Event budgets are always the first department we decide to cut off when it comes to reduce our expenses. And you are wrong if you are doing it. Events is often considered as a marketing tool to promote your brand or products/services, and bring all together your target to push your sales. And here's our top 5 advices to reduce your budget smartly without impacting the success of your event...
1 - The Venue
Here's the challenge: finding an affordable venue that meets your requirements.
How many guests your are targeting? What kind of space do you need? What are the essential for your event? You need to find the balance between your allocated budget and the offers you get.
Sometimes you will have to go half way and reduce your expectation to fit into your budget.
2 - Equipment & Facilities
When you start your venue selection, you have to consider all the facilities that you require for the success of your event (Sound system, lights, wifi connexion, screens, ...). It sounds logical for you, but not all the venues are fully equipped. You want to avoid having to hire extra equipments. You will have to find a way to get all in one pack.
3 - Negotiation
One of the key to negotiate your quotations, is to request at least 3 to 4 quotations from different companies from the same field. You don't have to stick to one supplier to get everything, it won't give you less headache! Kate Thompson said "Understanding why and when a venue will come down in price should help you to get the best discount'. If you have select your event date correctly (ref. to point 4), negotiation will go smooth. Stay confident, polite and firm but never compromise on your main requirements.
You have so many projects to make your event successful that you will have to negotiate with each one of those suppliers (goodie bags, goodies, F&B catering, venue, photographer and the list goes on). Keep working on your negotiation skills, there is always a way!
4 - Flexibility on dates
As mentioned in the point 3, if you can be flexible on your dates, then you will be able to negotiate with venues and get the best rate. Flexibility is the key to cutting your costs on events. Have a few options in mind, and be prepared to arrange things around if the right deals knock on your door.
5 - Sponsorship
Often, event planners as Encre d'Or, propose many sponsorships. First, you can sponsor your events, with brands that have no direct link to your market, and get financial and marketing support to promote your brand or products/services. Then, you can sponsor an event and tie up to promote your products/services during this event - it will cut massively your cost if you find the good deal. And it is all in your event planner hands.
Encre d'Or proposes you to discuss about your projects by contacting them now and see all the creative options that the team can offer you.