In order to run a successful event, it is essential to know what the purpose of the event is. Of course, creating a great event is the aim, however understanding what the broader business drive is, should be established from the beginning. From understanding this, it should be easier to decide where you can narrow down your costs. Depending on the event, some aspects are completely necessary to attract the correct audience and invitees. Only you can know from the purpose of the event what is essential. Here at Gallowglass, we have selected some aspects of event management that you can consider reducing the budget for, as well as suggesting areas you may be able to gain event revenue. As previously mentioned, every event is different, and only you can decide what should be decreased.
Review the Previous Year’s Spending
If your event is held annually, you could begin by looking at the finances from the year prior. From here, you can gain a fuller picture of where money was spent effectively, and where money may have been wasted. This will be especially reliable if you tracked each individual cost throughout the planning stage of the previous event. Make sure to thoroughly track the budget for the current event too, to ensure it can also be reviewed the following year. It is important to mention that small spends do add up, and if not monitored, can take you by surprise. Furthermore, look out for any extra hidden fees while negotiating contracts, for example.
Think About Corporate Sponsorship
Less of a cut and more of a way to increase your funding is to contact businesses for sponsorship at the event. Who you approach may depend on the overall purpose of the event, and should be deliberated with care. You should take into consideration brands who match alongside your event in terms of relevance. From here, reflect ‘why’ they should want to partner with you before attempting to organise an agreement with them. Corporate sponsorship is a great way for brands to get their name seen at the event and will work in their favour as well as yours.
Consider Other Forms of Revenue
As well as corporate sponsorship, there are other ways of generating revenue that you could consider for your large event, which may boost your finances.
Pre-Event
Before the event, consider offering priority access to the event, as well as car parking or a paid valet service. These can be made available at an additional fee and purchased before the event has started allowing you to gain revenue before the launch day. For certain events, VIP experiences are a fantastic form of revenue. This could include meet and greet with performers and speakers, improved seating or other exclusive perks. In addition to this, including food and drink with this experience is a tempting offer for potential participants.
During Event
When the event commences, there are extras you could consider selling on-site for boosted profit. For example, merchandise is always a popular option, especially for concerts. Food and drink tends to attract people also. On the subject of quick purchasing during a busy event, contactless payments are almost a necessity to avoid a slow payment process. Other aspects to consider are professional photographers. If this is a momentous event for the client, they will want to ensure they have recorded it as best as possible.
Employ Freelancers or Volunteers
Sourcing dedicated volunteers is a great way to look after your budget. Many festivals, for example, employ volunteers with the exchange of a free ticket for a few days of work. Of course, the need of volunteers will depend on each individual event. It is worth mentioning that volunteers need to follow good leadership in order to work well, so effective management and realistic goals are both essential when considering volunteers.
Make the Most of Digital Marketing to Sell the Event
Unlike printing, digital marketing is generally a free form of advertisement. Make the most of its benefits by sharing the event on social media channels such as Facebook, Instagram and Twitter. When used well, social media allows you to directly target your required audience. The most exciting part about distributing the event on social channels is it creates a narrative for the event. People can keep up to date with the process leading up to the event, creating a buzz and building interest before it has even begun.
Try to Negotiate Many Quotes
If you have standing arrangements with suppliers, get in touch and see if they can offer something cheaper. It is also essential to shop around too, if you get a better quote elsewhere, don’t be afraid to use this as leverage.
Hopefully, we have supplied you with some key points of consideration to create a successful event on a reduced budget. Here at Gallowglass, we believe keeping on top of expenditure is an essential way to make sure your event is staying within its financial plan. If you feel inspired to become a reliable team member of an experienced crew, take a look at our event crew jobs for more information. For a more detailed idea of what a role in our company may involve, read through our blog on Transferable Skills to Roles Within Our Business.
