(And why is it always a good call!)
Even as COVID-19 restrictions ease, virtual events are still everywhere these days.
And it makes sense – have you tried going to the airport and getting on a plane lately? NOT fun.
Virtual events are an excellent way to get your target audience to come to you without the hassle of travel or booking accommodations. Lower costs, increased flexibility, and more accessibility make virtual events popular. In a Statista study of over 8,000 marketers, 40% of events will be virtual in 2022.
If you feel it’s time to dip your toes into the world of hosting a virtual event but still have questions about how or why this blog is for you. We are answering common questions about hosting a virtual event so you can feel empowered when you decide to take the plunge.
First, let’s start with the basics.
What is a virtual event?
A virtual event refers to a one or multiple-day event where people interact online rather than in a physical location. It usually includes multiple sessions, webinars, or webcasts intended to teach or show the audience something. Virtual events are highly interactive and accessible. Virtual events include conferences, career fairs, tradeshows, open houses, and more.
Why should you host a virtual event?
Virtual events are a cost-effective way to deliver content to your audience. If your industry is crowded, hosting a virtual event with great speakers and networking opportunities helps you differentiate yourself from the marketplace. And the barriers to entry are low, meaning that almost anyone on any budget can host a virtual event.
What are the benefits of hosting virtual events vs. in-person events?
Here are a couple of the distinct benefits of hosting a virtual show vs. a live in-person event:
- Lower Cost
Virtual events offer incredible savings in both times of planning and overall budget. Cost savings from not booking an event space, hotel accommodation, flights, and more.
- Easier scheduling
Scheduling the speakers you want is much easier when they can speak from home.
In a virtual event, you can make last-minute changes with ease.
With no physical room limits, the only limits come from bandwidth.
Because you can plan a virtual event quickly, you can touch on the timely topics that your audience cares about most.
- On-Demand content
On-Demand content is a great way to allow your audience to come back and watch your programming again or for the first time.
- In-depth Analytics
Most event management software solutions will give you great insights into who attended, how long, how many questions were asked, etc.
Is a virtual event cheaper than an in-person event?
Yes. You can host a virtual event at a fraction of the cost of an in-person event. When you consider everything that goes into a live event, the time and money savings become clear:
- Booking a space
- Covering speaker travel costs
- Audio and visual equipment
- Securing hotel blocks and accommodations
- On-site decorations
How much does hosting a virtual event cost?
The main costs of hosting a virtual event are the hosting platform or hiring a virtual event production company. Since all virtual events are unique, there are a range of costs depending on the size of the event, production needs, interactive elements, editing, and whether there is live streaming or not.
$0-$2,500: The typical range for a smaller DIY event with less production value, such as a Zoom or WebEx single virtual event or managed webinar.
$2,500-$10,000: Typical range for a smaller event that might include multiple speakers, more interactive features, or higher-paid speakers.
$10,000-$25,000: A range for a one-day event managed by a virtual event production company. These events typically include multiple speakers, breakout rooms, panels, audience interaction, and more.
$25,000-$50,000+: Cost for hosting a multi-day virtual event with interactive features managed by a virtual event production company. This option is if you want panel discussions, entertainment, a possible studio to film, a micro-site, interactive elements, and more.
You also have to consider the cost of hiring speakers. While a lesser-known speaker might work for free or for a few grand, a well-known speaker such as a celebrity, professional athlete, or bestselling author will likely start at around $10,000 and can go up to well past $100,000, depending on their renown.
I hope this answers some of your questions about hosting a virtual event. An easy way to make your next virtual event a hit is by using Digital Joy Events. This virtual event platform allows you to create custom-branded virtual events with tools and features to engage and ignite your audience.