The year 2020 has been truly a year of radical changes for many businesses. Most importantly it drove enterprises to adopt technology at a much faster rate. Moreover, even if enterprises around the globe resume their old methods of communication, companies have realized a number of benefits of hosting their events virtually.
However, hosting online events does not necessarily mean these events are completely expense-free. They can cost as much as any in-person event. Thus, the key here is to manage your events in a cost-effective manner which will also ensure commercial success for the event.
5 cost-saving tactics for online events
1. Make a list of all your expenses
Making a detailed list of the possible expenses helps you arrive at an accurate budget.
Enterprises frequently utilize online event management software to efficiently handle all aspects of their online events. Because these event platforms provide several packages, each with a distinct pricing estimate, make sure to choose a package that not only saves you money but also has the features you need for your event.
It might seem so that virtual events require less manpower than in-person events. But every event needs manpower to execute the event successfully. Technology is just an enabler for virtual event management and thus human efforts cannot be completely eliminated. In order to reduce costs of staffing, businesses can hire volunteers in addition to their internal staff members. Very often, individuals opt for volunteering to gain some experience in a particular field and hence they cost much less than full-time staff members.
3. Decide what you want to charge for the event
Saving on costs is not the only way to make your event commercially successful. One of the ways events generate their revenues is from the ticket sales. Before deciding what fees to charge from the attendees, perform a little research and try to find out what your competitors are charging. Competitive pricing will most likely attract a larger group of audience.
On the other hand, even if your event is completely free for your audience, you can still realize monetary gains by onboarding sponsors for your event.
4. Event branding and marketing in a cost-effective way
Whether you are hosting an in-person or an online event, you will need a compelling marketing strategy to attract a large pool of audience. Nevertheless, marketing and promotion efforts involve significant monetary investment, and you can reduce the overall costs of marketing in the following ways.
- Utilize social media platforms: All social media platforms are an excellent medium to reach a global audience and to have an informal interaction with them without spending a lot of money.
- Use email marketing: Sending promotional emails and regular updates to existing email contacts can be another cost-effective way to promote your events. Regular email updates keep your audience well informed and interested in the event.
- Build a microsite for the event: A micro-website will provide you different tools to communicate with your audience. It provides the audience an all-in-one platform to register for the event, stay connected with the event organizers, and stay updated with the new developments.
5. Take account of otherwise overlooked expenses
In order to minimize overall event cost, you can reduce other expenses which are often overlooked. For example, you can invite a speaker who has relevant experience suitable for your event and also has expertise in multiple subjects or areas. It will allow you to provide your audience a holistic experience while remaining aligned with your budget.
In addition, rather than sending actual merchandise such as gift bags to guests after the event, you may provide virtual freebies, free trials, discounts, or virtual delights to participants. In this manner, you may save a considerable amount of money that would otherwise be spent after the event.
Moreover, keep a check of costs of video editing, technical equipment, event registration tools, and other software that are used.
Budgeting provides a basic frame of reference for all your event expenses. However, it is challenging to achieve a perfect balance with all of the event expenditures. Therefore, engage the right technology partner who can provide end-to-end event management services, allowing you to conduct your event successfully within your predefined budget.