Building Your 2021 Virtual Event Budget
As 2020 comes to an end (FINALLY) two questions linger around budgeting:
What do we do with this leftover money from all of the events we canceled in 2020?
How do I prepare my 2021 budget for a mostly virtual event world?
For what it’s worth, we have a few tips & suggestions for you!
Allocating 2020 Remaining Funds:
If you are in the wonderful predicament of having leftover funds in your events budget from 2020 we know you need to spend it so you don’t lose it in future years. The future is hard to predict, so the best thing you can do with those funds is to secure contracts with professionals who will help you navigate the unfamiliar in 2021. Consider investing in a retainer contract with your event production partner, preferred audio visual team, or health and safety consultant.
By securing a retainer contract, you will safeguard your extra funds and help sustain companies you want to see survive the desolate event landscape of 2020. This also means your team will have professional resources and creative partners to help your marketing and event program stand out among the rest in 2021. While retainer contracts are not an industry standard, if you approach your vendors with this opportunity they would be foolish not to jump on it. We have certainly made these type of accommodations to our client list.
Tips For Building Your Virtual Event Budget
We may sound like a broken record but, virtual events ARE NOT the same as live events. Just about everything should look different, including your budget.
Quality video production is a MUST: This means budgeting for a professional video studio, equipment, and labor. For every 8 hours of studio time, you should budget at least $10,000. With 8hrs in the studio, you will likely yield 2-3hrs of edited content. So if your event requires 10hrs or pre-recorded content, you likely need 5 days in the studio. That equates to a minimum of $50,000 just for filming your recorded content. An alternative solution to replace some, if not most, of your in-studio time would be to send video equipment kits to your presenters to film at home. Mobile technology these days allows us to capture high-quality video right at home! Depending on how well equipped each presenter already is this cost can be approximately $400-$1,000 per presenter.
Invest in a Graphic Designer & Editing Team: We are way past the time where your audience was forgiving for technical blips, stagnant graphics, and choppy transitions. You need to stand out and capture their attention. This means polish people! Talented graphic designers bill anywhere from $60-200 an hour. For budgeting, we suggest always having enough in the budget for 100-150 hours. Equally important are your video editing and animation team. Cost will greatly depend on how much video content you have, how seamless your filming takes are, and the digital assets you would like to add to the final product. For a blanket cost, we suggest budgeting 10-15hrs of editing time for 1hr of edited content. Just remember, “you get what you pay for.” Talented people cost more per hour but are usually much more efficient with their time.
One Platform Rarely Does It All: I know this is contradictory to what you have been hearing from EVERY virtual or digital event platform out there. Trust us, that’s part of the pitch. You can’t fault these companies for misleading you. Rarely do you know exactly what you need at the time of the contract. Most times, once you are in the thick of planning, you realize you need a function that the platform doesn’t have built. Or your executive team comes in with a wild request and you have to figure out a workaround. We suggest that you buffer your platform budget by 30% to account for any extra development, labor, or management you may need.
Your Time Is Worth More Than You Think: If you have hosted any virtual events this year, you know that the learning curve is massive. You don’t have time to learn how to code or chase your vendors. You need an event production partner who can take these tasks off your plate and allow you to concentrate on your expertise. We suggest allocating 25% of your budget to the right partner. This investment will pay for itself in the time you gain back, support with sourcing and managing your vendors, as well as negotiating your savings along the way. At Bash Creative, we often save our clients at least 15-20% off the top of their costs.
If you are still stumped on how to budget effectively for your 2021 virtual events or would prefer to find a partner with this expertise reach out to us! We would be happy to help.
Bash Creative is an event planning company that specializes in incredible gatherings that go beyond just great design. We’re known for teasing out smart goals for your event and serve up a stylish execution that will keep your guests buzzing. Located in San Francisco, but often found in New York, Austin, Chicago, Seattle, and beyond.