When it comes to corporate event planning, there are a few key areas where costs can quickly add up. Venue rental fees are often one of the biggest line items in the budget and can be a major sticking point for event planners. However, there are some ways to get around this issue and still deliver an amazing experience for guests.
With a little creativity and creative thinking, it is possible to deliver an amazing corporate event without breaking the bank and still wow your guests. To make this a reality, it’s important for event planners to be aware of some key cost-saving strategies.
In the next sections, we’re going to cover some smart tips on how you can reduce these expenses while still delivering a top-notch event.
Get creative with your venue selection
Choosing a place that has its own equipment and facilities, and reducing the need to rent or purchase your own is a way to spend less on total venue costs. Nowadays it’s possible to do it using corporate event planning software to help make those direct comparisons between different locations.
As a more creative and cost-effective option, consider going for an unconventional location such as an outdoor area or an old building. Picking up a less standard event style, like a dinner party or picnic can often be rented for a fraction of the price of a traditional banquet hall or conference center. And, with a little ingenuity, you can turn these spaces into truly memorable event locations.
Of course, just be mindful of the type of event you’re planning and the environment you’re trying to nurture. If you’re considering outdoor options, keep a close eye on the weather at that time of year, too.
Take advantage of the equipment and facilities
You can save money on your event by choosing a venue that has its own equipment and facilities so you won’t have to rent or purchase a separate sound system, stage, and lighting. Many locales already have these things set up, so be sure to ask about them when considering your next spot.
Companies can save costs in a variety of ways by taking advantage of equipment and facilities provided by the local, such as:
- Projectors and screens available to use for presentations
- Wi-Fi availability, so guests can use their own devices
- Discount for using their in-house catering services
- Potential payment plans to improve cashflow
Seek out sponsorship partners to help offset costs
One effective method to reduce the cost of your company event is by looking for sponsorship partners. They can assist with covering costs in return for promoting their product or brand. This benefits both parties because you save money while they gain exposure.
There are a few ways to find potential sponsorship partners. To promote your event, consider contacting businesses who share a similar target audience. As an example, if you’re hosting a green energy conference, you could reach out to solar panel companies or electric car manufacturers.
Once you’ve found a few potential partners, the next step is to reach out to them and make a pitch. Explain what your event is about and why their brand would be a good fit, including information about your event’s attendees and media coverage. Providing them with a sponsorship package that outlines the benefits of investing in your event, certainly will increase your chances of securing their support.
Here are some other examples of how sponsorship partners can help companies save costs in conferences:
- A computer company donates laptops for use during a training seminar
- A clothing retailer provides gift cards for use as door prizes
- A hotel chain offers a discount for guests attending an event
- An airline provides discounted travel for speakers at a conference
Brainstorm a list of possible partners to help make your next conference appearance more impactful.
Utilize technology to reduce printing and shipping costs
According to a study by the Environmental Paper Network, digital printing can save businesses up to 25% on their overall printing costs. Additionally, by utilizing online shipping services, businesses can reduce their costs by up to 50% with online services like UPS and FedEx.
Technology can also be used to help reduce the cost of food and beverage service at corporate events. When ordering food and drinks online, companies can take advantage of bulk discounts and free shipping offers. With the usage of mobile apps to manage ordering and payments, businesses can avoid costly mistakes that can often occur when dealing with traditional paper-based methods.
Create a theme or decorate in a way that is unique but cost-effective
Shaping your corporate event around a single, cost-effective theme can give it a unique flair. For instance, you could select gold and white as your colors and use them throughout the decor; this might include renting all-white tablecloths and napkins with gold accents. This still looks classy while avoiding the added costs that can be associated with more unique colors.
Money can be also saved on decorations by making some elements yourself, like centerpieces using mason jars, fake flowers, and ribbons. When hosting several events in one year, it may be cheaper to rent decorations instead of buying them all at once.
Use social media to promote your event and save on marketing costs
By using platforms like Facebook, TikTok, Twitter, and Instagram, you can reach a wide audience at little to no cost giving you an advantage by creating event pages, posting updates, and engaging with potential guests.
When promoting a corporate event, you’ll want to make sure your social media posts are professional and on-brand. So you can create an event page on your company’s website, share it on your social media platforms and use the right hashtags to reach a wider audience to promote any special deals or discounts you may be offering.
Finally, they are an option to run promotions and contests. Offering discounts to guests who share your event page on their own social media profiles, or holding a contest where the prize is free tickets to your event are nice shots to try when using these channels.