Event Payment Trends: Key Statistics and Best Practices for Collecting Funds.
74.9% of event planners switched from in-person to virtual events due to COVID-19 in 2020. This blessing in disguise has wholly replaced traditional meeting and event modes with digital interactions that take huge sums of money and can become troublesome in some cases.
In comparison, organizing a virtual one is not that simple either. You also pay the same attention as the physical meetings but digitally. In recent years, with the rise of virtual events, one of the issues persists in managing the events and collecting the money.
Of course, they are paid. Therefore, this article will help you understand all the suggestions and essential information critical in organizing the event and collecting money from the candidates. So, stay connected. Let's get to know about it.
A comparison between physical and virtual events. Which is better?
Here is a comparison chart outlining some pros and drawbacks of organizing virtual and physical events.
| Factors | Virtual Events | Physical Events |
| Cost | Lower costs for venue rental, travel, and accommodations | Higher budget for venue charges, travel, and hotels. |
| Attendance | Higher potential for global reach and attendance due to the virtual format. | Limited by physical location and logistical barriers. |
| Networking | Networking and building relationships in a virtual setting can be more difficult. | In-person interaction allows for more personal connections and networking opportunities. |
| Flexibility | More flexible scheduling and more effortless to accommodate varying time zones. | Limited scheduling options and more challenging to figure out the attendees' schedules. |
| Interactivity | Advanced technology empowers interactive and engaging experiences for viewers. | Interactivity may be limited by physical space and technology. |
| Sustainability | Less effective environmental impact due to reduced travel and resource consumption. | Stronger environmental influence due to travel and resource used. |
| Revenue | Less overhead costs result in higher profit margins. | High overhead costs and considerably less profit margin. |
Overall, virtual events have several advantages over physical events. Therefore, 85.3% of event marketers believe virtual event experiences are here to stay. However, they may lack the personal connections and networking opportunities that physical events provide.
Always consider your budget, audience interest, and demographics before conducting any event.
Best ways to collect money for a virtual event in 2023.
The following chart outlines some of the best ways to collect money for your virtual event and tips on how to accomplish each method.
| Method | Description | Tips |
| Online Payment | Online Payment Processing Accept payments through online platforms such as PayPal, Stripe, or Square. People can use any medium to send their payments globally. | To do this, choose a platform that aligns with your event's needs and budget. Make sure to communicate payment instructions to attendees to avoid trouble scenes. |
| Event Registration Software | You can utilize event registration software that lets viewers pay for tickets and registrations. | Look for a platform that integrates with your website and has a user-friendly interface. Consider offering early-bird discounts to incentivize early registration. |
| Crowdfunding | Raising funds through crowdfunding platforms such as Kickstarter or GoFundMe is another powerful strategy to collect funds from the public. | You must develop a compelling pitch and promote your campaign through social media and email marketing. Remember, your research and marketing techniques should be effective. |
| Virtual Sponsorships | To attain these sponsorships, secure virtual sponsorships from businesses. Prepare a sponsorship package that includes advertising and branding opportunities for the sponsor. Reach out to businesses and organizations that align with your event's mission and audience. | Reach out to businesses and organizations that align with your event's mission and audience. |
| Merchandise Sales | Sell merchandise such as t-shirts, hats, or other branded items to raise cash to organize events. | Design unique and high quality merchandise that attendees will want to purchase. Offer bundle deals with event registration or ticket purchases. |
Choosing the payment collection method that aligns with your event's needs and goals is recommended. Utilizing multiple methods may also be effective in maximizing revenue and accommodating different attendee preferences. You should know that 67% of businesses find it more beneficial to host hybrid events. Communicating payment instructions clearly and early on will also help ensure a smooth payment process and a positive experience.
Best performing and accessible virtual event software.
- Zoom
- Microsoft Teams
- Google Meet
- Webex
- GoToMeeting
- Hopin
- Remo
- Airmeet
- Attendify
- EventMobi
- Whova
- Swapcard
- HeySummit
- Intrado
- Accelevents
Each virtual event software platforms offers unique features and functionalities. You can select any of them based on your scale, requirements, and desired features.
Ways to use sales funnel software in a virtual event for better performance.
Sales funnel software can be a powerful tool for increasing revenue and engagement in a virtual event. Follow these steps that will assist you in effectively using sales funnel software in your virtual event:
Identify Your Audience: Before using sales funnel software, it's essential to know your target audience. This will help you develop effective messaging and tailor your sales funnel to their needs and preferences.
Choose Your Sales Funnel Software: Several funnel softwares available, such as ClickFunnels, Leadpages, and Unbounce. Choose the software that best fits your event's usage and budget.
Create a Landing Page: A landing page is your audience's first point of contact. It should be designed to capture their attention and provide them with a clear call to action. Use the software to create a visually appealing and user-friendly landing page.
Drive Traffic to Your Landing Page: Once your landing page is created, it's time to drive traffic to it. Use social media, email marketing, and other digital marketing techniques to promote your event and encourage people to visit your landing page.
Capture Leads: When someone visits your landing page, it's crucial to capture their contact information. The software will be beneficial for creating a form or opt-in box where candidates can submit their names and email address.
Nurture Your Leads: Once you have captured leads, the next step is to nurture them with targeted messaging and communication.
Close the Sale: Finally, close the sale by using the software. You can also check statistics from Passive Secrets to get updates on current market stats. This may involve special promotions or incentives, such as early-bird pricing or limited-time offers.
What is the success rate of virtual events than physical events?
87% of marketers consider the opportunities generated by virtual events as a success factor. Additionally, people feel more convenient attending the event and consuming valuable content while sitting on their couch.
