As the crypto industry continues to grow, conferences are becoming more commonplace and more powerful. The idea of a conference just for cryptocurrency would have seemed very novel a few years ago, but now, dozens of them happen every year in virtually every corner of the world.
Your business might be looking to launch a crypto conference of its own and reap the benefits. At the same time, you have to consider the cost, as you would with any other business endeavour. A crypto conference can be quite expensive, but in this article, we will explain how to hold one on a budget.
The Cost Of A Crypto Conference
The cost of a crypto conference, like any other type of conference, is not necessarily set in stone. Such a conference can cost anywhere from a few hundred dollars to tens of thousands, depending on several factors. These include the location of the conference, the duration, the guest speakers invited, the catering, the entertainment, and so on.
Most likely, you’re looking to have the best crypto conference possible while not breaking the bank. To do this, consider the following factors:
Venue
One of the biggest expenses you will incur when organizing a crypto conference is paying for the venue. If you use conference rooms/halls in major cities, you can expect to spend at least a few hundred dollars each day. If you choose to have an in-person conference, you’re best off limiting the number of rooms that will be used. Rather than booking the largest meeting room in your local town hall, as well as dozens of other rooms for individual presentations, consider booking fewer rooms or smaller ones. You could also choose to book rooms for only half a day as opposed to the full day.
However, perhaps the easiest way to save on venue would be to host the conference online. Using Zoom, Microsoft Teams, and a host of other video conferencing software, you can have your general address, individual sessions, and even recreational activities virtually. While most of us would prefer a conference in person, doing this will save you a lot.
Staff Costs
Another cost you will incur in hosting a crypto conference is that of staff. For your typical conference, you’ll need people to greet attendees at the door and give them name tags/complete their registration, help with catering, set up the various rooms, and so on. To save on staff costs, see if you can get volunteers who will work for free. This could be members of your own organization, or people who volunteer their time for a good cause.
An alternative would be to automate certain processes. For example, you could have attendees download a virtual name tag by themselves, and this saves on the need for staff to complete registration. You could have presenters come with their own devices or storage gadgets and set up their own presentations.
Catering
When most of us go to conferences, we expect some level of catering. This could be anywhere from cold sandwiches and tea during lunch to three-course meals at dinner time. But catering for dozens, if not hundreds, of people will get expensive very quickly. To save on catering, look for deals in your local area for food. This could mean bulk ordering sandwiches from supermarkets and local establishments.
Typically, if you are buying in bulk, you should be able to take advantage of discounts. You can also save money by offering only vegetarian or vegan food. Typically, costs go up when you try to order multiple rounds of food to accommodate all dietary restrictions. But if you only offer vegetarian food, you can save a lot. Another option would be to offer only light snacks instead of full meals. Serving pastries and juice will be much cheaper than serving hot food.
Keynote Speakers
When holding a crypto conference, you might want the most high-profile people possible to speak at your event. The thing to keep in mind is that many of these high-profile people will be expensive to book. If you’re inviting a top commentator in the blockchain space or a major CEO, you can expect to spend at least a few tens of thousands of dollars. To get around this, invite less-known speakers to the event if possible.
A mid-level commentator who isn’t quite as big might still have a lot of value to offer. You could also reach out through your professional networks and see if any friends of the company would be willing to give a keynote address or even a short speech free of charge. Another option would be to hire a well-known keynote speaker, but only have them give a virtual presentation. This means you don’t have to pay for their travel, accommodation, and other costs.
Merchandise
Many of us expect branded merchandise when we attend crypto conferences, and while this can be exciting for guests and useful for the organizers, it can also run up quite a bit of money. A recommendation would be to have minimal merchandise or scrap it altogether if you can. Giving buttons and pens will save you much more money than branded bags, t-shirts, hats, and so on.
Marketing
Sometimes, the marketing budget for an event can exceed the cost of actually organizing the event. If you’re taking out billboards, running TV ads, and running a slew of social media ads, this can easily pile up. A good idea would be to reach out to a marketing agency like Proleo.io and explain your needs. Working with an agency means that you can maximize your marketing opportunities while not blowing your budget.
Conclusion
Organizing a crypto conference is a dream for many businesses, but this dream can cost you quite a bit. The good news is that by applying some of the tips we’ve recommended in this article, you can have a successful crypto conference without breaking the bank and running at a loss.
