It is no surprise that all of us are on a budget, whether it is buying a house or hosting an event. Events and exhibitions can be expensive. Most of your budget goes to show services, fancy booths, and other fundamentals to attract attendees to your event.
No event has an unlimited amount of resources and budget to work with. However, cutting on a budget does not mean your event will be less impactful and successful. You can still host an event by taming your budget and make a strong impression and get your message across the audience.
Ways to Keep Corporate Event Expenses Under Control
When you are planning an event, there are a lot of things to consider to make sure there are no-cost overruns. A good event budget includes expected price hikes for hotel rooms, food, meeting spaces, and travel. Here are the top five essentials to cut down on the event budget and host a successful event.
1. Map out All the Expected Costs
Instead of working on memory alone, write every single detail of your budget to avoid any cost overruns during the execution phase of the event. An average corporate event budget breaks down into the following categories:
- Site Rental (50% of the budget)
- Electricity and Wi-Fi (10 %)
- Technology Rentals (10%)
- Marketing and Giveaways (10)
- Lodging and Meals (20%)
Be flexible in event requirements. Go for rentals instead of custom pieces, and write down every single minor detail that could take up even a single dollar of your budget. Don’t keep minor details and changes out of the budget, because these alterations will surprise you in the planning phase.
2. Trusted Suppliers and Vendors
Ask vendors for ballpark figures for the event. Don’t go with the first vendor, you know, shop around for the cheapest deals and compare prices to save money. There are a lot of in-house options with specific venues, so make sure you do your research to pick the best choice for the event. Instead of individual services, look for package deals to cut costs and have fewer suppliers.
If you are traveling to another city for the event, don’t always rely on the preferred vendor because they will give you higher prices. When possible, go around the town and compare prices before selecting a vendor. You can also consult corporate events Dubai based companies to help you with setting up your event on your budget because these people have personal contacts with all the suppliers in the area.
3. Use Social Media and Free Online Platforms for Marketing
Rather than spending a lot of resources on printing and sending invites through the post, why not opt for free social media platforms? You don’t need to spend thousands of dollars on billboards for marketing your event. Promote your event through social media and email marketing without increasing your event budget.
Grow your email database before the event for free promotional channels. Create an incentive for the attendees to sign up for the event, for example, early bird exclusive deals and discount codes. Extend your event marketing by reaching out to social media influencers to spread the word. Book these influencers as event partners and target audience through them.
Planning an event is quite hectic, especially with a tight budget, so make sure to automate your promotional content and marketing. This will help you reduce manual work and focus on more important things to host a great event.
4. Get Rid of Promotional Printing
Promotional items like brochures, leaflets, and giveaways end up being thrown away on the event floor when all of it is over. Companies spend thousands on these useless printing items when there are several alternatives to save money in the wake of the present technology. People love events that incorporate the idea of sustainability and ‘going green.’ Use technology in your event and attract attendees with something different than a conventional event.
Instead of big printed banners, use media screens for custom brand messages. You can rent these screens instead of buying the whole technology. Instead of using paper for registration and questionnaires, use tablets and RFID wearables for access to the event. Instead of giving discounts through leaflets, install kiosks in your event with QR discount codes that can be scanned by the attendee through mobile phones.
5. Cut Down on Catering
Not unless your event is a culinary event, food and beverages don’t have to be a large expense. So stray from traditional event settings and think outside the box and venture away from conventional ways. For example, instead of having a full shelf, go for some signature cocktails, and instead of wasting thousands of dollars on plastic bottled waters, set up water stations.
Another way to make your event fun and cut costs is to set up food stations instead of hiring more workers to serve the food. Allow your stations to seek out food stations if they feel hungry; this way, you can also limit food wastage. In the place of multi-course meals and plated dinners, plan a buffet, so your attendees have the freedom to choose their meals.
Tackling your Event Budget!
One way to tame your event budget is always to remain ahead of the costs because small costs add up, leading to disasters. Therefore, don’t lose track of expenses, including the small ones, costing you pennies.
Make sure you are fully aware of all the additional charges and hidden costs before signing contracts with the vendors and venue location. These costs tend to pop up on final invoices with a significant figure. Be mindful and strive to maximize your ROI.