Despite slowly increasing budgets, event planners are still having to do more with less in 2015.
According to Meetings Professionals International’s (MPI) recently-published ‘Meetings Outlook 2015 Winter Edition’ although projected budget spend has increased by between 1-5% over the last three quarters, it’s not enough to match cost increases. This means professionals everywhere are facing tighter margins.
The solution? Start making your money work harder! We asked David Strafford, Lecturer in Events Management at Sheffield Business School at Sheffield Hallam University, for his top five event cost-cutting tips…
1. Find at least three quotes for everything
We’ve all been given this advice, right? But how many times do we actually follow it in practice? It’s often much easier to go with your usual supplier and quite often you do manage to get discounts through loyalty and bulk ordering. But perhaps once in a while it’s worth reviewing your purchasing – maybe try a new decor supplier, investigate tech hire costs through new companies, use that introductory discount you have seen at the print supplier. Using the same old companies through easiness and laziness can often cost you in the long run.
Related: How to get your event budget planning right
2. Negotiate, negotiate, negotiate!
Why do we negotiate for some items but not for others? Good sales people will always be willing to cut deals with you, if they want to sell – so play your part; and if times are hard for you, then it makes sense that they’re also hard for other people. You don’t get anything without asking for it in this life, so go in low, appreciate your power as a consumer and know your limits. The most powerful action you can take when negotiating is to ‘put your coat on’ and walk away – you might be surprised at how often they chase after you…
Related: How to negotiate with anyone
3. Use social media for marketing
Let’s face it; social media is here to stay. And the beauty of these channels is most of them are free to use. Creating interesting stories by using photos and videos to advertise the event you are planning is the most cost effective way of marketing, so do more of it! Better yet, encourage your customers to do it for you! Traditional print advertising – although still relevant – is being replaced by its newer, younger digital version, and we event managers need to harness it to maximise its potential.
Related: 5 Great examples of social media event marketing
4. Use volunteers
I’m not suggesting you replace all your experienced staff with interns and volunteers. However I am saying there is a wealth of bright and talented young people out there who need and want to gain experience by working on your events. The trade off is that you will need to spend more time with them, to train and develop them – however the upside is they won’t be invoicing you over the odds at the end of the weekend. For roles such as stewarding, manning a till, shadowing an event manager or providing meet & greet / information, volunteers can be extremely effective. Just please make sure you pay their travel and lunch.
Related: Engaging event volunteers
5. Question everything
Do you really need that extra plasma screen? Do you really need 15 toilets or actually would 12 do? Do you need to buy Grey Goose vodka for the band, or would a crate of beer suffice? The worst phrase in the history of event management is “we’ve always done it this way”, so get rid of your sense of tradition and question all your decisions. What can you change about your event to make it more cost-effective without losing quality? Don’t tie yourself to expensive items just because you have always had them, there is a brave new world out there – challenge yourself to be a part of it.
Related: Tight event budget? Make it go further with these top tips
Conclusion
Budgeting strategically can enable you to deliver all of the ‘wow’ with less of the wonga. Making savvy swaps like serving hearty bowl food, rather than a full sit down meal can offer huge savings without leaving delegates feeling short-changed.
Don’t forget to put a positive marketing spin on your money saving initiatives – minimising printed handouts and serving tap water are great for the environment as well as your wallet!
How have you cut the cost of your event? Do you have any other great money saving tips you can share? Let us know!
d.strafford@shu.ac.uk
www.linkedin.com/in/davidstrafford
