How virtual event platforms save you money

Hosting events can be an expensive undertaking, with the costs of venue rentals, equipment rentals, printed materials, staff, and travel expenses quickly adding up. With the rise of virtual event platforms, however, event organizers can now host events at a fraction of the cost of in-person events. In this article, we’ll explore how event organizers and event professionals can save costs by using virtual event platforms.

Why are virtual events more cost-effective than in-person events?

Here are five specific saving levers when organizing online events via virtual event platforms compared to events in physical venues.

1. Reduced venue and travel costs

One of the most significant expenses associated with in-person events is the cost of venue rentals and travel expenses for both event organizers and attendees. Venue rentals can cost thousands of dollars or Euros, while travel expenses for attendees, such as airfare, accommodation, and transportation, can also be significant. With virtual events, however, these costs are significantly reduced, if not eliminated altogether. Event organizers can host virtual events from anywhere, eliminating the need for costly venue rentals, accommodation, and travel expenses for themselves and their attendees.

2. Elimination of printed materials

Printing materials for events such as brochures, flyers, and programs can also be a costly expense. With virtual events, however, organizers can eliminate these expenses altogether. Instead of printing materials, organizers can provide attendees with digital versions of the same materials, saving costs and being more sustainable by reducing their carbon footprint. Attendees can access these materials on their computers or mobile devices, making it easier for them to access the information they need whenever they need it.

3. Reduced staffing costs

In-person events often require a significant number of staff members to manage logistics, registration, and other aspects of the event. With virtual events, however, many of these tasks can be automated or managed by a smaller team. Virtual event apps such as Veertly often include features such as registration management, attendee engagement tools, and analytics, which can be used to reduce the number of staff members needed to run the event. This can result in significant cost savings for event organizers.

4. Increased attendance and revenue potential

Virtual events have the potential to attract a much larger audience than in-person events, as attendees can participate from anywhere in the world. This increased attendance can translate into increased revenue potential for event organizers, as they can sell more tickets or attract more sponsors and exhibitors. Additionally, many virtual event platforms often include monetization tools, such as pay-per-view sessions and sponsorships, which can help event organizers generate more revenue. With virtual events, event organizers can tap into a global audience, increasing their reach and revenue potential by reducing the costs for their events.

5. Reduced equipment and production costs

In-person events often require costly equipment and production expenses, such as sound systems, lighting, and staging. With virtual events, however, many of these costs are eliminated, as the event can be hosted from a single location and accessed by attendees via their computers or mobile devices. Virtual event platforms often include or can integrate production tools, such as live streaming and recording capabilities, which can be used to create a professional and engaging event experience without the need for expensive equipment.

Which costs do I have for running a virtual event?

Virtual events platforms offer a range of advantages over traditional in-person events, such as increased flexibility and cost savings. However, it's important to understand that there are still costs associated with organizing a virtual event via a virtual events platform. Next, we'll explore the costs that can occur when organizing a virtual event via a virtual events platform, and how event organizers can plan for and manage these costs.

In conclusion, virtual event platforms provide event organizers with many opportunities to organize online events on a low budget while still providing an engaging and memorable event experience for attendees. By eliminating venue and travel costs, reducing printed materials, staffing, and equipment costs, and increasing attendance and revenue potential, event organizers can leverage virtual events to host successful events at a fraction of the cost of in-person events.

However, it's important to understand that there are still costs associated with virtual events such as conferences, online workshops and webinars. These include virtual events platform costs, equipment and technology costs, content creation costs, marketing and promotion costs, and staffing and production costs. By planning and budgeting for these costs, event organizers can ensure their virtual event is engaging, effective, and successful.

Even after the COVID-19 pandemic, virtual events have become an increasingly popular option for event organizers, offering a safe and cost-effective way to host events. Not sure where o start? Check out these ideas to create successful online events.

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