue, Reach,
and Repeat Participation”: http://www.virtualedge.org/page/ves-2011-video-sessions (registration required)
Contact
Cece Salomon-LeePR Meets MarketingTwitter: @csalomonleewww.linkedin.com/in/[email protected]