It’s safe to say that the event industry has changed quite a bit over the last two and a half years but one thing has remained the same – all events have a budget; and typically a budget without a lot of wiggle room.
Things to Consider
Staffing: On average, an in-person event will require more staffing hours based on the need for set-up, tear down, and staffing during the event.
Hybrid Takes Two: Hybrid events will require additional funding to account for the virtual platform and technology/production needed to stream to a virtual audience in addition to the live event. You are essentially planning two events in one and your budget needs to reflect that.
Inflation: It is also worth noting that as inflation increases, so do overall costs – so be mindful of what the current quotes are on products and services and don’t rely on what you had in the past.
Graphic Design and Printing: Hybrid events will require design needs tailored to a digital environment, while your on-site needs will be slightly different. Having to design for the two formats will have an impact on your budget.
Best Practice
When setting up a budget with your client it is important to remind them that the cost between virtual, hybrid, and live events can be significantly different based on the experience they are offering to their attendees.
Start by determining the outline of their vision and whether or not it will be executed virtually, hybrid, or in-person and then create your preliminary budget. Don’t forget to have the budget conversation early and often to ensure that your client is aware of the costs every step of the way.
Connect With Us
Have an event coming up and aren’t sure where to start? Send us an email at info(at)tycoonevents.ca and see what we can do for you!
– Your Tycoon, Lindsay XO