How do you budget and negotiate with virtual event platform providers and vendors?

1 Know your goals and needs

Before you start looking for a virtual event platform or vendor, you need to have a clear idea of what you want to achieve and what you need to make it happen. Define your event objectives, target audience, content format, engagement features, technical requirements, and success metrics. This will help you narrow down your options and compare different offers based on your specific needs and expectations.

2 Research the market and compare prices

Once you have a list of potential virtual event platforms and vendors, you need to do some research and compare their prices and features. Look for online reviews, testimonials, case studies, and demos to get a sense of their quality and reliability. Ask for detailed quotes and breakdowns of their fees and services. Find out what is included and what is extra, such as support, customization, integration, data, and analytics. Compare different packages and plans to see which one offers the best value for your budget and goals.

3 Negotiate and leverage your value

After you have selected a few preferred virtual event platforms and vendors, you can start negotiating with them to get the best deal possible. Don't be afraid to ask for discounts, free trials, upgrades, or add-ons. Show them how your event can benefit them as well, such as by generating leads, exposure, or referrals. Highlight your value proposition, such as your audience size, reach, influence, or niche. Be flexible and creative, but also firm and realistic. Don't compromise on quality or functionality, but also don't overspend on unnecessary features or services.

4 Track and optimize your spending

Once you have signed a contract with your virtual event platform or vendor, you need to track and optimize your spending throughout the event lifecycle. Monitor your budget and expenses regularly and adjust them as needed. Communicate with your provider or vendor frequently and report any issues or changes. Evaluate your performance and ROI after the event and get feedback from your attendees, speakers, sponsors, and partners. Learn from your experience and identify areas for improvement or savings for your next virtual event.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?