EASY WAYS TO TIGHTEN THE BUDGET OF YOUR VIRTUAL EVENT

With our world growing in its need for virtual events, event producers are thinking quickly as to how to pull off the virtual event of a lifetime. Be it a live-streamed event, physically distant in-person gathering, or a hybrid of the two, you will definitely want to maximize your resources and eliminate wasteful spending in order to create the best - and safest - event possible. We’ve got the right tips and tricks to accomplish these goals on any budget, for any type of event!

1. Use Free Digital Tools

Odds are you’re not spending 50 cents per stamp to send out hundreds of invitations via snail mail for your upcoming virtual event. But your invitations are an important part of your event’s execution, and electronic invitations can look just as beautiful as paper ones, if done properly. Take advantage of free online platforms and digital tools available to your business! Utilize different platforms to send electronic invitations by promoting your event on social media, your website, and through your email lists.

2. Strategic Timing

The event industry has had to constantly reinvent itself in 2020, so don’t be afraid to be the first in your network to get the ball rolling on something that’s safe, new, and inspiring to others. With that in mind, consider a physically distant dinner event. While an event like this on a summer’s evening could be an excellent and safe idea for your business, you could save some money by altering a few key details. Opt to cut cost and choose a business lunch as opposed to an evening dinner event. Venues are hungry to bring people together safely, and they’ll likely offer lower pricing for daytime events, so you’ll have the added bonus of saving cash on less costly food and beverages for smaller meals. If a daytime meeting could appeal just as easily to your client base, you can host an event that makes everyone feel safe (and keeps some money in your pocket too). 

3. Sponsorships

Sponsorships are essential for planning nearly any event, be it virtual, in-person, or a hybrid of the two. Through a partnership with an investing sponsor, you can significantly increase your event’s budget. But be strategic! It is important to work with a sponsor who is eager to put their product in front of your audience’s demographics. Putting in the work to find the right sponsor for your event is likely to pay off in the long run, and could help other businesses find their footing after a hectic year of losses as well as build meaningful relationships for future sponsorships. We have tips for how to bring in the perfect sponsor for your online event in our article titled, “How to Attract Sponsors in the Era of Virtual Events.”

4. Hire an Expert

You might think that the best way to save money is to plan everything yourself, seek out low-cost live-stream and risk-management services, and use only that which is absolutely essential to your event. However, you’ll end up spending much more on various overhead costs and you’ll add a great deal of stress than if you had hired CDC-adhering event production experts. The experts in the business are trained to create safe events, be it in-person or virtual, within a variety of budgets. If you’re honest about your budget from the get-go, expert event planners in 2020 will be well-versed in risk-management, and will use every resource and connection in their arsenal to find you the best prices. Plus, using an integrated system for event management is much more cost-effective than paying multiple overhead costs for a number of budget services. Do your research and find the experts that know how to create an amazing - and safe - event! 

5. Be Flexible.

If 2020 has taught us anything, it’s that we could all benefit from being a little more flexible. When planning your virtual event, make sure to ask for quotes on a number of different dates, from multiple venues. This will allow you the ability to seek out the very best price, and even negotiate with vendors. Check out venues or event production companies that already have attractive and santiziable spaces that could work with your event’s theme. By being flexible with themes, designs, furniture, or stage construction, you could considerably cut costs by avoiding the expenses of custom fabrication while making sure everyone is safe.

6. Know Your Audience.

One of the easiest ways to ensure your next event will be cost-effective is to think about your audience the moment you start planning it. Considering ticketing your virtual event, even if it’s free. Mandatory online tickets are one of the best ways to get a clear picture of attendance numbers and demographic information. Knowledge of your demographic will give you the added bonus of implementing more efficient marketing strategies and locking down more targeted sponsorships for future online events. Make sure to follow up after invitations go out and remind your guests to RSVP!

7. Have your next event in mind

Virtual events are going to be around for a while. That being said, your most powerful tool for effective budgeting is a detailed record of your previous events, virtual or otherwise. Make sure to write everything down by keeping a spreadsheet of how much you budgeted for each aspect of the event and how much you ended up spending. Include a “notes” column in your chart that details why you may have overspent or underspent. Keep these records handy to make your next virtual event a budgetary success!

These small strategies will help you save cash, maximize resources, and improve event ROI. Do you have questions about how to implement these strategies for your next event? Let us know in the comments below, or contact Wizard Studios so we can help you plan your next virtual event!