Happy Mid-week all! Let’s kickstart with our next edition of the Tip of the Week discussion!
The B2B meetings and events industry is booming, according to American Express Global Meetings and Events Forecast, as events are perceived to be one of the best ways to attract and retain new customers.
Unfortunately, marketing budgets are finite, and 65% of event planners don’t anticipate any changes in their event budgets (Research by EventMB). So how do you keep up with the demand for more meetings on the same event budget without compromising the larger events while keeping standards high?
Here are some tips to reduce the costs for these small events without compromising the attendee experience.
1. Use Smart Marketing to Motivate Attendance
- Capitalize on FOMO with exclusive opportunities
- Nurture your existing audience
- Use discount tactics
- Capitalize on social media
- Get speakers or performers involved in the promotion
2. Find Alternate Sourcing Ideas for Your Speakers and Talents
- Hold an open call for speakers in advance
- Try local talents
- Offer VIP sessions with the speaker/expert
- Consider peripheral or interdisciplinary experts
3. Look for Less Expensive Boutique Venues
4. Master the Art of Negotiation
- Strive for clear visibility on all your options
- Consistency in vendors and suppliers for all events
- Provide as much long-term visibility as possible
5. Develop Sponsorship Opportunities
- Build sponsorship packages
- Approach local businesses
- Increase sponsorship opportunities
6. Use Technology to Save on Logistical and Human Resource Costs
- Investigate automation
- Find an all-in-one solution instead of using disparate tools for different event functions. For example, Cvent offers software solutions to event planners and marketers for online event registration, venue selection, event management and marketing, onsite solutions, and attendee engagement.
Question for you:
- Which of the above tip do you find most useful?
- How do you organize your event without a bigger event budget?
As always, feel free to drop in your suggestions in the comment section below! #CventTip