How Can You Precisely Budget Your Virtual Event?
The year 2020 gave several crucial lessons to businesses and people across the world. As the pandemic treed every industry, it also trained us to turn challenges into opportunities to thrive. Apart from new business models, extensive technological integration, and virtual adaptation, businesses have also learned to manage budgets differently.
You must have heard your ears off about how virtual events cost much less than in-person events. The statement enticed several eventers initially. However, soon they observe a rise in the cost of these events. So, was that statement untrue? Is organizing a virtual event an expensive affair? Well! Not really.
Virtual events have experienced convoluted surges in a short period. These events offer a myriad of content types and plenteous interaction opportunities to the attendees. These events are hyper-customized that also elevates the intricacy. All these factors certainly increase the amount you need to spend on your virtual event. However, the overall cost is still significantly lesser than the cost of an in-person event with the same capabilities and at the same scale.
Before you dive into your next virtual event, here is a brief description of the factors affecting the pricing. We explicate dominant contributing factors to help you accurately plan your budget and execute your virtual event without any hindrances.
Three Tiers of Event Complexities
Based upon the type, scale, and scope of your event, you can choose the services of the following three tiers. Your choice will determine the cost of the event. The cost escalates as you move from the most basic first tier to the most intricate third tier.
- Tier One: Omnipresent Platforms
Platforms like Zoom, WebEx, etc., are suitable for small events such as daily meetings. These platforms provide you all the preliminary features to connect with people remotely and communicate at zero or nominal cost.
- Tier Two: Rudimentary Customization
At this tier, you get somewhat customized platforms for branding. You add production value with simple registration, landing page, breakouts, and some additional features. The cost would vary according to the number of features you include.
- Tier Three: A Full-Service Platform
Tier three platforms are fully customized and focus on elevating your brand. These platforms offer customized registration and have a detailed agenda and community features. You can also create a mobile app to allow users to attend your event from anywhere. Interactive breakouts, exhibits, and analytical capabilities are also commonly encapsulated in these platforms.
The pricing of these events includes the cost of pre-production, editing, and live-streaming. Given the level of intricacy and customization, these events cost big. You might have to spend several thousand dollars to create what you envision. However, the cost is still lower than their in-person counterparts and certainly outweighs the returns.
Saving Areas to Offset the Customization Cost
By enhancing the production value, you can deliver interactive features and exciting sessions to your audiences. Such virtual events delegate a super-realistic experience that is very close to the experience of a live event. While creating such an event would force you to dig into your pockets, you can offset these expenses against the savings in the following.
- The planning team, execution staff, presenters, and attendees do not have to travel to the venue as the venue is a virtual platform. This fact eliminates flight and transportation expenses.
- Most event tech providers allow the facility to record presenters’ sessions at their respective locations. Even if you have to invite the presenters, you only have to arrange a limited accommodation facility, slashing down the cost of hotel rooms to negligible.
- The cost for food and beverages does not exist or is minimal.
- Event material and meeting assets are shared online, which eliminates the cost of printing and shipping them.