While big budget productions are exhilarating to work on, the reality for most event planners, is that a fair amount of the work that we do, will come with a limited budget. But “low budget” doesn’t mean “low returns”.
In fact, getting a good return on your investment may be easier when you don’t have a multi-million-dollar budget in the first place. These are just a few creative ways you can improve your ROI, even on a skinny event budget.
- Save on venue fees
While it’s convenient to have your venue provide everything you need on-site, including food, AV equipment, and Wi-Fi – this convenience often comes at a cost. Hotels and exhibition halls may charge a high mark up on these items.
Get quotations from external suppliers who can bring in these services and/or equipment in at lower costs, then speak with your venue manager and ask if they can waive or reduce any of these expenses. If you have your own equipment that can do the job, see if you can bring them in to further lower your costs.
- Find sponsors
Get creative when looking for sponsors. Remember, there’s more than one type of sponsor (those who give you cash). Look for sponsors who can provide you with in-kind sponsorships as well.
These could be anything from:
– Sponsoring gifts for event attendees
– Lending you equipment or technology
– Providing services (that you otherwise would have to pay for)
In exchange, provide your sponsors with the exposure or contacts they need to increase their brand awareness, sales, or both. Think long-term and remember that these sponsorships can help you in an upcoming event, and future ones.
- Spend on technology that pays for itself
In recent years, event apps are quickly becoming a must-have at events.
These apps improve events in multiple ways, and often pay for themselves because of the value they deliver in terms of data collection, improving the audience experience, and saving costs by automating processes such as registrations and information dissemination.(Reducing your need for on-site and backend staff to handle these processes and enquiries.)
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