Could you save £000s with a virtual event?

As we creep into the second month of 2019, we’ve already seen a rise in enquiries for virtual events. The honest reason why virtual events are rising in popularity can be summarised in one word: Cost. From regular events to one-off conferences, event planners are turning to virtual events which along with a whole host of other benefits (I’ll touch on these later), come with a much more palatable cost than a traditional physical event with savings running into the thousands!

Let’s break down the myths with some numbers

The cost of a virtual event will depend on the number of features you want to include, how long the event is, how many ‘areas’ you want in the environment, and how many users you expect but a standard packaging should include the following which I’ve benchmarked against a standard physical event for 200 delegates.

Virtual Events Physical Event For 200 Attendees
Customised design to match corporate branding Venue                                       £7,500
Customised registration page Equipment                              £2,300
Virtual meeting & breakout rooms Hospitality                              £1,200
Live HD video & audio streaming for presentations with Q&A Speakers                                 £2,000
Webinars Marketing/Promotion         £5,000
Branded exhibition booths Staff                                         £500
Instant messaging, live chat, audio chat, and video
Advice on how best to structure, run and market the event
Dedicated event manager and technical support before and during the event
Pre, live and post-event analytics
Total £5000 Total £18,500

Besides the cost saving, why are virtual events becoming so popular?

Clearly, virtual events offer massive cost savings compared to physical events but they also offer lots more.

There is no question that they are much more convenient for delegates to attend. Delegates do not have to be free to physically come along in person and also do not have the expense of travelling to it either. This not only makes it more accessible to a global audience but also will enable more people to attend, which can significantly extend the reach of the event.

The effect that this increased reach and awareness brings is powerful for brand building. Rather than being restricted to a physical event that happens in your local area, a virtual event will let the whole world get involved. For companies looking to break into new territories or simply build a more recognised brand, this is a great advantage.

Virtual events also generate much higher engagement levels with many more networking connections made and many more questions and discussions with speakers or fellow attendees. In this modern digital world, people seem much more willing and able to operate digitally than to, for example, ask a question at an event with 200 people attending or walking up to someone they don’t know and introducing themselves. Hosts are often amazed by the number of questions etc. asked and the advantage of all of that being recorded digitally for further analysis about areas of particular interest.

Digital events offer a powerful set of reporting features so you can analyse how the event went and what worked best in terms of the delegate experience and audience engagement. This makes it easy to refine any aspect of your event to further improve ROI, or know how best to follow up the event by providing the right information to the right people.

If you would like to find out more about how an Ivent virtual event can help you, get in touch today!

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