It’s a strange old time for the event industry, this time last year we saw a return to live events, and it’s been a busy year. Our customers have relished the return to live events and attendees have been enjoying the opportunity to network and hear important messages in person. The appetite for getting together and holding live events is still strong, but with global uncertainty, inflation, increases in energy prices and general gloom, our customers are looking at how to make their events more cost effective and efficient whilst getting a great return on their investment.
Here’s some tips on how to make your budget go further.
Multiple events – If you are holding multiple events across the year look at them as a whole programme, rather than treating them as individual events. Venue seems massively in demand and there doesn’t seem to be many good deals to be had, but you may be able to find savings by booking multiple events at one venue or chain.
Review – Now is a great time to review your event calendar and look at what works, what doesn’t and what’s missing. Often annual events follow the same format each year, so it’s good to regularly review the ambitions, goals and outcomes of an event and tailor your event plan each year to fit your communication strategy and business needs.
Branding – look at how you can re-use branding and other event assets across all your events, rather than creating bespoke assets for each one, this is also a much greener way of working.
Book early – Bedrooms seem to be cheaper when booked well in advance and this means you will also have more choice. Booking early also means you have more time to shop around and find the best deals, rather than having to book what is available. The same approach also applies to other suppliers so booking early means more choice and more cost efficiencies.
Create a brief and plan – We mention this pretty much every time we write an event blog, but they are so important, they help you prioritise what is most important. They also work brilliantly as a brief for suppliers and help them get a better idea of requirements, priorities and what you are trying to achieve.
Share your budget – If you are working with a production company or in fact any supplier and have a budget in mind, please share it. There are so many different solutions, and this will help us propose the right option, but also flag any issues and manage expectations.
Avoid those expensive last minute curve balls
It’s often the last-minute requests that can suddenly add to your event budget. We all know the ones where someone has a great idea but hasn’t thought about the implications or the delivery. Hopefully with a good plan these last-minute budget gobbling requests can be managed better or even avoided
Hybrid Events – Running a hybrid event is a great way to reduce ‘in person’ numbers and costs, but still get the message out there to a larger audience. This is a great way of reducing travel and hotel costs but also delivers a consistent message to a wider audience.
Location – Certain locations, for example London, have always been expensive. But in the last year, costs, especially for accommodation, have risen by a huge amount. Looking at alternative locations and different types of venues can mean you find great cost savings. It also opens up lots of new venue choices.
Be flexible – Having a good plan is key, but this can also help you be a bit more flexible as you will have a better handle on the event ambition, schedule and desired outcomes, so you will know where you can be more flexible. This could be as simple as considering a different format for your event, to creating a special event for a more tailored audience. Having a good handle on the event will put you in a better position to make sensible and budget saving decisions.
Please get in touch if you want to know how we can help you with your next event. Let’s chat at firstname.lastname@example.org or call on 07968 307175/01159 255440. Happy Budgeting!