Managing event budgets is not an easy task, anyway, it is entirely a different story with respect to virtual events. You may have experience of creating budgets, corporate event management, and organizing live events, anyway how to organize and manage the budget of virtual and online events?
This time around, things are not the same due to the overall pandemic and a change from live events to virtual dynamics. Social distancing has changed the whole game for the event business; now, everyone is thinking about what virtual planning and management look like in 2020 and beyond? Fortunately, technology has given us a platform for a virtual event that is cost-effective and quite easy to host and participate in.
How to Manage your Virtual Event Budget?
Hosting virtual events, as compared to live events presents a learning curve for the event business. Many things are missing, the ones you were used to, yet there are some new things to speak to when organizing a virtual event. Along these lines, in case you are confused about managing the budget for your next online event, keep reading, and possibly take notes.
Virtual Event Budget – Basics
The best approach to making a budget for a virtual event is to consider all the parts of the event, including experiences and tasks that may have additional costs. Previously, you had to consider each aspect of the event, which includes catering, location, etc. Virtual Events might be ambiguous as one thinks there are lesser things to manage in case of a virtual setting. In any case, don’t let it fool you!
Start with the basics of managing and planning. Consider using a spreadsheet that permits for calculations and categorization. Add every single item of the virtual event in that spreadsheet, including its details, and do remember their deadlines, to avoid extra charges. It is recommended to use any corporate event management software to help you with setting up a productive online event and plan out all the minutiae of your budget.
Following are a few basics of virtual events that you should remember while organizing your virtual event budget:
List all the Items: List down all the things that may take some proportion of your budget. If you want to have an accurate budget, then be specific and try not to jump through hoops.
Delineation: Mentioning the name of the thing won’t be enough. To understand why things are important, you need to fuse the description of everything.
Amount: Account for everything for the event and list their expense with the objective that you can take out expensive things.
Estimated Cost: There is a high possibility that you won’t be able to know the exact cost of everything, so consider an estimated cost that can be changed when you choose the type of virtual event you need.
Actual Cost: This is the spot you will enter how much everything ended up costing. Keep this data of estimated versus genuine cost as a reference for the future.
Narrow down Available Platforms
In case you have to guarantee your estimated costs are close to actual ones, you have to spend time exploring all the available virtual event planning apps and platforms. Concerning virtual event planning, technology is the main thing to consider, as you don’t have to search for a location or catering, etc.
Your virtual event platform will be your stage, your social/meeting rooms, breakouts, games, etc. Ask yourself these questions before picking a platform:
- How long our event is going to be?
- What is the expected number of participants?
- For how long you want your site to go live?
- What is the number of sessions in total?
- What is the type of content? Either it is video or audio slides?
Things to Consider When managing Virtual Event Budget
Following are a few most significant things to consider when are managing your virtual event budget:
Do you want to record the whole event?
Recording your event might be the best choice for you to make an evergreen, extraordinary, high-quality event and make it available for people who couldn’t go to the event live. In case this is what you need, then consider the costs related to it.
Do you need sponsors?
Think about whether you need sponsors and exhibitors in your event and how to add them to your show. It is recommended to get sponsors for your virtual event to make it engaging and interesting. For that, you can check: Ideas to Sponsor a Virtual Events
What is your marketing strategy?
Much equivalent to a live event, virtual ones similarly need careful marketing to get the message out. You have to put effort into keeping people engaged already, during, and after the event.
Before the event, you have to make a feeling of FOMO among the participants. By what technique will you do that? Consider whether you want social media marketing campaigns and influencers, and what much will it cost?