Take Advantage of Venues
Venues are always in need for your business; this is due to the high overheads and needs for constant cash flow.
You need to know what the booking rates of the venues are, their occupancy rates, and the bonuses/ perks offered by one venue over another.
Use venue sourcing tools, to help get good deals. They not only simplify the process but also aid in negotiating.
Find Sponsors
Sponsorship is an effective and affordable way to market products and services.
It is a good way to get money and it builds buzz for the sponsor.
While looking for sponsors, think small. Large corporations do need exposure but smaller, growing businesses are hungry for it.
It is best practice to narrow your scope to companies marketing to the same consumers as you.
While getting sponsorship to create a proposal that sells them all the benefits of the affordable opportunity you’re offering and reach out.
While looking for sponsorship opportunities, your supplier could get involved and provide their product or service for free or at reduced cost in return for benefits and exposure you can offer in return.
Go the extra mile
Go the extra mile and get various comparable quotes from suppliers and vendors.
Talk to the experts and ask their advice on alternative options and how the same effect can be achieved in other ways.
Always negotiate with venues and suppliers in terms of costs, minimum numbers, and the final package. Think of all you may need while negotiating, you are expected to pay premium fees as the events get close by.
Budget
1. Setting goals before you plan out your event budget helps save time and headaches. Consider using analytics tools that can help you track event ROI so you can understand what's working well within your budget, and where to cut back.
2. Use budgeting tools. Event management software to track registrations, or an app to help track expenses can help you better understand trends and set budgets.
3. Plan for the unexpected. Having a discretionary fund to cater for any unexpected last-minute costs helps to prevent disaster.
Work with volunteers
Volunteers help with the running of the event. Get volunteers to help with your event in exchange for work experience.
In a competitive job market universities and students are keen to secure real-life work experience but working with universities is often an under-explored option for Event Managers.
Think about what you could offer in return and if you have the time to dedicate to this though as even the most gifted students will need guidance and support to enable them to succeed.
Go paperless and Mobile
Going paperless helps reduce printing costs, it also is good for the environment.
Using mobile apps is a great way to reduce costs. They can be the place where attendees can build their agendas, engage with one another, take surveys and polls, and much more.
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