With virtual events rising in popularity in recent years due to the worldwide pandemic and the ever-advancing remote work setup, it is no wonder that webinars are joining the fray among popular virtual seminar and virtual training platform choices. If you are reading this article, chances are that you have attended one yourself! But maybe you have not had the chance to run one.
While we answer questions about how to run these popular online seminars in this webinar guide, knowing how much webinars cost is an entirely different ballpark. If you are part of a team that is hoping to conduct webinars of your own, but are unsure about total virtual conference costs, then this article is the perfect read for you. Get to know the numbers behind the cost of hosting a webinar so you can make an accurate assessment of your team’s financial readiness in getting your own event off the ground!
Hang On, I Thought Webinars Were Cheap to Run?
As discussed in our webinar metrics article, the notion that webinars are low-risk, high-reward event investments may be a misleading one. While it is true that you have less to worry about in terms of in-person costs such as overhead venue rental fees or catering services for guest refreshments, there are other factors that can affect your webinar expenses. Without proper knowledge and the channels to make the event easier to run like the EventX virtual event hosting platform, it can be easy to lose track of your webinar costs if you are not careful.
However, don’t let the lack of knowledge or familiarity with virtual events intimidate you! In this article, we break down virtual conference costs for your easy understanding and seamless communication with your team as you begin to plan a successful webinar of your own. Read on as we breakdown the cost of hosting a webinar in great detail for your benefit!
Webinar Cost Breakdown
Virtual conference costs fluctuate on a case-to-case basis. Depending on the unique needs and goals of your event, the cost of your event can run anywhere between 4,000 to 200,000 USD. This is a wide range of figures, so in order to better understand the reason for this range, we should first go over the different elements to consider when estimating the cost of virtual events. Below are the main things to consider:
Webinar Hosting Equipment
If you and your team want to host a webinar, virtual tradeshow, or another type of virtual events, one of the most important things for you to invest on early into your planning is the right equipment. For whoever is running the show for your virtual event, it is important that they have the right hardware to coordinate the event professionally. Below are some of the equipment pieces you ought to have.
Crisp footage of you as you coordinate and officiate your brand’s webinar lends a more professional touch. Your camera can be an affordable yet high-definition webcam, or perhaps a professional-grade DSLR for a camera that captures you in vivid color and sharp quality.
2. Sound Set-Up
When conducting a webinar, many attendees actually put significant importance on the audio of your event. With the dawn of remote work and work from home situations, many of us often leave webinars running in the background if we cannot fully commit our digital presence 100% of the time. Choppy sound transmission is a sure-fire way for people to bounce from your webinar, so invest in a good quality microphone and condenser.
3. Virtual Event Platform
There are many ways to conduct smaller, more informal webinars via free platforms. However, larger webinars with a more professional roster of attendees from all over the world may benefit from a sophisticated virtual event platform’s sleek UX. Partner with a reliable virtual event platform like EventX and manage your webinar from one seamless interface. Experience this simplicity, while giving attendees the ease of a single, convenient hub for their own event experience.
Simpler platforms can range from completely free services to costs of around $12,000 for a pro version that delivers lean yet competitive customization options. On the other hand, more streamlined and professional hosting platforms that allow for ticket customization, sponsorship experiences, as well as booth and networking lounge functionalities can run anywhere from $12,000 to $30,000.
Think about your virtual event platform cost as an investment for potential revenue and audience rapport later on, rather than an expensive, one-off purchase.
Production and post-production are no joke when it comes to crafting a tailored and professional webinar experience. High quality webinars can benefit from professional post-editing for a pre-recorded session, while live webinars can make good use of an OBS specifically made for keynote speakers’ use during the event. While expenses like refreshments and food are optional or negligible for webinars, you make up for the value in the quality of the event you are hosting.
Production cost for your webinar can also account for the cost of hiring specific speakers, as well as the talent fees for any intermission numbers and guest performers that will be providing entertainment during a specific event segment. Keep in mind however that the quality and authority of your speakers or entertainers can play a big role in the webinar cost. Some speakers and performers have a requirement when it comes to estimated attendees before they confirm their participation in your event.
Planning to run online ads and newsletters as a reminder for your big event? One example of an optional webinar expense that can have immense ROI is funneling money into ad placements and newsletter production. These can improve attendance and generate buzz online if used wisely and executed in an exciting and professional manner. A good figure to gun for when it comes to marketing costs can run between 500-800 USD.
These four factors of virtual conference costs are some of the most basic things to consider as you plan your online event. Each virtual conference is unique in its goals and the desired ambiance, but we hope that having this guide on hand can help you and your team plan a budget that fits your webinar and its objective!
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