The year 2020 was difficult for a lot of reasons, but it was especially challenging for businesses. The live event space was particularly hard hit. Can't have a live event if your not allowed to be with other people, right? (Remember when everything became a virtual events)
However, it was also a year of amazing opportunity. I sat down with Blue Melnick to discuss how going virtual sky rocketed his business while so many others in his sector were closing down. Here's some of the wisdom he shared.
How do Virtual Events make Money?
The first virtual event we hosted was a real test. We kept about 80% of the event style the same, and just adapted the rest to work online. It was a success, but when we looked at the numbers, that was when we really got excited.
We had four times the audience, a 20% increase in profit on our first one. Also, we saw a 50% increase in profit year over year, like
comparing an in-person event to a virtual event. When we took those numbers
to the next few clients, they all were like, “That's awesome!”
In the last 16 months, we have produced 62 events and generated over $300 million for our clients. By following our purpose driven payday model, that enrolls attendees into high ticket offers.
How do I Create a Virtual Event?
We've found that the three day model works best. So what that boils down to is you want to deliver amazing content to the point where at the end of the day, and this is you on stage delivering great content. At the end of the day, your attendees come away from it, thinking to themselves, “You know, that was so good and I've got more than I ever expected to.”
And then the cool news is they still have two more days! You can create a virtual event about anything because it is you sharing what you do best and providing amazing value.
Advantages to Virtual versus Live Events
Virtual is an amazing game changer for all of us because it kind of levels the playing field. Before, there was a lot of risk
associated with a live, in-person event, much less so with virtual. Plus it removes so many of the barriers. Attendees don't have to travel or get a hotel room. There is no additional cost. They don't have to find babysitters or decide what to do with the dog.
All they have to do is go downstairs or turn on their compter or laptop, and they are at the event.
Plus, you don't have to travel. All you need is a computer and a TV. You could run this from your living room. All the barriers for you and your audience are erased. That is the biggest advantage of virtual events versus in-person ones.
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