We know more than most that hosting business meetings and events is an incredible way to foster collaborations, build brand awareness and strengthen your company message. But here's the million-dollar question: How can you achieve a high return on investment (ROI) without breaking the bank? Fear not, you’ve come to the right place! We got in touch with our team of venue sourcing and event experts to pull a few simple tricks of the trade from their well of creativity and experience, to make your events shine without draining your budget. Here goes…
Location, Location, Location.
The right venue can mean something different to everyone, but it makes a huge difference. Consider unconventional spaces like co-working hubs, art galleries, and consider outdoor spaces [season permitting]. Unique venues can lend an air of creativity to your events while being cost-effective alternatives to traditional conference centres. The key here is to keep an open mind! Any venues could be transformed by an event specialist.
Collaboration nation.
Two minds are better than one, right? That's why teaming up with like-minded businesses, industry associations or even relevant charities can be a game-changer. Pooling your resources, working on collaborative campaigns, and co-hosting unforgettable events can increase your levels of interaction and vary your event content. Not to mention a great social benefit to the end-users of a charity.
Harness your network.
Seeking sponsorships can add value to your event, while helping to reduce costs. Approach your industry suppliers and partners and propose mutually beneficial arrangements. By offering them exposure at your event, you can secure financial support, in-kind donations, or discounted services - reducing your expenses, increasing your ROI and often strengthening your business relationships in the process.
Creative catering.
Food and beverage is a major expense for events, but an incredibly important one as it’s often the first thing delegates remember for the wrong reasons if it isn’t up to scratch. Get creative with your culinary delights and work with your chosen venue well in advance to design a cost-effective, seasonal menu with the chefs. Given the right lead time, many venues will be happy to create something based on your budget, rather than be ushered into pre-packaged menus.
Embrace the digital frontier.
In today's digital age, technology is another string to an event organiser’s bow. Live event mobile apps, virtual and hybrid events can often be an asset in driving engagement, but often they come in over budget. But here’s an an insider trick to reduce costs. Many suppliers will offer ‘bulk-buy’ package deals for multiple events, so if you know you’re going to need an app for multiple events that year, consider planning in advance and agreeing to this.
Embrace social media.
The power of social media is your secret weapon when it comes to promoting your event. Create engaging content, use event hashtags that go viral, and rally your attendees to share their experiences online. This organic buzz can generate significant exposure, making your event a hot topic without spending a fortune on marketing.
So, there you have it, budget-savvy event planners! With these low-cost ROI options in your arsenal, you can organise memorable business meetings and events that won't make your CFO break out in a cold sweat. Embrace creativity, think strategically, and watch your returns soar while keeping those costs in check.
Remember, success isn't always about splurging on the fanciest venues or extravagant setups. It's about delivering value, fostering connections, and creating memorable experiences. Now go forth and conquer the event planning world on a budget!