10 Cost-Saving Techniques for Event Planning in 2024
In today’s world, event costs are on the rise, and this trend shows no signs of slowing down. From venue expenses to catering and tech requirements, event budgets can quickly spiral out of control. It’s no wonder that when event planners hear the words “event” and “budget cuts” in the same sentence, they start searching for ways to maintain high-quality experiences while keeping costs in check.
The good news is that it is entirely possible to reduce event budgets without sacrificing the attendee experience. In this article, we will share ten practical strategies and cutting-edge technologies that can help you save on event costs in 2024.
Learn the Top 10 Ways to Save Event Costs
- Flexibility in Venue Selection: Tradition should not be a hindrance to savings. Be open-minded when it comes to selecting venues. Utilize venue sourcing tools to find affordable options and consider adjusting event dates for potential cost reductions. For instance, starting a conference in the afternoon can eliminate the need for breakfast and lunch expenses.
- Vendor and Supplier Relationships: As soon as you secure your venue, start reaching out to vendors and suppliers. Early communication ensures that everything you need will be available, preventing last-minute adjustments that can inflate costs. Schedule regular meetings and follow-up conference calls to keep everyone on the same page.
- Invest in Reusable Assets: Purchase staging and lighting elements that can be adapted for various events. Create graphics and materials that can be reused for annual functions, which not only saves money but also aligns with sustainability initiatives.
- Efficient Power and Connectivity: Opt for energy-efficient lighting and battery-powered equipment to reduce electricity expenses. Negotiate with venues or providers to find cost-effective Wi-Fi solutions. Explore alternatives if the venue’s exclusive provider is costly.
- Go Digital: Embrace mobile apps to share event schedules and information, eliminating the need for printed materials. Conduct registrations and surveys online to save on mailing costs. Consider using digital signage instead of banners and posters for added flexibility.
- Dynamic Access Portal: Identify and eliminate duplicate meetings, conflicts with global holidays, or industry events. Leverage this tool to combine meetings and utilize existing hotel contracts efficiently.
- Venue Sourcing Tech: Use technology to streamline the venue selection process and potentially save 8-20%. This includes online property data, proposal consolidation, preferred vendor tagging, and more.
- Venue Diagramming Tech: Save on-site visits and travel costs with virtual walkthroughs and quick diagram creation. Collaborate with team members and enhance safety measures with built-in social distancing features.
- Event Registration Technology: Automate attendee data entry and combine local and traveler information for a comprehensive duty of care program. Keep safety responders updated on local meeting details in case of emergencies.
- Onsite Solutions: Manage attendee check-ins seamlessly and reduce waste by minimizing unused badges. This technology also streamlines lead management and data entry into CRM systems, ensuring that valuable leads are not lost.
Incorporating just one or more of these cost-saving strategies and technologies can significantly impact your event budget in 2024. By staying flexible, leveraging technology, and optimizing your vendor relationships, you can deliver outstanding experiences without breaking the bank. So, start planning your cost-effective event today!