Did you know that there is an option to create a subscription model for your virtual events? This gives your attendees ongoing access to your events whenever they feel the need to rewatch a session. Keeping a set of sessions available until they are subscribed incentivizes subscribers since subscriber engagement is a key success factor.
For your virtual event subscription model to be successful, you must offer continuous improvements. Hence, there are some mistakes that are very common but can be lethal to this business model. So, the purpose of this blog is to explore the event subscription business model and to give sufficient advice on how to keep it running.
Tips for “the subscription model” for your Virtual Events
The first and most important piece of advice for every company looking to initiate a subscription model is to make your subscribers feel appreciated. You can give away special and limited additions to your events, discounts, or VIP perks. Maybe even prepare a pre-event subscribers-only additional session. In this way, you show the value of their monthly subscriptions (payments).
Subscriptions don’t have to be a limited offer. You can create different bundles that offer various things. In this way, your subscribers can have a choice when it comes to ways of supporting you. For example, you are hosting a couple of virtual events in one month. You can give your subscribers an opportunity to commit to three events or unlimited access to events. Subscribers can always upgrade their accesses in the future. In this way, you give them space to choose how much they want to be committed to your virtual event platform.
It is important to show appreciation for your subscribers because they are the ones who are dedicated to your virtual events. Even simple words like “thank you” will suffice. For example, you can send out “thank you” or “welcome” emails. Even during the virtual event, you thank your subscribers via the chat feature or directly on the camera.
Don’t forget to keep in touch with your subscribers. Regularly email them with your newsletters and offers. Send out surveys so they can help with their opinions. This information will help with your future virtual events so you can improve them. Maybe even send out “behind the scenes” preparations for virtual events. Try to make your subscribers feel like part of the team. Even though your subscribers will want to receive informative emails, you shouldn’t spam them with marketing messages only. You can occasionally inform them about certain upgrades but don’t just stick to basics. Add some interesting content about the industry, this is perfect engaging content for your subscribers.
The biggest question about the subscription model is the pricing. How much should you charge? If you keep the subscription below a single ticket for just one event, you will incentivize subscriptions. This will in the end create a clear income stream for you.
If you want loyal subscribers, be honest with them. Tell them how they can help you plan your future events better. How can they support you? In turn, benefits will be mutual. For example, you can include a call-to-action in your emails for further explanations.
Keep in mind that subscription-based businesses are a constant workload. Do not get lazy and think it will become a constant revenue stream without further effort. Subscribers are your month-to-month commitment and your job is to keep them subscribing each month. You do that by staying relevant, interesting and entertaining during your virtual events.