Planning a hybrid corporate event is never easy. However, since we have stepped into the post-COVID world, hybrid events have become the go-to for companies looking to recover from the pandemic and find their footing. If you want to plan a hybrid event, you will need the expertise of a virtual events agency that can organise the digital and in-person aspects of your event flawlessly.
That said, corporate virtual events or hybrid events can cost a lot if you’re not careful. In an era when most companies are rebuilding, you need to consider hosting a budget-friendly hybrid event. To plan such an event successfully, you will need the appropriate online event solution and tips to cut down on your event costs.
So, without ado, let’s explore how you can reduce the cost of your corporate hybrid event!
8 Tips to Organise a Hybrid Event on a Budget
Here are eight tips for organising a hybrid event on a budget:
Book Your Venue in Advance
Now that the world is operating in a post-COVID era, many companies are switching from corporate virtual events to hybrid events and vying to secure the best venues for them. In such a competitive atmosphere, you must book your preferred venues in advance to benefit from the best rates. You will need ample time to search for and book a venue of your choice, so it’s best to start your search early to save your time and money.
Negotiate the Budget
The booking cost of a venue takes a huge sum out of your hybrid event budget. To prevent this from happening, you will need to find a way to minimise your venue budget. The only way to do that is by asking questions regarding lower rates, discounts, specific promotions, etc. You will never know what a venue might be willing to offer you if you don’t actively ask.
Additionally, if your event is spread across multiple locations and you need to book multiple venues, you can choose a hotel partner or venue that can host your teams across all locations. It will give you the opportunity to negotiate the price. You can strike similar deals with food and beverage vendors and other event production partners.
Other factors that will help you negotiate the venue cost will be your flexibility in hosting off-season events and booking venues at the end of the quarter or month. Moreover, if you can showcase how well you can pull off an event and the online traction you can bring to the venue, it will likely offer you a better package.
Save Costs by Organising a Mostly-Virtual Hybrid Event
Look for a reputable virtual events agency that can help you plan a successful, budget-friendly hybrid event that is primarily virtual. It will allow you to cut down on the number of people you invite to join you on-site while expanding the number of virtual participants. With the majority of your event hosted online through networking sessions, video conferences, zoom meetings, etc., you can keep a nominal on-site budget.
Since you will reduce the number of people attending the event in person, you can significantly reduce the travel, food, and beverage costs. It will also help you create a more holistic and unique in-person experience for people who can attend the event while creating a grand digital event for off-site attendees, resulting in a successful hybrid event on a budget.
Generate Revenue to Offset Your Budget
Sponsorships are fantastic for leveraging broader audiences and creating long-lasting brand associations. Hybrid events organised by a professional online event solution present several sponsorship opportunities. You can develop creative ways to get sponsors involved in the virtual and on-site event components. This way, you can benefit from their funding while they will benefit from the exposure.
Another way to generate revenue is to repackage your content and sell it online at a later date. You will already be using sound and lighting equipment to enhance your content for the event. With a little more effort, you can record and edit the sessions, event segments, and webinars to be sold online.
Work with an Event Company That Plans Hybrid Events
If you want to cut down your budget on a hybrid event, sit with an event management company specialising in planning and managing hybrid corporate events. Discuss your budget, plans, and vision with the event team, and they will help you manage the logistics of the event seamlessly while ensuring your vision comes to life within your stipulated budget.
Work with Volunteers
You can find volunteers to help you organise and manage your event’s in-person and virtual components. So, create a volunteer program for your event instead of looking for venue personnel, third-party staff, or paid interns to help you run things smoothly. You can create incentives for the volunteers by giving them free VIP tickets or networking opportunities. You can also partner with schools to attract student volunteers looking for school credit.
Partner with Start-ups & Small Businesses
Instead of looking to hire the big guns for the event, find local start-ups and small businesses and partner with them for your event. Promise them the exposure they need and offer them sponsorship opportunities or other incentives for their services. However, be mindful of striking fair deals as you can foster your relationship with these companies for future networking, events, and sponsorship opportunities.
Raise Ticket Prices
Increasing your event’s ticket prices is often the last resort a business needs to take to ensure an event that falls within its budget. It’s due to the fear that expensive tickets will result in fewer people attending the event and discourage your broader audience. However, this is where you can benefit from throwing a hybrid event.
People with budget constraints can opt for the virtual event, while you can draw in a specific audience for the in-person event. Since fewer people will RSVP for the on-site event, you can cut down on the cost of the venue, in-person technology, staff, food, and beverages.
The Bottom Line
Organising a hybrid event on a budget can be daunting, especially if you have never done it before. However, the hybrid nature of the event gives you many opportunities to cut down on the costs, especially the on-site budget. You need to follow the tips mentioned above and have the negotiating power and creativity to plan and manage a budget-friendly hybrid event for your business.