As many organizations pivot to virtual and hybrid events, how do the dollars stack up?
You will save on some things and spend more on others
As with live events, the cost of virtual events can vary dramatically depending on the elements you incorporate. Virtual and hybrid events deliver huge savings on standard live event costs like travel, accommodation, venue rental and food and beverage. The major costs in a virtual event are technology and content, and the cost for both elements vary widely based on the type of technology you require and the complexity of the content you produce.
Virtual and hybrid events have the potential to reach a MUCH larger audience
The beauty of virtual events, however, is that you can scale attendee numbers more easily, therefore dramatically reducing your cost per attendee and reaching a much broader audience. This is good news for event stakeholders and sponsors alike as wider reach translates into more valuable data captured during your event and the potential for far greater return on investment. We are already seeing the dramatic impact going virtual and hybrid is having on attendee numbers with some events increasing attendee numbers exponentially. One example is the annual Cvent Connect Conference, which is usually held in Las Vegas. In 2019, the event attracted 4,500 in-person attendees and 2020, their virtual event attracted 41,000 attendees!
Cost overall is generally lower depending on content
Overall, the cost for virtual events tends to be lower, particularly when technology platforms can be used across multiple events. As content is so vital for the success of virtual events, many companies are investing more in producing professional digital content to keep their audience engaged and ensure their message hits the mark. In some cases, this means that the event budget is roughly in line with the cost of a live event. But a great piece digital content can often be reused for multiple purposes, ensuring you get a better return on your investment.
Let’s chat about your meeting and events program and how we can help you deliver a killer event for your budget. Contact us here…
