Thanks to COVID-19, it’s 2022, and the workplace dynamic has shifted a lot. When businesses tend to opt for an in-person event back in the old days, today, people are gravitating toward hybrid meeting solutions for higher efficiency and workplace functionality. According to statistics, around 34% of event organizers and businesses expect to invest more in hybrid meeting solutions in the coming years. However, hybrid meeting solutions can also be incorporated into your events, even if you happen to be on a budget.
Down below are tips from the Covid pandemic era that will explain to you how to successfully carry out such events through our budget-friendly hybrid event solutions.
What are Hybrid Events and What Is All the Hype About?
As the name indicates, hybrid events offer the attendees the best of both worlds. In such events, there is a combination of the virtual element and a face-to-face or in-person. How it works is that an event is organized at a physical location. Half of the attendees tend to attend this event by arriving physically at the location, while the rest use virtual methods to be a part of the venue.t The latter are known as the remote attendees.
The reason why hybrid meeting solutions are preferred nowadays is widespread. First off, it helps reduce costs for both the travelers and the event organizers. Moreover, the reduced travel time also aids businesses people worldwide in investing their time in other activities. Furthermore, it is also estimated that there are higher chances of catering to a larger audience with the help of hybrid meeting solutions.
Tips for a Hybrid Event on a Budget
1. Track Past Revenue Data
The first and foremost job is to analyze records and costs when it comes to event planning or organization. This is essential to estimate how much an in-person session cost. With that figure in consideration, organizers can then create a relatively lower budget than in previous years.
However, various time-based factors such as inflation, evolving tech and virtual needs must be considered. Data from previous events is a great way to incorporate the things that previously worked and chop out elements that are not aligned with the cost-cutting strategy.
2. Keep Your Objectives and Expenses Side by Side
Event management requires a high amount of strategic planning when it comes to taking budget-friendly decisions. To produce the maximum ROI by spending the least amount of money, one must align the objectives and goals of the event with the spending they intend on allocating for the project.
Gauge whether the extra décor or extravagant printing is really necessary for the event to succeed. If not, chuck the idea right out of the window and go for virtual or e-cards and softcopies, etc. Try to spend money on your objectives, such as training or development, rather than on secondary elements.
3. Gauge the Scale of the Event
Your hybrid event does not have to be extravagant. These events can be as simple as meetings on Google Meet or even Zoom. This is where you work on the project’s scalability or the event. Before investing in the event, make sure that you have a firm grasp of the scope of the virtual event.
If it’s a small-scale event, you can ask your team to bring in their own devices as well as their snacks. Free video conferencing tools such as Microsoft Teams or Zoom can be used. This is one way to avoid huge costs associated with microphones, projectors, mixers, etc. If you know your project’s scope, you can plan accordingly.
4. Use Volunteers for Cost-Cutting
The last and most efficient way to cut costs is by creating openings for volunteer opportunities. Various individuals out there are looking for volunteer opportunities where they can benefit from networking, use the opportunity for school credit, or benefit from the free tickets to the event. By hiring volunteers on the gig, event organizers can benefit from lower staffing costs and more human resources on hand.
5. Venue Selection
When it comes to hybrid events, you will need a location to be carried out. Now, even if a few people will be coming in person, there is still the need for a venue. The venue solution is a crucial part of the process and will not be delayed or kept until the end.
Remember, the closer you book the venue to the event, the higher the costs. If you want to get the best possible deal, plan your event early and book your venue a couple of months earlier as well. It is crucial not to leave this step for the last minute. If you can, go for off-season timings to get cheaper rates on your venue.
6. Bring in Sponsors
Sponsorships are the best way to get the maximum return on your investment and create a budget-friendly event for your business or organization. The best part about hybrid meeting solutions is that you get to pick from a wide range of opportunities and chances for sponsorship. Since you will be dealing both in-person and on virtual platforms, you have a wide range of companies to pick from.
The sponsors will be glad to come on board since they will be getting exposure through your business while benefiting from the funding they provide you. All in all, it’s a win-win situation for everyone involved.
And there you have it! These budget-friendly hybrid event solutions can help you get back on track after the pandemic chaos. You and your business can gingerly edge into in-person meetings by opting for this approach. The trick is to take a proactive approach when planning such events. This will ensure that you have plenty of time for negotiation and strategy planning.