Events have multiple moving parts that can both positively and negatively impact costs. With critical thinking and experience, there are key ways to keep costs down:
- Delivering to message – by being 100% committed to what it is you want to achieve, it will help make clear what ‘nice to haves’ won’t really help you deliver on your core event objective and message and therefore make it easier to let go things that won't deliver on message.
- Venue negotiation – Getting the right deal at your chosen venue is imperative and a strong understanding of the event outline and requirements will help to ensure you do. Often, venues will include a layer of additional costs that may not really be relevant or required.
- More digital, less print – once a brand identity and digital collateral has been created it costs much less to reuse and repackage it for online use than it is compared to print collateral. We live in a digital world, at the end of the day you want to make sure you get into your guests Calendars, not sit on their desk collecting dust and getting lost in piles of paperwork.
- Sponsorship – there are many ways in which you can partner with other relevant brands and companies to help keep costs at a minimum. In kind sponsorship is common and a great way to save money on some of your budget lines from alcohol to gifts, etc.
- Utilising preferred supplier relationships – when you work with a good Event Agency, you’re tapping into their business contacts and ensuring that you’re getting the best prices which are usually less that the advertised price if you were to source yourself.
- Event Design – A clear and focused design concept will ensure you streamline your event design in the most effective way. For example, working with multiple suppliers on this budget line will end up costing a lot more than you’d probably like when you start considering that each supplier will add separate labour, delivery and damage waiver costs to their quotes. Ideally, you want to work with minimum suppliers to reduce these repetitive costs.
- Choose your event time of day wisely – the time of day dictates the level of service you need to provide to your guests. If the event runs over dinner time, then you need to ensure guests are well fed if you don’t want to lose them due to grumbling stomachs. If you’re looking to save money on catering then evening events are not going to be the best way to go. There is also an expectation to serve alcohol in the evening which can add another expensive budget line. Wisely considering the time of day to host your event can be one of the most important budget decisions you make.
- Choosing the right catering package – how you package your catering budget is imperative. For example, if you’re serving alcohol, do you opt for beverages on consumption or go with a beverage package? Understanding your guests will help you to determine the best approach. A good event agency can guide you on how best to maximise savings on your catering package.
- And finally… In a nutshell, ensure you work with a great event agency! It’s our job to get you the best prices, to streamline and package your overall event in the most functional and cost effective manner and also saves on internal resources better spent elsewhere.
Welcome to Peanut. We are a Melbourne and Sydney based Event Agency. We are passionate and we love to create experiences that emotively connect brands to people.
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