While working on providing the best CME events for your attendees, have you ever wondered if there were other ways to increase your revenue streams?
With the ongoing COVID-19 pandemic, many event planners have had to take their eggs out of the proverbial basket and into other avenues as live in-person events were canceled or postponed.
Here, we investigate new ways to help you create additional revenue streams for your CME office and increase your bottom line.
“Show Me the Money” (So You Won’t Miss Opportunities)
This line from the 1996 film, Jerry Maguire, has long been part of the modern lexicon. Back in that time, you wouldn’t have needed to charge for your CME in the medical professions. However, times have changed (thanks to the 2008 recession).
Take advantage of what you offer in your CME events, and convert them into activities that your learners can use online or even on the go.
Repackage Your CME Event Content
Creating new revenue streams from your CME event will take a fair amount of work. For those who cannot attend CME events due to work, family, or other commitments or because the expenses involved are too high due to reduced CME budgets, they may lose out on the ability to receive the latest research or learning materials. Having your CME event curtailed means you can no longer reach these learners—unless you have a plan in place.
Take your CME content to go—on demand
You already have your CME content from your event, so your work is done in that respect. But what can you do to reach those learners or attendees who did not attend the event or who want to have your content on hand to refer to?
Repackage your content!
You can transition the content from the original in-person event to your now virtual CME event. You can convert single- and multiple-day events, as well as:
- Annual meetings
- Focus groups
- Advisory boards
- Steering committees
- Grand rounds
- Regularly scheduled series
To create new revenue from CME events, you can leverage your learning management system (LMS) for these events. Through the use of audio and video conferencing, your learners can access your event and its content from anywhere and at any time, via your LMS.
Your audio can come in the form of event podcasts, so your medical professionals can learn on the go and earn their CME credits. Podcast formats can include expert clinical discussions, FAQs, and presentations from well-known speakers. Embracing the podcast format is an ideal way to create new revenue streams from your CME event.
Use tools such as Zoom Meetings, GoToWebinar, Webex, YouTube, and others to help make high-quality video for various CME events. Doing this will enable you to create further revenue for your organization.
Once you’ve developed your podcasts and videos, you can convert them into enduring materials for use at any time and anywhere.
Use Your LMS to Its Fullest
You’re already using your LMS for your CME courses. Now put it to work by using course cloning and web meeting integrations with GoToMeeting and Zoom Meeting (and others).
The recorded, accredited version of your webinar is already in your LMS, and now you have an activity that you can charge for.
For example, you can easily host and sell a live GoToMeeting or Zoom meeting. Once the live webinar concludes and your event attendees obtain their new information or credits, all you have to do is hit, “Course Cloning,” and generate a new CME activity complete with assessments, evaluations, credit types, and certificates. You can then upload the recorded, accredited version of the webinar, and you will have a new CME activity to sell. You can also use your LMS’s subscription-based e-commerce feature and enable your event attendees to purchase a series of CME activities at one time. They can choose a single item or bundle them. You receive a long-term revenue stream and stay engaged with your targeted audience.
Promote What You’re Doing
Tell your learners that you’re offering new activities based on your event content, just as you would if you were promoting your CME courses or events. Don’t forget to get in touch with them about the agendas involving your latest CME event and what you’ll have on offer. You may be planning on having webinars or podcasts from a particular speaker. Let your learners know what will be available, including if the content will be eligible for CME credit or other enduring materials. Promotion is also an ideal way to create new revenue streams from your CME events.