Virtual events: How to actually plan your budget
If it’s your first time trying your hand at virtual events, you’ll probably find it hard to figure out your budget. How will you decide what to spend on, and how much is reasonable? If you’re serious about achieving your goals, spending too little on your event can be just as detrimental as spending too much!
The good news is, we are here to share a few elements to consider when planning your required budget, and most importantly – avoid from over or under-spending.
Set your Target
Your budget will largely depend on your desired target, so the first step is always to set your goals clearly. If you’re looking for more traffic and visitors to your event, set a number on how many visitors you would like to achieve. If you’re looking to earn revenue from your event, set the amount that you would like to earn from your event, be it from ticket sales or from selling products.
With your targets properly planned out, you can then use them to set a realistic budget for your event.
Event Platform and Activities
Choosing the right platform for your virtual event is key to your success. Before engaging with a platform provider, we would suggest listing out the type of activities necessary for your event. For example, if you’re looking into organizing a virtual product launch, you can carry out livestreaming with some extra elements to make your event more engaging. You can get customized 3D backgrounds to amp up the visual impact, organize mini games during the event, have lucky draws and much more!
With all the necessary features needed planned out, you can get then get a more accurate quote from your platform provider. Ask your provider or virtual event organizer about the features provided and whether the features can be customized, so that you may be more selective on what you’re paying for. You would also want to ensure ample technical support for before and after the event, so make sure to factor that into the cost.
Promotions and Marketing
Creating a landing page for your event is crucial for promoting the event. This is where you can direct potential visitors to get more information and to build their interest.
Digital Advertising on social media platforms will be a large part of getting exposure for your virtual event. Select the platform to carry out your advertising – do you want to reach out to audiences on Facebook, Instagram, Youtube, or through Electronic Direct Marketing?
Reverse calculate your advertising budget based on your event target, and be realistic about your expectations. If you’re looking to earn RM100,000 from your event, does spending one or two thousand on advertising sound realistic to you?
When it comes to digital advertising, your estimated budget can be calculated based on the cost per result – that can mean the cost it takes to gain one visitor, depending on the objective of running your ad.
If it’s your first time trying out digital advertising, keep in mind that there is no definite cost or result – every ad that you run comes with a certain amount of trial and error. Make sure you work closely with your digital marketing team or provider to keep track on your ad spend and the results generated.
The reason many companies can’t feel the improvements of a virtual event, is because there is no one that has visibility towards key-success metrics.
Many companies do not invest in this particular segment, which causes the company to be highly inefficient when they run their business. It is through data that you are able to understand how to further optimize costs, improve conversion rate, and therefore generate more profit.
To ensure this gets carried out, you can either hire someone that can crunch data, or send your existing staffs to training and courses which are relevant to your industry. The last resort? YOU as a business owner should be able to understand your own business data too! The good news is, many virtual event platforms offer a convenient system to collect and analyze data, so make sure that you can get access to them!
Let Us Virtualize Reality For You!
At Virtualtech Frontier, we’re all about helping your business grow by providing the best virtual event solutions. The next time you’re planning an event, hit us up to find out how we our solutions can help you create a brand new experience!
Virtualtech Frontier is an end-to-end virtual events solutions company. Visit us at: https://virtualtechfrontier.com/