Every professional wants to produce an event that makes a splash, but doesn’t require splashing the cash. Making an impact doesn’t have to also mean making a dent in your or your client’s wallet – being both effective and cost effective can go hand in hand.
And cost efficiency is becoming a high priority for a number of events professionals. A recent study from ReportsnReports found that the event management software (EMS) market is due to grow at a compound annual growth rate (CAGR) of 11.3% through to 2020, as more industry experts seek to better manage their cash flow and make event operations easier.
For start-up events in particular, being cost effective whilst making an impact is vital; but being able to create value for money and a valuable experience requires concentration and clear planning from the offset. This is where the integration of marketing techniques into the event planning stage comes into play - working clear-cut marketing strategies into the planning stages can help maximise the efficiency of an event.
Firstly, event professionals need to consider why they are hosting an event: what are the goals and objectives? Thinking clearly about the ideal end results of an event will help to focus the initial planning stage and hopefully ensure a more streamlined event with little wasted budget.
Next, try and raise awareness through as many free channels as possible - use warm connections to advertise the event and also create new contacts via social media. Sites like Facebook and Twitter have a huge reach and are free - an obvious statement, perhaps, but one that shouldn’t be underestimated.
Finally, do prepare for the unexpected. Unfortunately live events do often throw up some unexpected costs, so always have some budget set aside just in case.
The use of the right technology and systems at an event can also help with cost efficiency. Investing in the right services will not only ensure the smoother running of an event, but easier follow-up and potentially more conversions. For more information on events software and services, contact us. DB Systems – bespoke AV and IT systems specialists for those in the event industry.