The world economy is collapsing, leaving businesses to rethink their practices. From on-site work to remote operations, we have come far from the necessity of live human interaction.
You heard right! In the wake of saving money, organizations now encourage digital interactions. From routine meetings with clients to annual conferences of 100s of attendees, a virtual interaction lets you win. Instead of hosting conferences on-site, corporations prefer hosting events online. Thanks to Zoom integration that made people saw the benefits of online communications and interactions. It made us rethink our practices in all realms of life. If one can connect and network with people from far ends of the world in seconds, then why not save big bucks? With a single click, you can connect digitally with a person sitting at the other end of the world. In fact, the video conferencing tool helps one smile through the screen as we indulge in meaningful conversations. Without a doubt, digital human interactions are to dominate our present as well as future.
Apart from the fact that virtual events help save big bucks, going virtual promises you increased visibility, a sustainable environment and accurate analytical reports. This allows you to expand your reach, invite a global audience and not worry about the money. But first, let us discuss why it is important for us to go virtual.
Why Go Virtual?
How much would it cost you to host an on-site conference in the year 2023? As per the conference budget template, for smaller events, the expenses can range from $15,000 to $50,000, while larger conferences can cost anywhere between $100,000 and $500,000. Some major expenses typically involved in hosting an on-site conference include venue rental fees, audiovisual equipment, catering, accommodations for attendees and speakers, transportation, event staffing, marketing and promotional materials, and miscellaneous logistical expenses. And do not get me started on the unexpected expenses that arise while pushing a successful conference.
On the other hand, virtual conferences offer significant cost savings compared to their in-person counterparts, making them an attractive choice for organizations of all sizes. By opting for a virtual format, businesses can dramatically reduce expenditures associated with travel, accommodation, venue rental, catering, and various logistical aspects. These cost reductions enable organizations to allocate their budget more efficiently, investing in content quality, technological enhancements, and participant engagement, ultimately maximizing the value and impact of the event. Going virtual, smaller virtual conferences will cost you around $2.500-$10.000 and grand ones $20.000-$50.000+ to host a 2-3 days event that too managed by a virtual events provider platform.
Here’s a complete guide to sustainable events.
So are you ready to discover the power of virtual gatherings, where convenience, affordability, and sustainability converge to reshape the way we hold meetings? In this article, we delve into the exciting world of virtual conferences and explore how they can help you save big bucks while still achieving your professional goals.
8 Ways to Save Big Bucks through Virtual Conferences
Virtual conferences have emerged as a transformative solution that not only brings people together from around the world but also offers significant savings for businesses and organizations. Here’s how embracing the virtual realm can help you optimize your budget, increase accessibility, and still deliver impactful experiences to your attendees.
Pick a Virtual Event Service Provider Platform
If you plan on hosting a virtual conference for the first time, then it is best to partner with a solution provider platform. A virtual events platform offers you a complete solution to organize and execute your business conference. You should partner with a platform that offers expertise, infrastructure, and technical support to ensure a smooth and successful event. You need someone who allows you to personalize the event experience, manage registrations, facilitate networking and engagement features, offer technical troubleshooting, and deliver a professional and seamless virtual conference experience. So be choosy when it comes to partnering with a virtual events platform.
Stick to a Budget
Planning on hosting a virtual conference to save on the add-on expenses that arise at an on-site event then? You are making a wise decision to host your annual conference virtually. From the venue to travelling to accommodation, think of all the big bucks you can save. But moving forward, you need to develop a careful budget plan that suits all your needs. First, determine your overall budget and allocate specific amounts for key expenses such as platform fees, speaker fees, and marketing. Next, research and compare different virtual conference platforms to find an affordable yet reliable option that suits your needs. Consider negotiating prices or seeking discounts.
Now, start creating a detailed agenda and limit the number of sessions and speakers to manage costs effectively. For instance, you can prioritize essential equipment and services, such as high-speed internet and professional audio/video setup, while cutting unnecessary expenses. You can also leverage technology for marketing and promotion instead of costly traditional methods. Finally, monitor your expenses regularly and adjust your spending accordingly.
Switch to Virtual Venues
Do you wish to experience a beyond-reality environment? A virtual venue is an immersive virtual space, maybe an exact replica of your corporate building. With lobby, reception, halls, meeting rooms, booths and showrooms, you can create a virtual tour of the venue. Switching to virtual venues offers an excellent opportunity to save money while providing attendees a valuable and engaging experience. By embracing the digital realm, you can eliminate expenses associated with physical venues, such as renting event spaces, catering, and transportation.
Basically, virtual venues allow us to create immersive and interactive environments that replicate the feel of an in-person conference without the hefty price tag. Through virtual platforms, we can set up virtual auditoriums, exhibition halls, and networking lounges, all accessible from the comfort of attendees’ homes or offices. Additionally, virtual venues provide flexibility in terms of customization, allowing us to design unique and branded spaces that align with our conference theme. Thus, by shifting to sustainable virtual conferences, we can allocate our budget to other critical areas, such as enhancing the virtual experience, securing high-quality speakers, and implementing cutting-edge technology.
Also, check out how to personalize the attendee experience at virtual events.
Accommodate Attendees Online
With a virtual conference, you have the advantage of accommodating attendees online. This not only provides convenience but also helps us save money. Here, attendees can participate from anywhere in the world, eliminating the need for expensive travel and accommodation arrangements. This not only saves costs for attendees but also reduces our expenses as organizers. For instance, you do not need a grand hall with a thousand seats.
Additionally, online registration and ticketing systems streamline the process and eliminate the need for manual paperwork handling, saving administrative costs. In fact, virtual conferences enable us to leverage technology for networking and interaction, eliminating the need for additional expenses associated with physical networking events or social activities. By creating a seamless online experience, we can allocate our budget towards enhancing the virtual platform, providing high-quality content, and engaging speakers, ultimately delivering a memorable and cost-effective event for all attendees.
Onboard Remote Speakers
Wondering how else would a virtual platform help you save big bucks? Another effective way to save money is by onboarding remote speakers. You heard right! With everything moving online, you can invite remote keynote speakers from anywhere. This saves you from the trouble of inviting them to a physical venue, paying heavily for multiple speaker sessions, or managing their travelling and accommodations. Your remote speakers can join online at a virtual conference, reducing overall expenses. All you need is a virtual events platform that offers a seamless experience to your speakers with a chance to present in virtual conference halls with top-notch video integration, content display and auto-tunes.
In addition to the financial benefits, onboarding remote speakers also offers the opportunity to engage a wider range of professionals who may not have been available or affordable for an in-person event. As a result, we can focus our budget on securing high-profile speakers who can deliver exceptional content while also offering a platform for up-and-coming talents to share their expertise. By onboarding remote speakers, we not only save big bucks but also create a dynamic and diverse conference program that caters to the needs and interests of our attendees.
Run Digital Marketing Campaigns
Running digital marketing campaigns provides a cost-effective strategy to reach our target audience while saving money. Therefore, by shifting our marketing efforts to online platforms, we eliminate the expenses associated with traditional advertising methods such as print media or physical signage. Digital marketing allows us to leverage various channels like social media, email marketing, content marketing, and search engine optimization to promote our conference effectively. We can create engaging and shareable content, such as videos, infographics, and blog posts, to generate buzz and attract attendees at a fraction of the cost of traditional advertising. Targeted online advertising enables us to reach specific demographics and interests, ensuring that our message is delivered to the right audience.
Additionally, we can track and measure the effectiveness of our campaigns in real-time, making necessary adjustments to optimize our marketing efforts. By embracing digital marketing, we can allocate our budget towards enhancing the virtual experience, securing high-quality speakers, and investing in technological advancements, ultimately maximizing our return on investment and ensuring the success of our virtual conference.
A pre-budgeted conference hosted through a virtual events platform helps you spend sensibly, securing a high return on investment. Evaluating ROIs in a cost-effective way is crucial to ensure optimal resource allocation. By leveraging digital tools and analytics, we can measure and analyze the effectiveness of our conference strategies without incurring additional expenses. Firstly, we can track attendee engagement through virtual event platforms, monitoring metrics such as session attendance, interaction rates, and survey responses. These insights enable us to assess the value and impact of our content, speakers, and sessions, helping us make informed decisions for future events.
Furthermore, virtual conferences offer the advantage of easy data collection and analysis, as digital platforms capture attendee behaviour and preferences. By leveraging these insights, we can identify trends, preferences, and areas of interest, allowing us to tailor our future conferences to better meet the needs of our audience. By evaluating ROIs in a cost-effective way, we can optimize our resources and make data-driven decisions that maximize the success of our virtual conferences.
How Do Virtual Days Help You Save with Virtual Events?
Over the years, Virtual Days have managed to host uncountable successful virtual conferences, recruitment events, workshops, trade shows, and more through its feature-packed platform. We help clients formulate a comprehensive plan where they carve out an agenda to save money, and we help execute it effectively. Working as a team, we ensure that our clients are satisfied with the services, features and technology that help them go global. Also, our support team ensures that all the technicalities and client queries are handled in real-time. Of course, we want the best for our clients. Therefore, Virtual Days offers complete conference solutions such as:
- Provides a customizable virtual environment that replicates the look and feel of a physical conference venue without exorbitant expenses.
- Eliminates the need for expensive travel arrangements, saving on airfare, accommodation, food, and transportation expenses.
- Reduces the time and hassle associated with organizing and coordinating travel logistics.
- Enables attendees to navigate virtual rooms, visit exhibitor booths, and engage in meaningful networking activities from anywhere.
- Records and archives all sessions and presentations for on-demand access, eliminating the need for professional videography services and reducing costs.
- Extends the reach and lifespan of conference content, maximizing its value and impact.
- Offers virtual swag bags, discounts, and online food delivery vouchers as cost-effective alternatives to costly in-person perks.
- Promotes sustainability by reducing carbon emissions associated with travel and physical event infrastructure.
- Allows seamless data collection and analysis to make informed decisions and optimize resource allocation.
Virtual Days have helped 100s of its clients save significant amounts of money and reach a wider audience, enhance their brand’s reputation as an innovative and adaptable company, and reduce their carbon footprint by minimizing travel-related emissions. Sustainability is our only choice considering the drastic climate change happening worldwide. It is about time you start hosting a virtual conference and reap the financial benefits promised with a digital event.
So, without compromising on the quality, Virtual Days offer you a virtual conference venue to welcome a global audience, immerse them in a personalized space, engage them in interactive sessions and track the overall performance of your event, all while saving the big bucks.
Author | Mubashrah Rahim