Event budgets are on the rise. The Event Marketing 2018 report, claims that 87% of C-Suite executives find value in live events and plan to increase their investment. It does seem that with more of a budget comes more events. If your organization finds itself planning more events with a limited budget, it may be difficult to execute a successful meeting. Below are a few pointers to help you side-step some costs.
Ready to start running great events? Download the workbook, How to Run an Event That Isn't Terrible.
Host your event in your own office
While having an external, lively venue can be an enticing draw to your event, it is not an absolute necessity. Renting out the venue and paying for services and materials tend to make up the majority of the budget. In fact, Bizzabo claims that 36% of event marketers spend most of their budget just on the venue.
By hosting the event in your own office, you can sidestep a majority of the costs that an expensive, external event would incur. You get the “home court” advantage by inviting your clients and potential customers to your own office. This gives you the ability to show off your modern office and great team, adding a personal touch to your event. Allowing your network to be a part of the event can be advantageous to the success of your event.
Use your network of speakers
One of the most important determinants of the success of your B2B event will be the speaker(s). They are the ones that deliver the main content of the event and will be representing your company and its message. Due to this, many companies tend to hire professional speakers since they have the most experience, and are most likely to do the best job. However, paying for speakers and all their required accommodations can be very pricey.
One way to cut costs is to look to speakers within your network. This can mean asking an executive within the company, one of your past or present clients, or a company partner. These speakers will cost much less than a professional (possibly just food, beverage, and travel), and may be more relevant to your target audience, which is ultimately the most important characteristic of your speakers.
If you need additional help choosing your speakers, check out Banzai’s blog post! Three Types of Speakers For Your Next Field Marketing Event.
Cut back on food ordering
Good food can be the icing on top of a great event. However, it can be an expensive addition to your budget seeing as 34% of event marketers spend most of their budget on catering. Over-ordering food is one of the most common mistakes that event planners make when planning their event. Some registrants may cancel last minute, leaving leftover food and sunk costs.
Ordering just 10% less food than originally planned will help you save money and food waste. You can use past events from within your company or events within your network to research the right amount of food to order for your event audience. You can also hold your event at a specific time, such as happy hour, where you can provide smaller meals for the attendees to cut costs.
Field marketing events are a great way for companies to market their products and connect with customers and potential clients. Creating a successful event on a tight budget may seem tough, but with the right partners and planning, you can pull off an effective and affordable meeting.