If you’re just returning from a journey due to the COVID-19 travel ban, you might be shocked as to how outrageously expensive things are. Well! Don’t let it be a shocker to you when you price a cup of cappuccino or coffee, and you’re charged $20. The same can be said about event planning.
Things have been extremely difficult and expensive, but with hybrid events gaining a reckoning force, there are several ways to cut the cost of an event without compromising the success of the event.
So, let’s see 7 ways to reduce hybrid event costs.
1. Book Your Venue Early
When planning an event, it is essential you book your venue early. This is important in saving costs and also maximizing returns. It is necessary to book a venue 8 to 7 months before the actual date to get the best rate.
Also, when you book an event venue early, you’re sure of getting the best venue available.
Top-tier events should take place in convenient locations; the venue should be close to various landmarks like airports to shorten your guests’ movement. You can also consider a venue close to a 5-star hotel so your guests can have where to check-in before and after the event.
Also, when you book an event venue early, you’re sure of getting the best venue available, especially when you plan on hosting the event where securing an event space can be quite competitive, like in Los Angeles, New York, or Miami.
2. Summon Your Negotiating Skill
The high cost of things has turned everyone into a badass negotiator. You might find it hard to survive without good negotiating skills, so bring on your A-game when searching for a venue and not settle for less.
It is essential to book the venue at a strategic location when you are sure the manager will be willing to give a discount. Managers are likely to give discounts at month end, so prepare your mind towards it and include it in your to-do list, so you don’t miss out.
3. Invest In In-Person
It is evident that virtual events have a higher percentage of attendees than in-person events. The evidence is right there on YouTube, Tiktok, Facebook, and other similar social media platforms; you can check the number of views a video has and compare it to the number of in-person attendees.
Another important way to reduce costs is to invest in in-person attendees heavily and passively host your virtual attendees. Additionally, consider using an interpreter for virtual attendees with language barriers. So, instead of hiring a full-time for the event, consider a video remote interpretation (VRI) to help you cut costs.
4. Use One Event Platform
The hybrid work model has been adopted in all sectors; formerly, event planners make use of different platforms for ticketing and booking, programming, and analytics. Why use different platforms when you can reduce cost by using just one platform to carry out these activities for you.
Also, limit your tech tools to reduce cost or just rent a coworking space where you have access to everything you need at a low price.
5. Create Volunteering Opportunities
The cost of workmanship can drain you; the venue decorators, drivers, assistant coordinators and the rest will be hoping to get paid at the end of the event so you could create a volunteering opportunity for them. In exchange for their services, you can opt to give them a free ticket to the event or internship opportunity in your organization.
6. Form A Mutual Relationship With Other Partners
The world we live in operates on a ‘give and take’ system. No one will be willing to give to you except you are willing to give to them back. Basically, you have to reciprocate good gestures.
If you can liaise with the manager to promote their venue, you are on the right track to getting a huge discount. Also, if you can give them access to attendees’ data or insightful case studies, you can negotiate a lower rate.
7. Increase Your Ticket Price
Event planners opt for this as the last option since they believe the higher the price of the ticket, the lower the percentage of attendees. You shouldn’t be bothered about this since the hike in price is beyond your power.
When you increase the price of a ticket, then you need to focus more on your virtual attendees.
The hike in price shouldn’t be used as a means to inflate ticket prices so high that you have little turn up for the event. You have to be realistic when setting your ticket price, so you don’t make your potential attendees lose interest.
Conclusively, if the costs of hosting an event are too high and the return is not feasible, then you channel all your energy into hosting a virtual event. You can reallocate the funds into advertisements to get more than enough attendees.
SUBSCRIBE FOR MORE! HERE'S WHY:
1. You get 7 free books
2. You get the best money & productivity articles
3. You get the latest updates - all in one email per week