The Redback Team
5th January 2016
To Charge or not to Charge – We Weigh up the Pros and Cons!
Should you charge for your online event?
It’s becoming a frequently asked question… should we charge for our online events or should we offer them for free? The answer… it’s completely up to you!
In this year’s Redback Report, 65% of respondents stated that 100% of the webinars they had attended had been free of charge, but that still doesn’t answer the question does it?
Let’s break it down with the pros and cons of both…
The pros of charging…
- Paid events are usually considered more valuable
- If you are hosting webinars for membership purposes, it really is a membership benefit!
- There are so many complimentary webinars on offer…you’re penetrating a non-saturated market!
- Research shows that paid events attract a much higher attendance rate… you’re looking at around 80%!
- Clearly, a much higher Return On Investment
What are the cons of charging?
- Expect a much lower rate of registrations
- Administration – you will need to make sure that you have a secure e-commerce platform to collect dollars and then, think about those who require refunds…
- Neglecting your audience… people have come to expect ’free’ information from the internet, if you charge for one event, will you risk alienating your intended audience?
If you do decide to charge for your events, here are our top tips…
- Decrease, don’t increase: If only we could compare online events with electricity! Start at the higher end and decrease your charges if required – no-one likes a price rise.
- Consider Sponsorship: Attracting sponsors for your event is a great way to increase ROI without charging through the roof. Put on a small price tag and include your sponsor’s logos – simple!
- Convey and offer the value: If people are going to pay, they want to walk away with something. Ensure you convey all the benefits (what makes your webinar awesome?) and consider offering free white papers or discounts for future webinars.
For more tips on charging for your events tune in to next week’s webcast – Success Stories from the Sofa and hear from those who have done it all before! Click here to register!
Until next time,