Meetings are hugely expensive, but yes, it is possible to reduce the cost of meetings and events without skimping on the experience. It’s no secret that event costs are rising, from general event expenses like F&B and AV to hidden fees and much more. So, when the words “event” and “budget cuts” are used together in the same sentence, it’s an acceptable reaction for meetings professionals to wince a bit.
According to the 2023 Global Travle Forecast the cost-per-attendee for meetings and events in 2022 was around 25% higher than 2019, with that figure forecasted to rise by a further 7% by the end of 2023.
Hotel prices fell 13.3% in 2020 from 2019 and a further 9.5% in 2021, however the report details a rise of 18.5% in 2022 followed by an 8.2% lift in 2023.
Let’s now throw recent record-high inflations, rising food costs, supply chain issues, and labour shortages into the mix and we have a perfect cocktail for expensive meetings and events.
So, with that in mind, what are some strategies four to minimise the impact of these cost rises to ensure you maximise your return on investment (ROI)? Let’s look below.
Book Early
It’s an accepted fact that if you wait until a couple of months before your event to book a venue then you’ll be paying a premium and the venue options available will be minimal. Due to demand the venues can afford to charge higher rates with short lead times, and they do. If you book early not only can you get the venue you want, but you are more likely to get it within budget.
Record It
Hybrid can be a very costly element to your event, as it involves a lot more than just pointing a camera and streaming online. If you did want your event to go out to the masses try Recording the sessions at the Live event and uploading to a secure password protected platform and distributing these post-event. It’s a lot more cost effective.
Invest In Reusable Items
Particularly for exhibition stands or for events which have an exhibition element, try designing items which can be easily dismantled and rebuilt. Bespoke builds are extremely costly, but if you had a bespoke design that allows for you to use it again and again then it’s worth the investment. It also increases the sustainability of the event by reducing materials that go to the landfill.
Plan For Attrition
It’s always hard to predict attendance numbers so it is import to ask for more flexibility on your contract. See if you can contract on lower numbers with the ability to increase, and do the opposite for your bedrooms i.e. try to achieve a good attrition policy, allowing you to block book a higher number of bedrooms with a generous release policy with no release costs.
Is There Another Way to Achieve the Same Goals?
Do you definitely need to hold the event? Is there another way you can creatively achieve the same desired objective, but at a much lower cost? Think outside the box here; you don’t have to do what you’ve normally done because that’s the way you’ve always done it (that’s a mouthful).
Negotiate
Use your skills to negotiate on costs as best you can, and see if the venue can provide you with any value adds, for example, a free drinks reception, complimentary upgrades for VIPs etc. See our Blog from last month on how best to negotiate.
Use a Free Venue Finding Agency…
…like Hippo Events! No this isn’t a shameless plug for our services, even it may appear like it, but we’re serious – agencies are worth their weight in gold. Take full advantage of the free service we offer and utilise everything that comes with it – you’ll benefit from our contacts, knowledge, skills in negotiation, relationships that are long standing and established etc. that gets you the very best negotiated rates. Not the mention the time it saves you doing all that legwork yourself!
Hippo offer Event Project Management and Global Venue Finding services. Contact us today on 01372 460 100 or events@hippoevents.co.uk to see how we can assist.