In one of our recent blogs, we explored the three kinds of virtual event platforms that brands should consider for their business.
In it, we made brief reference to the pricing of these events. For example, webinars are generally an inexpensive avenue to explore compared to 2D/3D event spaces.
However, it is exceptionally difficult to obtain pricing information for virtual event platforms compared to physical events (despite them being less costly to run in the majority of cases).
This is generally for two main reasons:
1) Not knowing exactly what it is you are wanting to implement within your virtual event.
2) The likelihood is that you will need to incorporate the three main kinds of virtual event solution (Webinar/video room software, streaming and 2D/3D Whole Event Platforms) throughout the year, and no companies (aside from Gravit8) can offer all three in one comprehensive solution.
This can subsequently present a challenge to event managers who are looking to make informative virtual event platform comparisons based on their allocated budget.
We’ve therefore outlined the following seven factors that typically come into play when pricing a virtual event to make this process a bit easier:
The pricing of a virtual event will usually vary depending on the following:
1. The size/scale of the event
This might seem like an obvious one, but the pricing of your virtual event will significantly vary depending on how small or large you want it to be.
For example, if you’re simply looking to attach an exhibition booth to an event being hosted by an organiser outside your business, this will be considerably less expensive than if you’re planning to create a full-scale exhibition hall.
2. The complexity of the event software
As noted above, a simple webinar interface isn’t as likely to cost you as much as a 2D/3D platform, as the technology involved is generally less complex. Plus, the time taken for any design aspects/the number of people you need to employ to design the software (more on that in the point below) will be less.
On the flipside, something like a 2D or 3D event space will require a lot more time, more complex technology and a larger team to create successfully. Essentially, the closer to a physical you want your virtual event platform to look, the more expensive it will become.
3. Who is designing the platform
Whether you decide to create your virtual platform in-house or outsource to an external team will also have an impact on your event pricing.
At Gravit8, for example, we can provide design services for our platform should you wish, or you can design the look of the platform for yourself or with the support of a partner design agency.
Some platform providers may insist that they take care of the design for you rather than giving you the option to outsource, so be sure to keep this in mind.
4. Additional production costs
As you begin to make virtual event platform comparisons, you’ll notice that the majority of them have one thing in common; they will require some form of pre-event production.
For example, if you’re hosting a live conference, you’ll not only need to take recording and streaming equipment into account, but potentially studio space hire, as well as what you’ll have to pay any guest speakers for their time.
This will also be the case for any pre-recorded footage, such as product demonstrations or walkthroughs. As well as the recording, any footage will need to be edited (for example, cutting and arranging footage from different cameras, adding brand logos or captions etc.), and then hosted on your platform of choice.
In a similar vein, you will also need to think about the costs of creating any additional content that will be hosted on your platform, such as downloadable brochures, business cards, booklets and so on.
5. How long the event will run for
Again, this might seem obvious; however, the more days you plan for your virtual event to run, the more expensive it will be.
This is not only due to the hosting and running of the platform itself, but the elements you hope to incorporate within it; for example, a longer event might require more talks and speakers, more booths/exhibits for visitors to explore, and more live/pre-recorded footage to prepare.
6. If there are any security costs to consider
All virtual event platforms need to adhere to data protection regulations and have security measures in place. Once again, the more complex your platform, the more in-depth these considerations will need to be.
As an example, we use AWS technology on all our platforms here at Gravit8, which is currently the most secure cloud computing environment on the market.
If your platform of choice does not incorporate high-powered security tech, you’ll need to think about sourcing this and the costs this will add to your event overall.
7. Training and technical support
Understandably, the more complex your virtual event platform is, the more training your exhibitors/event hosts will need in order to ensure that it runs smoothly, and the more likely it is that you will need access to tech support.
At Gravit8, we provide a complete training programme for all our virtual event solutions, as well as varying levels of support.
While our higher-end support comes at an additional cost, other providers may charge additional fees for an entire training and support package on top of your event, which you will need to take into account when making virtual event platform comparisons.
Here’s how we can help even further…
Here at Gravit8, we create mind-blowing virtual events for a plethora of different businesses – from pharmaceutical companies to aerospace organisations and more – and all in line with their budgetary requirements.
Packages for our customisable virtual event platform, for example, start at just £15k, and we can design and build additions to the platform depending on your specification and budget.
If you’d like any more information about Gravit8 and pricing for the platform, do not hesitate to contact our team today!