If 2020 was a steep learning curve for an event producer, 2021 has proved to be a similar test of agile thinking and flexibility. Now that COVID restrictions have been largely lifted in the UK, we enter another new chapter. While some clients will want to return to fully live events, being able to hold a hybrid or virtual event will still be vital for many. When it comes to budgeting, there isn’t a one size fits all solution. Whatever format your event takes, crew, project management, creative, content creation, tech support and a whole bunch of logistical help are still key.
Here are my top tips when it comes to getting your head around the finances:
Treat your audiences equally. Gone are the days when hybrid could mean just filming a live event from a single, fixed camera. Our audiences now expect more, wherever they are. We need to budget for both the in person and the virtual experiences we plan to create for our delegates. Whether they’re in a venue or at home, they’re equally important, so treat them that way. Plan the experience you are creating thoroughly; the platform, the hubs, the content, and ensure you’ve considered them all.
Stay prepared for change. Contingency planning has become a way of life over the past 2 years and it’s particularly important when it comes to budgeting. Being able to move from live to hybrid or vice versa is key, but not always practical. What happens if your presenters or audience suddenly can’t travel? Structure your budgets carefully, build in contingency and communicate key decision dates to minimise surprises.
Content is king. Virtual made us closely consider our content and now hybrid adds a new level of complexity. Moving between virtual and in room audiences will live and die on your content, so budget for it. Think about your audiences. Consider the various formats content will be viewed in and protect budget for the creation of this. Work closely with your agency to develop your content in the right way for you. Read more on this topic in our ‘Return to Live’ insights report here.
Invest in practice. The virtual world has given speakers greater flexibility with rehearsal timings, but hybrid brings in new challenges. When are you able to connect up your hubs? When do you have both stage time and virtual link ups? How do you make sure you are maximising the availability of your speakers and global audiences? Ensure you have budgeted enough time and crew to give you flexibility both in person and virtually.
Invest in people. In the last 18 months we have adapted our skills into virtual delivery, and hybrid events allow us to combine all that we’ve learned alongside our live expertise. As we move to split audiences, we will need the right team to support in the right way. Hybrid events need to bring together experts from both the virtual and live side, so think about not only who will manage your hubs on the ground, but the team that will ensure your platform and stream run perfectly. You’ll need logistics, production, technical and content management across all areas of the event, so make sure you plan and budget for the appropriate team.
You can’t budget for every eventuality. But by thinking through what could happen, you can help to ensure your event hits the mark, wherever your audience are.