I'm least interested in anyone saving money on events. But if you have to do it, it’s good if it’s done correctly.
Here are a few considerations for those who manage the budget and who are tasked with optimizing it “without loss of quality.”
- Cancellation of events.
Not all events can be canceled painlessly. Canceling regular events or announced events carries reputational risks. And no one can compare the size of the savings and the cost of reputational losses for you.
So if this is a regular, expected event for employees, clients or partners, find an opportunity to host it. Optimize the budget, but spend it.
- Reducing indirect costs.
If you have been working with the same suppliers for several years in a row, hold a tender. Make sure that this time the procedure is not formal. There is a chance that you will be pleasantly surprised by the results.
The main nuances that interfere with the normal tender procedure: a specially selected pool of suppliers (one necessary and several others, clearly not up to the level), technical specifications, drafting so that only one company passes, technical specifications that do not indicate goals and objectives, but describe a specific event, with specific solutions.
It is unlikely that you will get an optimization of 50%, but 10-30% is quite possible. Plus a new team and new ideas.
- Incentives and Events - Call 2 Acton
Incentives can be replaced with other tools. Very often, a call to action event is the most effective tool. Test drive for clients or journalists, client/dealer conference, training events, presentation of new products.
- Format.
There is a small chance that this crisis will accustom us, for example, to buffets. And our events will become more interesting, varied and dynamic. Round tables with chairs around them are the problem with our events. Change the format and you will save 20-40% on your main expense item. The buffet is awesome. These are new acquaintances and more emotions.
This is just one example. Changing the format carries with it large resources for optimization.
- Quality and quantity.
Guests are unlikely to notice that something is missing from your event, but they will definitely notice if you saved money on what you have.
It is better to save money by reducing positions, rather than reducing the quality of existing ones. This principle was written, if not in blood, then certainly in the tears of event managers.
- Content and design.
Giant budgets often grow (not always, of course) when you have nothing to say and you fill the void with “chips.” Perhaps now is the time to work on content. This usually means less financial expenses and much more resource expenses.
- Budget is a feature of the event.
Anyway, everyone will understand that you saved, so if your positioning allows it, make the budget event open. Make it part of your creativity. Simple, but high quality. Show that you don’t waste money in vain, but spend it on emotions and content.
The event is a symbol of optimism! Organize events smartly and send a message of optimism to your clients and employees.
