Possibly the subject causing the majority of venues to scratch their heads most. Unfortunately, the old ways of pricing for venues are going to be substantially different for hybrid events.
The Day Delegate Rate pricing structure cannot be applied to a hybrid event (unless you’re only interested in generating revenue from onsite delegates).
There are several revenue streams available for venues hosting hybrid events. We’ve already covered one of them above (working with an AV/Event Production supplier and reselling their services). Others to consider are:
1. Delegate Packs
Think of what is provided to onsite delegates for breaks (usual access to tea/coffee, some form of pastry, fruit etc) and develop boxes that can be shipped to online delegates. This is a great add-on service to offer clients and will help to involve online delegates with the event. Partner with a supplier who can provide branded packs to carry your venue brand (or you may find that you have the resources to do this in house).
2. Internet Connection
This is a contentious revenue generator, as, over the years, venues have moved to offer free access to Wi-Fi into their mainstream offering for guests, and some would argue that this is an expectation for any venue. That said, however, as detailed earlier on in this article, hybrid events will require dedicated data / increased speed. Putting together package options that allow for different speed or data options can be a small revenue generator. To do this, you will need to explore with your IT supplier if it’s possible with your current internal networks, or you may wish to make a further investment in technology that does allow this. It’s also a factor to consider if you do go down the route of having a dedicated internet connection into your function spaces.
3. Platform
This consideration is very much out there thinking, but it’s still achievable with the correct planning and resources in place. A platform is basically an online venue where delegates log in to access the event. Some platforms allow for interactivity with video chat facilities etc. Having your own solution doesn’t have to be all singing and all dancing, purchasing a white label product – or working with your AV/Event Production Supplier will enable you to offer this service to clients. Better yet, it will allow you to revert to your DDR charging structure, charging the client for the number of delegates accessing the platform.
The above may not generate the same revenue as a DDR but will certainly go towards the overall revenue generation of the event itself.
