Planning an event is hardly ever easy, especially when you have a tight budget. It may be tempting to cut corners, but skimping on important aspects of the event is a sure way to mediocrity. So, how do you save money?
By getting creative!
How to cut event costs
Own your budget
Failure to plan is a plan to fail! The best way to avoid unforeseen costs is to manage your finances properly. Create a budget with every single expense, and research the costs for each one.
Before you make any purchases, refer to your budget and make sure you have enough money to do so. Update the document as you spend to keep track of your finances.
If you do the research and consult your budget, you can avoid over-spending on superfluous items.
Seek sponsors
If your client gives you the okay, consider seeking sponsorships for the event. Start by looking at local businesses where the event is taking place – there’s a good chance you’ll find a company that values the marketing opportunity with your attendees.
Keep in mind that sponsorships don’t necessarily have to be monetary. You may get a catering sponsor in exchange for advertising their business in your collateral. Of course, you don’t want your event to turn into a marketing campaign for other businesses, however, a few key partnerships can elevate your event if executed well.
Take it online
If you’re still handing out brochures for your event in 2022, you need to research the latest marketing trends – ASAP! A 2019 study by Eventbrite found that almost one-third of B2B event budgets were spent on printed materials. That is a huge chunk out of your budget!
By going online, you save a massive amount of money that would have been spent on the venue, catering, AV equipment, Covid-19 safety precautions – the works. Plus, digital marketing and social media is the most effective way to spread the word about your event.
Do it yourself
If the fear of technical know-how is keeping you from hosting online events, don’t panic! There are so many easy-to-use tools that can help you host your event online without needing to hire an entire tech team.
To cut down on even more costs, find an all-in-one solution that allows you to:
- Host Online & Virtual Events
- Build Event Websites
- Manage RSVPs
- Send Branded Emails
- Publish a Mobile Event App
- Get Event Analytics
… all with one tool!
Negotiate!
Whether your event is in-person, online, or a hybrid of the two, know that prices are rarely set in stone. This applies to many suppliers, such as catering or venue hires.
Be prepared to negotiate with suppliers – you may be pleasantly surprised with the outcomes if you manage to come to a win-win arrangement.
With just a little bit of planning and a whole lot of creativity, you’ll be able to host your next event professionally, and within budget. If you found this blog helpful, consider subscribing to our newsletter for more useful tips!