A Breakdown of the Cost Savings of Conducting a Virtual Event

Hosting an event can be an exciting way to grow your brand, but if you’ve ever hosted one for your business, then you know it can also be expensive. Between reserving a venue, paying for refreshments (or even lunch or dinner), paying someone to clean the venue, and more, the costs can really add up. Fortunately, there is an alternative that more and more people have discovered: virtual events. Here’s how the costs between in-person and virtual events compare. 

Venues

The biggest cost involved in hosting an in-person event is almost always the venue. Depending on the number of people expected to attend, you might pay anywhere from a couple hundred dollars for a dozen people for a few hours to tens of thousands of dollars for a larger venue over the course of a weekend. Aside from renting the venue, you’ll also need to pay a security deposit in most cases. This will be returned to you if the venue is left in good, clean, undamaged condition following your event. When you choose to host your event virtually, you don’t have to pay for a venue at all. You can host from anywhere, and people can attend from anywhere, too. 

Staff

You’ll likely need to hire some staff to be present during the event, but again, this can vary depending on the size and nature of the event. For example, if it’s an all-day workshop, then you may need staff to help serve lunch. If it’s a huge gathering of thousands of people, then staff may be required to help you pass out papers, booklets, and other helpful information. Sometimes, depending on the venue, you may also have to pay for cleaning services when the event ends. With a virtual event, the staff you need changes drastically. You won’t need someone to clean afterward or help hand out papers or food. Instead, you may only need someone to help you with the camera or audio during your stream. 

Refreshments 

Most companies that host major day-, weekend-, or even week-long events with their employees (such as workshops or conferences) provide snacks, drinks, and in some cases, even meals to the attendees. This can be quite the large expense when you consider the number of people in attendance, and that’s especially true if you plan to have meals catered for convenience’s sake. With a virtual event, such as an annual company-wide meeting, most participants join from home where they have access to all the refreshments they will need. 

Travel  

For enterprise events, it is common for employees to utilize a travel stipend for workshops and other business-related events. Depending on the number of employees, this can easily become quite expensive, and that’s especially true if the stipend provides for meals, drinks, hotel rooms, car rentals, flights, and more. Virtual events negate all of these costs since your employees can attend from the comfort of home. There’s no need to pay for their travel, lodging, and food and nobody has to sacrifice their comfort. 

Though the coronavirus pandemic has made it difficult for people to gather in groups for business-related events, today’s technologies allow for outstanding virtual events, instead. Not only are people happier and more comfortable to attend these meetings and workshops from home, but your company can save a great deal of money along the way, too. 

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