With the proliferation of digital technologies and platforms, people have their choice of how to attend events – whether that’s in person or virtually. As an event marketer, it’s more important than ever to develop an event planning strategy that achieves your business goals and brings in your desired audience.
One critical part of this strategy is setting and maintaining a budget that gets you the type of event you’re looking for without unnecessary spending. Whether your business’ event team is in-house or you’re working with a vendor, you’ll want to ensure they’re spending resources on the things that matter, eliminating expenses that aren’t critical, and making the important decisions that will bring your event to life.
If you’re wondering how you can create a great event and stay on budget, keep reading for our tips.
Find an affordable venue
A fundamental part of event planning is finding the right location. When researching a venue, you’ll want to keep in mind the necessary benefits you need for the event while finding the most cost-effective option.
Depending on the number of attendees you’re going to invite, the venue could take up a large chunk of your budget so it’s important to investigate all of the options and benefits a venue offers as well as considering the location and amenities.
Determine available amenities
When you’re looking for a venue, it’s important to know what facilities, equipment, and amenities they come with to make it easier for you to decide. Ideally the venue will include the cost of things such as AV equipment and room set-up as part of the total cost and you may want to steer clear of venues that require additional fees for basic services.
Some venues might offer different packages of discounted services which could bundle some of the cost and save money. Ask questions to find out how you can get financial breaks on things such as WiFi, projection screens, and breakout rooms. You may even be able to use that information to negotiate with other venues while you’re comparison shopping.
Gather quotes and negotiate
Aside from visiting each venue on your list, you should get quotes from the owner and potential suppliers as well. While it can be tough to compare rates, it will be helpful to narrow down your choice and pick the right venue.
And remember, even if you’ve held your events at the same venue or used the same vendors for years, it’s still a good idea to conduct research to see if there are better options out there. New companies pop up every day or venues may be offering low rates that you won’t find if you don’t survey the landscape. Having several quotes can also be a good bargaining chip – one vendor may be inclined to beat their competitor’s price which could get you a great deal.
Consider flexible dates
Planning an event while staying on budget means staying flexible, including the date for your event. Depending on the time of year or day of the week, prices may fluctuate for vendors and venues so have a few dates in mind when planning. Remaining flexible with the date could score you big savings and help when first talking with potential vendors.
You may even want to wait to set the date until you find the right vendors and venues to avoid making last minute changes or adjustments while staying on budget.
Your business’ event does not have to be expensive to be successful. Achieving your goals is doable while staying on budget and using your resources wisely. It may take extra time or research, but in the end, you can put on a great and cost-effective event.
Are you looking for help with your event planning? Reach out to InGo to learn more about how we help businesses build their brands, reach their audience, and learn the true power of social media.