The business world has been shaken by the advancement of virtual meetings and online events. Some companies struggle to find their feet with the innovation and movement of all things virtual. They want to use their old meeting strategies and ways of thinking which can have financial implications for the business in the near and long term.
Companies can use virtual movement to spark the curiosity of working from home or connect to other team members situated in another location. These virtual meetings provide various benefits and will allow the company to save financially by not needing to spend money on travel, accommodation, and other administration fees around an in-person event.
The Virtual Combo Of Saving From Accommodation And Traveling
The online trend is taking the business world with pace, and with good reason. Companies can now accommodate the wallets of their attendees and their own. Virtual events are leading companies to save money on traveling and accommodation.
Accommodation
The financial gain that companies obtain through virtual events starts with the organizing and payment of accommodation. Although most attendees pay for their accommodation, companies must still spend money on hosting guest speakers and employees that are obligated to attend the meeting.
According to Statista, on average, lodging per person racks up to $300, which in this instance would fall on the employer to cover, either partial or all of the lodging costs for their employees.
Corporate businesses will save on housing for technical support and volunteers. By simply hosting an online virtual event, the attendees and the corporation will save on one of the biggest expenses of a live event, accommodation.
Traveling
The prices of traveling can accumulate quickly for companies when the event or meeting is in another city or country. The company will be obliged to pay for plane or bus tickets to and from the event.
Moreover, the company must take into consideration the traveling fees from the accommodation to the event. This must be done for all employees and company leaders that are hosting or visiting the event or meeting.
On a global scale, the U.S. has the highest percentage of business spending, totaling more than $270 billion in 2021 alone. This is a reflection of pent-up travel demand following the pandemic, lockdown restrictions, and border closures.
What’s more, it shows how companies in the U.S. and perhaps the rest of the world are directing their annual expenditure towards corporate events and meetings
More recent research has found that 35% of businesses engage in some form of business-related travel, with the average cost for traveling fees just under $1,000 per member or employee.
Corporate businesses are now saving money due to the use of virtual event platforms. Employees and company leaders can join the meeting by simply joining a link sent to them. The businesses are saving a large sum of money but can afford to send more employees to these meetings.
Planning And Traveling Jet Lag
Most companies do not consider the time it takes to plan and arrange accommodation and travel. A team will have to work hand in hand to ensure that the entire team has what they need. The company could be losing money by employing planning managers or time by taking employees out of their daily work to plan and schedule travel.
With online events, companies will allow their team to be productive by not cutting out multiple traveling days and jet lag. Most employees will need a few days of rest after intense traveling and attending an event. The online meeting will allow them to return to work at a sooner stage, which means more value for money from a business perspective.
Replacing Venue And Catering With Home Comfort
Live events have a lot of costs around them. Deciding and paying for a venue and providing meals and snacks to ensure the attendees stay healthy and focused will cost the company money. This can be saved through a virtual event.
Venue Hire
Hiring a venue for an event will take a large chunk out of the business’ budget plans. Companies must pay not online for the venue itself, but for other expenses around the venue as well. Some of these expenses can be insurance, to protect the venue against breakages, or a service fee which will include maintenance and gardening services to ensure that the venue is in top shape when the attendees arrive.
These expenses are not always visible on venue websites or advertising and can catch the company of a guard. However, businesses can now launch events from the comfort of attendees’ homes. The venue will be right where the individuals join from, saving the company another big expense.
Catering Made Easy
Event managers and planners can create a few easy-made meal plans and healthy snack lists that can be purchased by individuals at their local stores. Attendees can decide to prepare the suggested list by the business or stick to their guns and prepare meals that they prefer. This will ensure that the attendees gain the same amount of nutrients that they would have at the live event.
The big corporation will save not only financially by cutting out the middle man in catering but will allow attendees to either choose their meals or work around the suggested lists that the business sends with the packages. The virtual event can have a section on healthy meal prep to ensure a healthy audience.
The Smaller Technical Team Over A Big Diverse Team
Smaller teams that provide specific support will be the primary focus when selecting a team. The virtual event will allow the company to determine a smaller team, excluding volunteers, technical teams, and other services and sales teams.
The check will cover the mere basics for a small technical team that will ensure that servers, lights, audio, and visuals are correct.
Marketing And Ticket Prices With Access To The World
The price of physical and virtual marketing can differ heavily. The management team can save capital and physical marketing. Posters, flyers, and all other live event marketing will not be needed.
The business can now be creative with its social media and online platform strategies. This leaves more space for creative ideas and higher-quality advertisements.
The budget for traditional advertising has been reduced by most companies, moreover, the digital marketing has remained positive.
According to CMOs in the U.S., their digital spending has grown by 15%. This is an indication that companies are making use of digital marketing to reach a wider client over traditional marketing strategies.
Conclusion
Virtual events have multiple benefits to them, one of which is to save the company money. The online event will ensure the business can free up capital in event areas such as venue and team hires. The business will save money on accommodation and travel costs while still ensuring that attendees receive the value they have signed up for.
Virtual events are the way forward and the business can use this to ensure a wider reach to advertise their values and strengths to the world. These events will not only grant the company direct access to their loyal customers but provide them a space to connect and reach new customers all through the simple click of a button.
