The Cost Benefits of Virtual Events to Your Business

The Cost Benefits of Virtual Events to Your Business

Instead of planning elaborate press conferences or gatherings, national and global companies can save time and money by hosting virtual events. New business development and current client upkeep often require in-person, face-to-face meetings.

But in a world where many are still leery of traveling amidst the COVID-19 virus, and people have become more accustomed to webcast technology, virtual events work just as well for many purposes. When your enterprise-level company runs the numbers, you may discover the vast cost benefits of virtual events for your business.

Reduced Travel Costs

In 2019, U.S. companies spent roughly $111.7 billion on more than 117 million domestic business trips. Still don’t think business travel is expensive? Consider these figures from the Runzheimer Cost of Business Travel Report:

  • The average business trip costs $1,293 per employee
  • Travel to more expensive cities, such as New York and San Francisco, may cost 54% more than average
  • Booking nicer (read: more expensive) hotels leads to greater employee satisfaction

Keep in mind, these numbers represent pre-pandemic prices from 2019. Prices for flights and hotel stays are expected to rise as people begin to travel again post-pandemic.

Even factoring in the costs to produce a professional webcast with state-of-the-art audio and video and full-service support, most large businesses will save money by keeping their employees local and reaching out to clients virtually.

Reduced Payroll Costs

Business travel often requires time away from home on weekends. Some companies offer “comp days” for these employees for lost time or pay employees a day rate for travel. By eliminating travel time or days away from home, which can reduce worker satisfaction and drain their energy, you’ll cut payroll costs and create happier, more productive employees, too.

Increased Efficiency

Business travel is draining. It’s far easier to have employees remain in the office where they can return to their normal job duties immediately following a webcast. Road trips bring productivity-draining challenges such as spotty Wifi in hotel rooms, the temptations of hotel happy hours, and not having the infrastructure or all the tools in your office at your disposal.

Reduce unproductive working hours by keeping employees in the office where they have everything they need to do their job efficiently.

Flexibility for Employees

Following the pandemic, employees demand more flexibility than ever to work remotely. But employees want to decide where they work — and often, when. Using virtual events and webcast technology for new business development and current client upkeep helps employees maintain the flexibility they have come to expect. They will be more productive with the ability to work — to a degree — on their own terms.

If you’re booking speakers or presenters for your event, you don’t have to worry about choosing someone within your region to reduce the travel costs for guests, either. As long as the schedule for your event fits theirs, it doesn’t matter where guest speakers live; they just need a webcam and solid internet connection to participate.

Flexibility for Clients

Just as your employees want flexibility, clients, too, want events that fit into their schedules. Virtual events can be attended live for a high-quality, interactive, and engaging experience. But content can also be viewed on-demand after the main event. Giving clients the capability to go back and review the material can give your messaging even more impact.

The trend toward virtual events was happening even before the pandemic. But there’s no turning back now that businesses, their workers, and their clients have discovered how a webcast can save time and help build stronger relationships across miles.

Let PGi help you plan your next corporate virtual events or webcast today with our GlobalMeet platform.

About Jamison B.

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