Most industries are feeling the harsh presence of the pandemic, yet an overwhelming need to get their message out more than ever. Businesses are finding a voice above the ever changing news of economic, social, political, and health crisis’ to be nearly impossible. Meanwhile, everyday people are seeking information, jobs, community, connection, arts and a sense of unification and familiarity that seems like a lifetime ago.
As businesses comes to terms with the global pandemic and the difficult decision to make revolutionary changes to their business. Business owners, planners and promoters are ready to take big steps outside of their usual event production and drive down the virtual highway.
The Cost Difference Between Live vs. Virtual
One of the first things noticed by promoters is the incredible cost savings of going virtual. Take a look at the usual expenses of a typical trade event:
Live Event Production Costs
- Union Stagehand & Electrical Fees
- Catering / Concessions
- Wi-fi Services
- Location Signage
- Event Insurance
- Audio Visual Services
- Booth Décor (pipe and drape, tables, linens/skirting, chairs, wastebaskets, etc.)
- Staffing (event staffing, registration, security, logistics, parking attendants, room monitors, etc.)
- Staff Travel (air, hotel, transport, gas, meals, parking)
- Speaker Travel (air, hotel, transport, gas, meals, parking)
- Attendee Registration supplies (bags, badges, wrist bands, stationery, etc)
- Handouts, signage, track displays
- PPE supplies
- Health Permits
- Event Permits & Taxes
Marketing was purposely omitted from this list. Whether a promoter is producing a live event, or a virtual event, marketing is still a must. One’s marketing approach may be different for a virtual event, than an event held brick and mortar, but allocation of marketing dollars would still need to be determined.
Now let’s look at virtual event costs:
- Virtual Event Platform Service Fee
- Virtual Event One-Time Setup Fee
So, then the question becomes, “What will producers do with the cost savings?” The easiest answer is roll those cost savings to their exhibitors, vendors and attendees. Share the wealth so that everyone gets their message out, or receives the information and resources they need to successfully arrive on the other side of COVID with their business. It is going to take everyone working together to build community and keep the wheels of commerce turning.
To good health. Peace be the journey for all.
To learn more about Virtually Events, click HERE