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ASAE

3 Easy Ways To Monetize Your Virtual Happy Hours

By Association Non-Dues Revenue, Sponsorship Sales No Comments

Chances are you’ve attended at least one virtual “happy hour” over the last six months. Perhaps it was a “virtual lunch” or “virtual breakfast” instead.

As with everything in our lives, COVID-19 has (temporarily) put an end to traditional networking, instead leaving us to connect with colleagues and clients via apps like Zoom and Run the World. Not only should your organization be taking advantage of these virtual networking opportunities, but they should also be making every attempt possible to monetize them.

Here are our suggestions for making the most out of your next virtual Happy Hour:

 

  • Have an ongoing series of “lunch and learns” showcasing your members. Simple enough, right? The benefits to this are two-fold: Your members can introduce a new program/service/product to other interested parties within your industry, and by charging a small fee you can make some money off the event. We suggest holding the sessions on a regular basis so that as many of your member groups can partake as possible. (You can also hold them in a “demo day” format, as we did with ASAE this past summer).

 

  • Send out sponsored swag bags (virtual or physical). Who doesn’t love a good swag bag? If you have the RSVP list for an upcoming event locked down far enough in advance, you may want to consider some type of swag bag to attendees to make them feel like they are truly part of the action. Virtual swag bags are great for sponsors who don’t mind sharing electronic content (i.e. videos, PDFs, image files). Physical swag bags, on the other hand, are a bit more costly because they need to be shipped to the attendees — but they can be filled with traditional swag options like koozies and fidget spinners. This is a great option for an event with multiple sponsors; you can have each sponsor pitch in for an item (or two) so they get promotional value long after the event is over.

 

  • Mix up your next networking event through sponsored door prizes and other fun & games. Virtual happy hours may not be the same as in-person ones, but that doesn’t mean you can’t make them a fun experience for all by adding structure, format, and fun! We recently sponsored a “Virtual Wine & Tasting Happy Hour”, in which participants received bottles of wine paired with specialty nuts, spreads, and crackers to enjoy during the event. You can also get a sponsor to pay for a hosted conversational game like “The Very Interesting Game” to make the event interactive and get players or views laughing? It can be shaped into a lightly competitive format, and even divided into teams depending on the number of participants in your event. If activities aren’t your thing, try having sponsors provide door prizes and/or discounted services that can be raffled off to attendees. Not only will people be more likely to attend — and participate in the event — but the likelihood that they’ll come to future happy hours (and bring a friend or two along) will increase as well!

 

Want to learn more about how your association or non-profit can benefit from sponsored happy hours, webinars, and other virtual events?  We’d be happy to have a conversation to share what we have seen work for other events and markets.  Email us today to set up a free consultation.

PAI Case Study: ASAE & The Virtual Event Market in 2020

By Association Non-Dues Revenue No Comments

In late May, The Profitable Association was asked by the American Society of Association Executives what were we hearing about virtual event platforms. The answer: “A lot!” Emails, invitations to webinars, demos, Zoom calls.

Since we provide advertising and media sales for ASAE in the technology sector, and we also deliver solutions for other associations’ events and publications, we had been observing the increasing chatter about virtual platforms (while also using some platforms ourselves).

A formal market analysis we conducted internally showed that well over twenty-five companies who were at that point in at least a new emphasis, if not a full-blown pivot. And, they were coming at it from many directions and legacy positions: from AMS, LMS, EMS, Marketing Automation, Community, Event Planning, and other places. It was and is clear: solution providers are moving quickly to address the needs of associations whose live events are canceled and may never be the same.

 

The Eureka for PAI and ASAE:

The need to serve and educate the association market and ASAE members quickly, to provide an up-close look at solutions so associations can be equipped to address taking events from in-person to virtual (or hybrid) now.

 

The Concept and Event: ASAE’s Demo Days for Virtual Events.

 

The Challenge:

Like many associations, ASAE has long-established programs, events, departments, and a large staff. Demo Days had to be planned, sold, promoted, and delivered on a fast-track schedule (in fact, in about 3 weeks from the drawing board to going live). Being nimble, responsive, and creative while executing a new type of event AND delivering with high value was the challenge. It was anticipated to be a one-day event including 8 solution sponsors, each having their opportunity to present to hundreds of association professionals.

 

The Solution:

  • Our team took the lead in crafting packages, benefits, and deliverables (the value proposition), as well as conducting market outreach and sales engagement.
  • We seamlessly joined with the small ASAE client team who would develop and host the program, while promoting and handling registrations.
  • We developed and applied a process that included both external and internal communications for collecting and sharing all sponsor deliverables and assets.
  • While in fast-motion collaboration, we checkpointed often to assess any gaps that needed to be filled.
  • We served as the voice of ASAE, conveying all instructions to the sponsors’ teams, so they would be prepared and ready for presenting.

 

The Results:

  • Based on early sales results and popular demand, ASAE expanded the Demo Day program to 1.5 Days, with a line-up that included 12 presenting sponsors.
  • Turnout greatly exceeded expectations: well over 1,000 registrants, a majority averaging over 5.5 hours of attendance.
  • Feedback from attendees and sponsors – it was an overwhelming success!
  • With such a lean operation, it was a financial success for ASAE.
  • See the line-up, and view an archive/replay of ASAE’s Demo Days for Virtual Events.

 

Key Takeaways for Associations:

  1. Think differently right now. The world as we knew it has changed quickly.
  2. Think entrepreneurially. Set aside politics, sacred cows, and long-established status quos. You can be nimble, agile, responsive, and strategic.
  3. You can not only survive, you can thrive. Leverage your association’s strengths and unique position.
  4. It’s the perfect time to go on offense. Be the leader that you are – as an executive, as an innovator, and as an industry association.
  5. Seize opportunities for Success. If you find a formula that works well in this “brave new world” – why not make it the basis of a new business model?