How do you determine the right pricing model for virtual event live streaming?

1 Know your costs

The first step in determining your pricing model is to calculate your costs of producing and delivering your live stream. This includes the expenses for the equipment, software, platform, bandwidth, staff, marketing, and any other resources that you need to create a high-quality and engaging live stream. You should also factor in your time and expertise, as well as your profit margin and return on investment goals. Knowing your costs will help you set a realistic and sustainable price point for your live stream.

2 Know your audience

The second step in determining your pricing model is to understand your target audience and their willingness to pay for your live stream. This depends on several factors, such as the value proposition of your content, the demand and supply in your niche, the demographics and preferences of your viewers, and the level of competition and differentiation in your market. You should also consider the impact of the pandemic and the economic situation on your audience's budget and behavior. Knowing your audience will help you tailor your price and offer to their needs and expectations.

3 Choose your model

The third step in determining your pricing model is to choose the best option for your live stream among the different models available. Pay-per-view, subscription, and donation are some of the most common models. Pay-per-view works well for events with high demand and exclusivity, such as concerts or sports. However, it can also limit your reach and engagement. Subscription is a more flexible and scalable model that works well for events with regular and loyal audiences, such as webinars or courses. Donation is a more altruistic and community-driven model that works well for social or charitable causes, but it can also be unpredictable. Consider the pros and cons of each model to determine which one is best for you.

4 Optimize your payment process

The fourth step in determining your pricing model is to optimize your payment process to make it easy, secure, and convenient for your viewers to pay for your live stream. This includes choosing the right payment gateway, currency, and method for your platform, as well as providing clear and transparent information, instructions, and policies for your viewers. You should also consider offering discounts, coupons, bundles, or refunds to incentivize and reward your viewers, as well as to increase your conversions and retention.

5 Test and adjust your pricing

The fifth step in determining your pricing model is to test and adjust your pricing based on the feedback and data that you collect from your live stream. This includes measuring and analyzing the key performance indicators, such as the number of viewers, the revenue generated, the conversion rate, the retention rate, and the satisfaction rate. You should also solicit and listen to the opinions and suggestions of your viewers, as well as monitor the trends and changes in your market. Testing and adjusting your pricing will help you optimize your value proposition and profitability, as well as to adapt to the evolving needs and preferences of your audience.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?