3 Ways to Make the Most Out of Your Event Budget
The last few months have been a blissful storm of travel, site visits, attendees in buildings and memorable in-person connections walking hallways together. However, as the world continues to navigate uncertainty, organizations are digging into their operating costs with a fine-tooth comb. Event teams are being reduced, lives are impacted and budgets are tightening. As individuals we have become resilient and in community we can rally, but what do we do with our events? How can you make the most of your budget and what are the important elements to prioritize? Here are a few considerations that will help you stay agile and move forward in your planning process:
Most Things Are Negotiable, Some Things Shouldn’t Be
The first step approaching your event budget is determining the experiences you are not willing to compromise for any budget number. These elements are core to your event legacy, your audience experience, and return on investment. Is it essential to have attendee swag? Is your annual welcome reception what your audience looks forward to the most? Is having bacon at breakfast a long-standing event tradition? Whatever those core experiences are for you- it is imperative your stakeholders and your planning team align on the value and impact. Identifying these early in the planning process will reveal where adjustments can be made without negatively impacting your event experience.
Know The Heavy Hitters
No matter how seasoned the planner is, there are a few line items that always come with a sticker shock no one is ever fully prepared for. Knowing these items will help in setting your budget allocations and understanding where the majority of your budget is going to be spent. (Spoiler alert, it’s not going to be that super-fun-Lego-map-wall-of-your-show-floor-dreams.)
Venue: Meetings rooms, expo halls, rentals, and sleeping rooms will be one, if not the largest expense in your budget. When planning, start sourcing your venues early and if your dates are flexible - keep an open mind. When possible, work with logistics agencies that have strong connections with local DMCs and hotels to support contract negotiations. With their help, you may find savings in rates, hotel commissions, and venue perks or add-ons you otherwise may not be offered.
Food & Beverage: Eggs and sausage? For hundreds or thousands of people? In this economy?? We need to get creative! Working with your food and beverage supplier to explore options that work for your audience is key. Know what dietary needs you must meet and where you can scale back. Other cost savings can be found in buffet-style service, leveraging complimentary breakfasts from your hotels, or partnering with local businesses to offer discounts on local restaurants - all ways to save on F&B without leaving your audiences hungry!
Production & Labor: Production teams and onsite laborers are the unsung heroes of events, and their time and expertise is essential to the success of your event. Partner with your venue and production teams to find cost savings by aligning load in / load out dates of other events to repurpose existing rigging or wiring- this can save on overtime and support the sustainability of your event. Communicating your production schedule with your foreman also helps ensure hours and breaks are managed properly without surprise added costs.
Digital Platforms: It’s true, going digital can save on venue, food & beverage, and labor, but don’t count out all costs! Digital events require a platform, a team of skilled professionals to build your digital experience, and time and attention from your team to manage a new tool which all require budget. Working with agencies who understand the core elements of a digital event can help guide you in understanding the non-negotiables when it comes to determining your budget allocation.
Travel Budget: Consider the budgets of your attendees! T&E is impacting the engagement of audiences, but it doesn’t have to! Expanding your event experience through smaller regional connections, adding a digital element for global reach, or packaging a “takeaway kit” for solo travelers to take to their teams back home are all ways you can foster genuine and inclusive engagement.
Keep Moving Forward!
Your time and attention are often not included in your event budget, but it comes at a cost! Partnering with an agency who can simplify the planning process, seek out cost savings, and recommend creative solutions can help you continue to focus on moving your brand forward, while creating an impactful experience that makes sense for your audience and your budget.
Rest assured, it is possible to bring a spectacular experience to life for attendees even in our world of uncertainty, and it’s possible to do it within your budget! Challenge yourself to get creative, to talk honestly with your audience to set expectations, and to create new traditions rooted in meaningful connection!