Effectively cutting an event’s budget while still delivering a successful and impactful experience requires careful planning, prioritisation, and creative thinking. So how do you strategically reduce budget yet continue to maintain the integrity and impact of the event?
A step-by-step approach
Review your objectives
First and foremost, you must clearly define the main objectives and goals of your event, and agree on what will matter most to your attendees. This will help you focus on the most essential elements and allocate budget and resources accordingly.
Assess your current budget
Whatever size of event you are putting on, you’ll need a detailed event budget drawn up before you start. At this stage, analyse your budget in detail and identify potential areas where you can make cuts without compromising the overall quality of the event.
Focus on content and experience
For a conference or content-driven event, emphasise the quality of content, speakers, and workshops to create a valuable experience for attendees, even if certain lavish elements are scaled back.
If you’re looking to bring in external speakers, do extensive research. Prices range significantly and pricier doesn’t always mean better. There are some less well-known speakers out there who know their subject matters intricately and who won’t break the bank but will be inspirational for attendees within their field. If you do want a big name, ensure you maximise their time at the event and book well in advance – fees might rise as diaries fill up. Also take into account where speakers are travelling from as this can increase costs significantly if they live overseas.
Source sponsors and partnerships
Seek out sponsors or partners who can contribute financially or in-kind, such as providing products, services, or promotional support in exchange for exposure. They can add significant value to your event content offering for attendees as well as supporting some of the cost.
Be creative with venue selection
Venue choice will likely make up a large portion of event costs so make sure you choose a venue that aligns with your budget requirements. Consider unconventional or non-traditional spaces that might be more affordable. If possible, and trusting you know it can deliver, opt for a venue that meets all your needs but provides in-house services such as catering and audio visual equipment to avoid additional outsourcing costs.
Some venues may also be able to offer much better rates in quieter periods or if there’s not an extensive lead time and they are unlikely to fill the space. If you can be flexible on dates then you are in a much better position to negotiate a better deal but always make sure you’re not compromising on anything essential.
Negotiate with suppliers
Approach your existing suppliers to negotiate better rates. Many vendors are willing to work with you to maintain a long-term relationship and may be able to cut costs in some areas without a major impact on their service provision. But also don’t feel like you can’t shop around and compare quotes. It keeps existing suppliers on their toes whilst also expanding your network of service providers.
Try and source local suppliers for a reduction in transportation costs.
Streamline catering
Opt for cost-effective catering options, such as buffet-style or family-style meals, which are often more affordable than plated dinners but can also add heightened networking opportunities. Work with venues and caterers on a cost-effective menu offering which works well for both parties.
Reduce non-essential elements
Identify elements that can be scaled back (or perhaps eliminated completely) such as extravagant decorations, unnecessary giveaways / swag bags, or luxury catering. And consider using digital instead of printed collateral to save on costs whilst also being more sustainable.
Use creative marketing
Utilise cost-effective marketing strategies, such as social media, email marketing, and influencer collaborations, to promote the event and to communicate throughout. Paid social media can also extend your outreach in a more cost-effective way than traditional media. Also use your event partnerships and their networks to further promote your event with limited costs to you.
Engagement with attendees through strategic social planning both in the run up and during the event will also gain maximum delegate engagement.
Contact volunteers and interns
Events is a highly desirable industry and those embarking on a new career will jump at the chance to gain some experience. So recruit volunteers or interns to assist with various tasks during the event, reducing the need for additional paid staff. With clearly defined roles, and good management both parties will benefit.
Reuse and repurpose
Retain assets from previous events, such as banners, signage, or promotional materials, for future use. These can be repurposed for use at other events saving valuable budget.
Retain contingency planning
Despite budget reductions, it is critical to still prepare for unforeseen circumstances by setting aside a small contingency fund to address any last-minute expenses.
In conclusion, needs must be prioritised over nice-to-haves, and some creative-thinking is required to get the best bang for your buck. Remember, however, that while cost-cutting is important, it’s equally crucial to maintain the integrity of the event. By focusing on your objectives and making strategic decisions, you can successfully deliver an impactful event even on a tighter budget.