Budgeting for virtual events
As we begin 2021, virtual events are continuing to rise in popularity as companies continue to place a high value on communicating and supporting their clients and staff. In 2020, Eventbrite saw that shift when their data showed that they had 34x higher usage in virtual events in November 2020 compared to January. When comparing virtual to in-person events, the first thought is that it will be a cheaper option - no venue, transport, signage costs - however this isn’t always the case. Our blog this week looks at budgeting for virtual events - what you need to be aware of and where to allocate your spending in your budget.
The key part to creating a virtual event budget is to figure out all the parts of the event that may have additional costs, such as tech additions or experiences. As you would with an in-person event you have to consider every aspect of the event, including venue hire, catering, etc. Virtual Events can be misleading as you may think there are fewer things to include in a virtual setting but this isn't always true.
Establish event objectives
The first step to any event is understanding exactly what you want to achieve from it and how much it will cost to achieve it.
Just as you would with an in-person event, creating event objectives will help to determine your budget and where to allocate your spending.
Establish your event goals and understand exactly what you want to achieve from hosting an event - is it to generate leads, create networking opportunities, build brand awareness or something else?
Identify how you will measure the success of your event based on your objectives - if your event goal is to boost brand awareness, will you measure how many people attend the event and each session during the event or if you want to measure lead generation establish a process that will determine your ROI - i.e. the number of attendees at the event measured against how many then continue conversations with your sales team.
Event goal setting will help to guide you through your next steps of event and budget setting. If you’re unsure of how to get to your next steps or want to have a conversation about how an event can help achieve marketing or sales goals - #SpeaktoSleek. Our event experts are ready to talk about event marketing strategy for all virtual and hybrid solutions - click here to consult with us!
Identify “Must-Haves” vs. “Nice-to-Haves”
Once you have pinpointed your goals and objectives, your next step is to identify what are the essential “must-have” components of the event versus the “nice-to-haves” if there is room in the budget.
If your focus is towards generating leads then you will look to have a higher spend in advertising, production and content, whereas if your goal is directed towards creating valuable networking opportunities you will want to create an experience which would include an interactive, high-quality event platform with swag or gift bags for attendees.
Break down the event to see where the most value is for your attendees and event goals and focus your spend towards those areas.
Virtual Event Platforms
Just like how a venue choice is crucial for an in-person event when it comes to virtual, it is the technology you use that's critical. Understanding how you want to communicate and what you want to achieve will help with your selection of virtual event platforms.
With so many options out there for all kinds of events, at all different price ranges, it is so important that you identify exactly what you need out of the event platform. You want to ensure the virtual event platform works for your event and you’re not trying to make your event work to that platform. For a cost, a lot of platforms are also able to be customised and designed to your requirements but ensure you do your research to make sure that what you’re after doesn't already exist.
Virtual event platforms are available for all kinds of budgets. The Sleek team has great knowledge and relationships with different platforms and our experts are ready to chat with you about what you need out of a platform here.
Beware of the extra costs!
Although you are taking away a lot of major costs from in-person events such as travel, accommodation, branding and signage etc., to recreate a physical event in a virtual space does include a similar budget plan and being aware of extra costs.
Review your event objectives and priorities to understand what you need to prioritise in spending on your budget. With virtual events, it’s important to do a few things really well rather than trying to add in as much as possible but with limited spending.
Just some of the extra costs to consider can be:
Content and production - Do you need to pre-record any content for your event? Filming and producing pre-recorded or live content in a studio is a cost you will need to consider. Following on from filming, the video will need to be edited and branded. Editing can take a few attempts and trials to get the video exactly how you want it, all which has to be taken into account for your budget.
Swag and gift bags - We have mentioned in our previous blog ‘How to create an engaging virtual event’ the benefits of swag and gift bags as an engagement strategy. They are a great way to encourage social media sharing and for attendees to engage further with your event but putting a quality gift together can add up in cost.
Speaker Settings/Equipment - Having your speakers present with good lighting and a clear microphone is essential to any event! Choosing whether you want speakers to present in a studio or at home both require extra costs. Consider what best adds value to your event, if you’re looking to have a high-quality production of content and recording for an awards show or conference, a studio would be a more suitable option, however, you do need to consider major editing and onsite crew costs. Whereas if speakers are presenting at home, you may need to rent and provide lighting and microphones.
Shipping - If you’re sending swag or gift bags out to attendees, this will mean you will incur shipping costs. If your event is on the larger size this can quickly escalate in price. If your speakers require extra equipment such as lighting, microphones etc. this will also add costs to your budgets bottom line.
Advertising - Do you need to promote your event? Make sure you add this to your budget lines. Doing paid campaigns to boost your event is a great way to not only get more people to your event but also boost your brand awareness within your targeted community.
It is always useful to see if bringing sponsors on board for your event can benefit your budget. Having event partnerships are not only a great way to get more out of an event for your relationship with other businesses and your budget but also for attendees to get further engaged with your event.
How an agency can help
At Sleek, we work closely with you to fit your brief to your budget whilst giving you the best advice possible to achieve your event objectives.
Working with an events agency allows you to sit back and focus on your key objectives such as content or speaker management, so you’re not left worrying about tech issues, suppliers or event registration. Agencies have great relationships with suppliers that not only can help with pricing but also save you time as they know instantly what works best for your objectives and budget.
#SpeaktoSleek
People are looking to be connected now more than ever while we all sit at home. The power of a great virtual kick-off event for the year is not to be underestimated! #SpeaktoSleek to get ideas on how to engage and grow your brand's community with a virtual or hybrid event.
It all starts with an easy conversation, our event experts are available for complimentary consultations to discuss any event ideas you may have for this year and how we can support you - speak to sleek here.