So you decided to join the hype of virtual events, but finances and budget planning have never been your strong suit. Are you ready to linger in it to excel in your profession?
Let’s give you a hand if this is your first time venturing into this world and show you all the steps on how to plan a marketing budget for online events.
In practice, the budget makes it possible to identify the objectives, the opportunities, but also the limits in organizing an event.
In this article, we will review the key steps to create a marketing budget plan for virtual events:
The key is to strike the right balance between creating an event that meets the customer’s needs and a legitimate return on investment.
Successful event = Revenues > Expenses
At Orion, our team of event marketing experts can assist you avoid event marketing mistakes and help you utilize the budget in the best manner.
To get into the meat of the budgeting process, you will need to identify the purpose of the event clearly. For example, if you running LinkedIn events, as yourself this question:
Is it to make a profit, to raise funds, brand awareness or to educate people?
The goal of the event is one of the major determining factors when it comes to investment. Deal driving events are more worthy of greater investments than ones targeted at introducing yourself and building marketing automation.
Income and expenses of previous events are a wealth of data and information that help in better allocating your next event’s budget. Evaluate your past events to figure out if there are areas you’ve spent too much money on and others that you underspent on.
Keep an eye on what other events are spending their budget on; This will let you know if an important new trend is emerging.
When it comes to virtual events, technology is the major element you’ll have to look into.
Unlike in a traditional event team, a virtual event team usually needs the following: virtual event manager, virtual emcee, speaker(s), social media specialist, technical support. No one wants to invest time and money gathering an audience, getting the technology in place, and then rely on an inexperienced team to handle the event. Take your time to assemble the right team that can make your event shine.
Check out our detailed list of 11 ideas you can use to promote virtual events in 2022.
The virtual world offers a lot more possibilities than the good old in-person experience. The perks are endless in this whole new world of profit-generating opportunities; but, creating a budget is arguably the most important aspect to focus on. Take a close look at your budget; it is your customer who will thank you.