Joining the expert hour in week two of the APAC Digital Event Strategist (DES) certification course for Module 2: Business Plan + Monetisation was Deanna Varga, Founder, Managing Director, Mayvin Global. During the wide-ranging conversation, Deanna tackled the million-dollar question: How do you price a hybrid event?
In the past few months, the term ‘hybrid event’ was discussed fervently by almost every event organisation. This expert hour conversation went beyond how to plan a hybrid event or the benefits it brings, but back to the fundamentals of Return on Investment.
Deanna outlined considerations to price the event such as financial objectives of the organisation and understanding fixed and variable costs. To end off, Deanna posed an intriguing question ‘what are our delegates willing to pay?’
“I fundamentally believe that the secret to revenue generation is actually within our organisations.
And when I say it’s within our organisations, I mean, our members, our non-members who are engaging with us, our delegates, our stakeholders, our board, our corporate partners. They all have the answers in terms of what’s going to work best for your particular industry, segment and life cycle.
An example is MuseumNext, and what you’ve got here is an example where the meeting planner knows exactly what the clients are willing to pay. And what I find really interesting about this that there was an organization ticket. So for the price of two individual tickets, you can have unlimited people from within an organization go into the meeting. Now, how this came about was through consultation because the feedback on the first and second time was, well, we just paid for one individual, but we shared logins. Or an organization bought one individual ticket and then there was a hierarchy of who got to watch the conference or attend the conference. So by doing an unlimited access for anyone in the organization, MuseumNext sold 500 organization tickets. This actually made the conference financially an enormous success.”
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Meet DES APAC Expert, Deanna Varga, Founder, Managing Director, Mayvin Global
Deanna is an Executive with 25 years’ experience in sales and marketing in tourism, business events and the arts having worked for not for profits, government agencies as well as corporates. Some of the organisations she’s worked for include destination marketing organisations (Tourism Australia, Business Events Sydney), global hotels (Accor and Starwood) and cultural attractions (Australian National Maritime Museum). Deanna opened her own company in 2011 and is highly skilled in implementing sustainable commercial strategies to drive revenue, profit and engagement across leisure and business to business sectors, undertaking feasibility reviews, stakeholder management and engagement across government, association, corporate and not-for-profit sectors.