Home > Communities of Practice, Knowledge Management > How an online community can save you £18,000+

How an online community can save you £18,000+

Oink day 4 /365 days

One of the great things about an online community is the ability to pass information and knowledge onto other members.  The only other occasion this really happens is when you attend a conference.  

Some conferences are great, you get to meet and chat with interesting people and listen to experts in the field.  But unfortunately these types of conferences are few and far between.  And with everyone tighten there belt it will only be the rare occasions theta you can meet face to face.  And these will be events where income generation for the event will be the success measure.

But is there another way?  We have been running Online Conferences.  Where we take an agenda and place it on its side.  So instead of a 10-4 event it’s a Monday to Friday or the equivalent.

We hosted a Local by Social Online Conference back in September where we averaged 427 unique visitors per day and each visitor spent 14 minutes and 20 seconds on the site.

We had 242 out of the 1123 participants, making a contribution. Totalling 21%

And 1123 contributions over the 5 days.

Now compare that with a face to face conference.  How many people would be participating?

After chatting with someone from our events team we started to look at the costs for a Face to face event compared to an online event. Remember these are estimates

Estimated cost comparison between a face to face and online conference

  1 day F 2 F Conference 5 day Online Conference
Delegates 100 100
Venue Hire £2,000 £0
Audio – Video for venue £2,250 £250
Marketing Materials £800 £250
Advertisement £1,500 £250
Delegate Rate @£65 per person £6,500 £0
Conference Team Accommodation £600 £0
Conference Team Travel £400 £0
Speakers Travel £200 £0
Conference set up (@ £500 per day) £5,500 £7,500
Speakers time £2,000 (2 speakers) £4,000 (8 speakers)
Couriers £300 £100
Delegate Accommodation (est. £40 per person) £4,000 £0
Delegate travel (est. £50 per person) £5,000 £0
Total Cost £31,050 £12,350

Total Face to Face Conference = £31,050

Total Online Conference = £12,350

Avoidable cost between F2F and Online =£18,700

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