Are you grappling with how to maximise both the impact and revenue of your hybrid events registrations? The secret might just lie in its timing. Let’s delve into the strategy of staggered registrations in hybrid events and why it’s reshaping the future of event planning.
What exactly are staggered registrations? Simply put, this strategy involves opening registration for different types of event passes in separate phases. For instance, you may first open registration for in-person attendees and later for virtual participants. This phased approach gives organisers a powerful tool for gauging demand, optimising resources, and maximising revenue.
Read on to find out why adopting this method is gaining popularity among savvy event organisers.
1. Seize the Power of FOMO
What to do: Open in-person registration first and capitalise on the innate FOMO ‘Fear of Missing Out’ factor.
2. Create an Air of Exclusivity
What to do: Providing a window where only in-person passes are available creates a sense of exclusivity.
Why it works: This air of exclusivity can boost their perceived value and potentially justify a higher price point.
3. Make Data-Driven Decisions
What to do: Collect data on early in-person registrations.
Why it works: Early registrations for in-person events offer valuable insights into attendee demographics and preferences. These insights can inform the tailoring of both the in-person and virtual experiences.
Logistical Brilliance of Early In-Person Registrations
4. Master Your Resources
What to do: Confirm venue, AV catering, and security well in advance.
Why it works: Knowing your attendee numbers well in advance is essential for efficient resource planning in in-person events.
5. Simplify Travel Plans for Attendees
Why it works: Attendees coming from different cities or countries will appreciate the extra time to make travel and accommodation arrangements. This thoughtful approach can improve the attendee experience and result in higher satisfaction rates.
6. Nail Those Contracts
Why it works: Suppliers often require head counts or at least projections well in advance, critical for contract finalisation and successful event execution. Knowing your numbers can lead to better terms in your contracts, ensuring a seamless event execution.
Financial Perks of a Staggered Approach for Paid Events
7. Elevate Your Cash Flow
What to do: Early registrations = early revenue.
Why it works: This improves liquidity, allowing you to manage your finances better.
8. Leverage Dynamic Pricing
Why it works: Knowing the demand early on allows for flexible pricing strategies later, like early-bird offers for virtual passes to boost those numbers.
9. Unlock Sponsorship Potential
Demonstrable early interest can boost your negotiating power with sponsors and media partners.
Why it works: Strong initial numbers can be a compelling argument when seeking sponsorships or exhibitors, resulting in a financially more successful event.
Where Do We Go From Here?
Given these multiple layers of considerations, it makes strategic sense for event organisers to open registrations for the in-person event well ahead of the virtual pass. The staggered approach allows them to optimise demand, resources, and revenue, ensuring the overall success of the event.
While lengthy preparation periods may be a staple for in-person events due to logistical intricacies, it’s worth challenging this norm for their virtual counterparts.
But let’s be clear: streamlining the lead time for virtual events is not an invitation for lax preparation. In fact, crafting a top-notch virtual experience demands rigorous technical planning, run-throughs and testing, and the right technology stack.
That’s why we advocate for a more agile approach.
Shortening the lead time for virtual events allows them to be more adaptive to market trends and attendee feedback, without any sacrifice in quality. Though it’s not a one-size-fits-all, based on the specific event dynamics, we recommend a minimum lead time of 8 weeks for any virtual component.
At iVent, we specialise in delivering both virtual and hybrid events, and we understand the challenges unique to each format. Reducing lead times for virtual events can, in fact, make them more adaptive and responsive to current trends and attendee feedback, without sacrificing quality.