Tips To Save Money While Planning Your 2023 Events
The Challenge Event Planners Face While Budgeting for 2023 Events
The ongoing evolution of in-person, virtual, and hybrid event formats has dramatically changed how event professionals approach #budgeting. The biggest challenge now is to keep up with attendees’ desire for innovative, immersive #eventtech that seamlessly integrates the digital and physical realms, while adhering to your budget.
Fortunately, there are strategies that can help you get the most bang for your buck.
Here are some of our favorite budgeting tips to help you save money in 2023.
Outcome-Based Budgeting Helps Communicate Value
33% of event professionals would prefer to use an increased budget to improve the on-site experience. 31% would increase the use of technology according to AMEX’s Global Meetings & Events Forecast.
The only issue is, spending more on experience and technology doesn’t always translate directly to quantitative results.
Outcome-Based Budgeting aligns resources and spending with your goals, whether they be qualitative or quantitative. Instead of starting from a previous event budget and adjusting allocations up or down, you start with what results matter most to the attendees and designate the budget accordingly.?
The benefits of Outcome-Based Budgeting:
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Menu Matching Lowers Prices and Improves Efficiency
Menu matching is a food and beverage tactic where event planners request the venue (typically a hotel) use similar menus or ingredients to other events being held in the same timeframe. It can lower food and beverage pricing while improving service efficiency.
Additionally, menu matching improves the #sustainability of your event because it requires less labor, creates less waste, and allows chefs to use seasonal ingredients.
Ask the venue manager about their other events to find out more about this and other food and beverage deals they can offer!
Alternative Revenue Sources Cover Some Costs
If you are trying to offset the costs of an event, you can try charging a small fee for each ticket. However, keeping event tickets free often increases attendance.
Fortunately there are several strategies you can leverage to create additional revenue streams! For example, you can offer the following:
2023 Event Planning Guide - Strategies To Help Maximize Your Budget
Our 2023 Event Planning Guide - Strategies To Help Maximize Your Budget discusses actionable #tips and tactics that can help you save money through the entire event planning process.
Download it here - https://hubs.li/Q01qK_y50?