Find out how virtual races have proven to be a profitable alternative to traditional event organizing.
With the current turmoil, many themed race organizers and non-profits are looking for an alternative to organizing live events for fundraising activities.
Adding a virtual component to your current business model complements your value proposition by offering new options to reach more participants and generate new sources of online revenue.
In addition, virtual races are easier to organize and manage and they are often more profitable for a walk, a road and off-road race or even cycling. Let’s explore 5 benefits of organizing virtual races.
Since participants select their course, organizing a virtual event eliminates most expenses normally associated with setting up, running, and dismantling the infrastructures. Thus, you reduce the cost of workers, travel, equipment rental, signage, rental of portable toilets, tents, arches, crowd control, etc.
2) Logistics of operation
With a virtual race, you don’t need to manage employees, volunteers, suppliers or subcontractors on site. You eliminate negotiations at different levels of government, insurance coverage, course set-up, coordination with local authorities (police – ambulances – firefighters), agreements with exhibitors, etc.
3) Onsite event management
There is no registration process for participants on site, no crowd management, no issues with traffic and parking. There’s no need for entertainment and music, food and beverage services, first aid team or security patrols. You also eliminate all activities surrounding departures and arrivals.
Because ticket prices are generally cheaper, you can accommodate more participants who have no incidental costs like travel, accommodation and other expenses to get to the site. On the other hand, the net income is often higher due to the reduction in operating expenses. The sale of clothes and accessories can also be done online, so no loss of income on this side, quite the contrary.
Normally, the budgets allocated to local promotion in traditional media are reinvested in promotion on the web and social media, as there is no geographic or physical limit to holding your virtual events. You can reach a new and much larger audience.
Learn more about the JustMove virtual racing app for individuals.
As you can see, running a virtual race offers several very interesting benefits.
However, while it is possible to manage all the processes of organizing a virtual race with your current approach, allow for a transition period if you are managing your virtual events yourself, as there are many new elements and methodologies to consider and expertise to develop.
Needless to say, virtual races are profitable alternatives. But keep in mind, you don’t have to choose between Live or Virtual, because there’s nothing preventing you to host a Live event and offering its virtual version at the same time (if applicable).