I’m not a huge fan of hosting free virtual events. I actually discourage this because if you put in the energy to market a virtual event, you might as well get paid for your efforts.

However, free virtual events do have their place and I’ve used them to introduce a new product or raise awareness of another virtual event that I’m hosting.

When I first started to host teleclasses, I made the mistake of using them solely to build my list. It wasn’t until a successful businesswoman, who attended one of my teleclasses in 2005, grilled me about why I didn’t do an upsell after the call was over. That’s when the lightbulb went on.

You should always have a specific purpose for monetizing your free virtual events. List building isn’t a monetization strategy. Instead, you can use clever and untapped methods to turn a free virtual event into a financial windfall. Here are some ways to do so:

1. Sell the recording for a fee.

You can offer the live virtual event at no charge, then upsell to the recording after it’s over. I recommend that you do this upsell by email a couple days after the end of your free virtual event. You can even offer 2 packages – a cheaper price for those who want the MP3 recording and a higher price for those who want the recording shipped to them on CD.

2. Add the transcripts and make it even more valuable.

I often bundle the transcripts with the recording for those who are visual learners or whose first language isn’t English. Again, offer this as an option a few days after your virtual event has ended.

3. Bundle the recording with others on a portable media player.

For all my virtual events, I ship the recordings on a portable media player. It cuts down on waste and is cheaper to produce and ship. If I record a one-hour teleclass, I can put that recording on the portable player along with related content eg. an audio course, bundled with an action guide. The one-hour teleclass the person just listened to would be added to the portable media player as a bonus.

4. Upsell to a high ticket program.

This high ticket program can be a telesummit, a group coaching program or some other product/service. You have a higher chance of people buying what you upsell if they spent a few minutes listening to your voice.

List building should not be the single reason why you offer a free virtual event. Instead, look for clever ways to monetize your free virtual event and you’ll reap the financial benefits. As my mentor and friend, Lisa Sasevich says:

“It’s a disservice to your potential clients not to make an offer. Think about it. People have come to hear you speak live or during a teleseminar or one on one, because there is something you’re offering that they know they need. And when you just stand up there and educate them and you don’t make an offer that gives them the opportunity to get more, you’re ripping them off from their transformation.”

What are other ways to monetize a free virtual event? Share your thoughts below.