How To Plan For a Hybrid Event Budget and Expenses
With the current pandemic, virtual events are a must. However, as the vaccine is now available hybrid events are an exciting alternative. Although budgeting is often a tedious task, our hybrid event budget guide makes it easy. First of all, what is a hybrid event? An exciting alternative event that blends both physical and online events. So yes, we have the best of both worlds! Check out our article comparing physical, online, and hybrid events. Here is our hybrid event budget checklist:
Make a plan
Before getting started it is key to make clear goals and what you want to achieve with your hybrid event. Define your objectives and make a checklist of what you need to do. Research past events and current market trends to make your event a success.
Make a list of expenses
Include every item big or small to have an idea of what expenses are vital for your hybrid event budget. Focus on expenses that you really need and think about cheaper alternatives. Here is our main list of overheads:
1. Platform provider
Think about what features you need on your platform to run a successful hybrid event. As this is a physical and online event you may need a different package than at previous events. Think of how many guests are attending the event, what speed you need and any extra features. If there are more people viewing online, you may consider a higher package in your hybrid event budget.
You will need a venue equipped with technology to host the online and physical event. Don’t forget you will need a projector, screens, and camera equipment to televise the event. To save money on your event look for a venue that supplies equipment. The venue will also need to be large enough to allow for social distancing.
A good team should be top of the list on your hybrid event budget! Good communication between the physical and virtual teams is crucial for your event. A good team is expensive but worth the experience. Take a look at some virtual team building ideas to build your team morale.
4. Food and drink
Depending on the duration and nature of the event you may need to provide refreshments. Although you can avoid this cost with virtual events, it is a nice touch for the guests attending in person. Don’t forget this expense will also increase the number of staff in your hybrid event budget.
5. Promotions and marketing
Making people aware of your event is a must and you should account for this in your budget. On a good note, you can do this under a low budget with the use of social media and digital advertising. Make sure to create an online event and a press release to generate a buzz around the event.
6. Gift bags
Distribute sponsored gift bags to people attending the event. Sponsored material is a good way to generate income for the hybrid event budget. Branded goods will also promote the event and act as free marketing. Make sure to factor in your teams’ time in preparing and distributing the goody bags. Top tip: send the goody at least one week before the event to create a buzz and leave time for any delivery errors.
Shipping can be a large expense in your hybrid event budget and is something we need to think about. If you send gift bags or materials to online guests, depending on the country, you may need to pay customs or tax. You need to research shipping, tax and customs before deciding where to ship goody bags.
Analyse your post hybrid event budget
After your event, analyze your overhead and expenses. Make a list of where you had to adjust your budget and the reasons for this. This will help you to see where you used money, and which overheads you can reduce. Asking for feedback from the guests will also help you to analyze your hybrid event budget. A post-event survey provides feedback and shows guests that you value their opinion. Now that you have your hybrid event budget made, you’re onto the fun stuff! Check out our article on tips to improve your virtual event to make your event even more special. Remo creates an intimate space for guests to exchange ideas and engage at your virtual event. If you’re looking to maximize the virtual event experience, look no further! Try Remo now for free or book a guided tour.