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How to reduce the cost of your event

Carina
September 13 , 2021

Creating events is no small thing, but, more often than not, the budget for creating them is actually the small one. There are workarounds to tight budgets, so don’t think you might need to cut out people or costs across the whole board.

So without further ado, take a look at the most efficient ways to cut costs while organizing your event

 

1. The Venue

Your dream venue might not come at your dream price, as they can leave the biggest dent in your budget. Even so, you can work things around in your favour.
Before securing your venue, be very transparent about your conference: how many people will there be? What facilities are essential? Do you need catering? WI-Fi? A production team? Is it free for your specific date? Having these information before actually putting your money down can save you a lot of trouble later.

You can also make your dream venue a sponsor of yours. In our recent article we talked about how event organizers can find sponsors easily. Check it out for more information on how to prepare a proposal for a potential sponsor. Who knows, you might even get a good deal 😉

 

2. Go hybrid or even digital

Hybrid events are the perfect child between virtual events (the rising star during the pandemic) and live events (you know the classics). They’re quite new on the market and in the events industry; even so, they have taken the interest of the industry: 66.5% of eventprofs plan to use hybrid as their go-to format once in-person events resume. (EventMB, 2020). So all in all, it would be too much of an opportunity to miss for everybody involved. A hybrid or fully digital event guarantees you better reach on all levels (especially for sponsors, since we were just talking about them), it gets you the best speakers in the industry without the extra fuss of actually flying and paying for their all-inclusive stay, they’re reported to be better for optimizing your return on investment (ROI) and promise to reach greater audiences in general.

 

3. Volunteers

With in person events, a lot of things can go on all at once. And yes, all of them require your attention. It’s not really a one person job and even with a team things can still get (very) stressful. Hiring more people would be the best option before a big conference, but you still want to save money.
The solution? Get volunteers! Volunteering experience always looks good on a CV and many students are more than willing to sign up for opportunities in the Meetings, Incentives, Conferences & Exhibitions industry. What’s left for you to do in this case is just have your paperwork in check so other institutions can recognize the volunteers’ experience in the future and then focus on spreading the news on all platforms.

 

4. Event sponsorship

A budget is a budget and most of the time they aren’t that big. That’s where sponsors come in a clutch. Sponsors can make or break your event, so having them by your side is essential, as they are a great financing option. Even more, besides actually sponsoring your event, sponsors also have the important roles of building brand awareness, improving sales numbers and building brand awareness. It might seem quite a daunting task, but we’ve got your back. Like I mentioned earlier, I wrote a piece on how to find and secure sponsors for your event. Check it out right here.

 

5. Early bird gets the worm

…or a very good deal. Keep in mind that the closer the conference date is, the harder it is to negotiate with different partners for their services. This goes for every service in the book, from catering to photographers and all the inbetween. Last-minute problems can get your event to skyrocket in costs. So the best solution out there is to be as prepared as you can, as early as you can.

 

Think we missed something?

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