Event professionals have to balance their million dollar ideas with tight budgets. Creativity and sharp bargaining skills can stretch a penny pretty far, but there are other tactics to consider as event professionals. You can still get the quality and service your fans expect but with a smaller budget.
To help you get most out of your event budget, we are sharing these cost-cutting tips!
- Reduce, reuse, recycle
- Dig a little deeper
- Leverage your network
- Get the word out on social media
- Remember the small things
Branding assets and swag are important components of every event, but they can be costly. Avoid using specific dates or titles on your branding materials. For example, rather than buying stickers or hats with the specific event name, only include the host company name.
It is easy to take price points and offerings as givens, but event professionals must ask the right questions, and ask a lot of them. Inquire with your vendors about any specials or promotions they may not explicitly advertise. Ask about custom bundling deals or offer product or service exchanges.
Event professionals are excellent at network-building; use this network to your advantage. For example, a local community hall may have chairs and tables in storage that can be utilized for anything from a conference to a play. Remember, resources can be hidden in unique places, just ask!
Marketing often accounts for a large portion of budgets, but social media creates a “free” platform to spread the word. Small event budgets can post often and engage with the community; the key is to build a following. For example, an upcoming festival may release clues to the lineup daily to generate hype and comment on other social community posts to help gain a following.
A common pitfall of budgeting is forgetting to factor in “hidden costs”. Costs of gratuity and taxes should be part of an event’s budget, excluding these costs can create unwanted surprises. Make note of the projected taxes and gratuities early on to better prepare for these expenses.