The virtual summit landscape is booming. Businesses leverage these online events to connect with audiences, share expertise, and build brand loyalty. But how do you ensure your virtual summit not only delivers value but also generates revenue? The answer lies in crafting a strategic ticketing model – your very own "profit ladder."
Ticketing Tiers: Reaching New Heights in Engagement and Revenue
Instead of a one-size-fits-all approach, consider offering tiered ticketing for your virtual summit. This allows you to cater to different audience needs while maximizing both reach and income. I've used a tiered ticket model in my events, since I hosted my very first virtual summit back in 2019.
In this blog post, I'll be covering how you can build a tiered ticket structure for your virtual summit.
Building Your Virtual Summit Ticket Ladder
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The Foundation: The Free Ticket
Everyone loves a freebie! A free tier broadens your reach, attracting potential customers unfamiliar with your brand. This tier could include access to basic content, like a limited time to access live and pre-recorded presentations. It's incredibly hard to host a successful virtual summit without a free ticket to get people in the door. While your free ticket can be quite limited, such as only offering access to presentations as they are running live, it still provides a great amount of value for your attendees while allowing you to grow your email list and make connections with your future clients.
Incentivize upgrades from this tier by offering exclusive previews of premium content, live Q&A sessions with speakers, or early access to recordings.
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The First Step Up: Basic Paid Ticket
This tier is for attendees seeking a deeper dive and extended access to summit presentations to watch, re-watch, and take notes on their own schedule. You can offer extended access to video sessions for any amount of time you see fit, we usually do 6 months up to 1 year. Pricing on this tier can also vary, so we suggest doing your research and analyzing industry pricing trends for similar events, but in general, we've seen these run anywhere from $9 - $49.
Price your paid tier competitively while ensuring it delivers clear value compared to the free tier.
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The Top of the Ladder: The All-Access Pass
The VIP tier caters to your most dedicated attendees. They love what you've produced and they know the value it holds. Consider including assets that lean into implementation, exclusivity and high-touch experiences. Additional sessions like panels with speakers, exclusive networking opportunities, or bonus content like in-depth case studies are just a start! We also suggest you offer speaker bonuses as part of this ticket so make sure your attendees not only have the information and inspiration you deliver throughout the event but also the tools and next steps they need to actually implement what they've learned.
Make sure to really highlight the extra inclusions and assets included in this ticket to help with conversions.
Designing Your Pricing Structure: Tailoring Tiers for Success
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Identify Your Ideal Attendees
Understanding your target audience is crucial. Develop attendee personas through market research and audience surveys. What are their pain points? What level of engagement do they crave? Using this information to create those bonus sessions, and exclusive content will be key.
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Matching Tiers to Needs:
Another option is to cater your tiers to different personas. For example, a "content creator" persona might prioritize access to downloadable materials, while an "entrepreneur" persona might be drawn to VIP coaching opportunities. So by skipping the just replay ticket altogether and offering to tiers of an all-access pass and a vip pass could work really well for certain eventsa nd audiences.
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The Power of Bundling:
Bundled packages create a perception of increased value, boosting sales. Combine your paid and VIP tiers with additional bonuses like merchandise or access to future events.
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Tiered Access as a Sales Tool:
Leverage your tiered structure to promote additional revenue streams inside your business that go beyond your summit content. Offer exclusive discounts on merchandise, tools, templates or priority access to post-summit offerings for paid and VIP attendees.
Putting it All Together
By implementing a strategic ticketing model with well-defined tiers, you can attract a larger audience, boost engagement, and significantly increase your virtual summit's profitability. Don't forget to analyze your results after the event. See which tiers were the most popular, what content resonated with audiences, and adjust your strategy for future summits, constantly improving your "profit ladder" for even greater success.
