Decreasing the costs of events takes skill. How do you lower costs without diminishing impact?
Here are 8 tips on reducing the costs of your event smartly.
1. More impact with the same price. Big and showy set-ups don’t guarantee impact. You should rather focus on shifting your investment from flashy settings to impressive content and activities that generate impact in the hearts and minds of the participants.
2. Repeatable concepts. For small events in particular, it’s worth it to build a concept that you can reproduce from one event to the next. You can then reuse the same structures, props, technology and visual image, which lowers the cost per event.
3. Pick the right time and duration. The timing and duration of an event have many effects on cost. For example, is it worth it to arrange your event so that it covers the customers’ natural meal times – lunch and dinner – which you then have to serve? How late will the event end? An after-party after 11 p.m. doesn’t normally generate any benefit, but will put a deep dent in your wallet.
4. Pick the right location and venue. An event held in an exotic and exclusive location will be sure to pique your customers’ curiosity, but you will have to set everything up from scratch, which costs money. Why not choose a location where you can build an impactful event with less work and cost? You will also have to arrange transport to a remote location, adding to the expense.
5. The invitation process has a big cost effect. How to get the desired number of the right people to come? A well-planned and engaging invitation process will answer this question and save a lot of your money at it. Participants who are not relevant to your business are an unnecessary expense. Alternatively, if only half of the invitees show up, you are paying 50% extra.
6. Don’t save in the wrong places. A small saving in the wrong place can end up reducing impact and increasing your costs by a significant margin. When looking for savings, you need to look at the big picture instead of shaving a little bit off everything. Which elements should be kept or cut? What are their mutual effects on each other and the event’s impact? Saving in the wrong place can jeopardise the whole investment, and it often comes down to the little things.
7. Subcontract well. Organising an event requires solid project management and diverse purchasing expertise. What is the correct price for each element and level of quality? Where can you get them from? Timely purchases and familiarity with the subcontracting network will save both money and time.
8. Decide a budget and stick to it. There are a thousand ways to build an event. What are your goals and how much are they worth investing in? That decides your event budget, which you should stick to. Then you can sit down with your event provider and discuss the best and most impactful solutions for achieving the desired impact with your budget. Choosing the right budget is the single best way of saving on event costs.