3 Steps for Saving Money on Your Next Conference
Saving money is always important, whether you have a large budget or not. Saving money in non-essential areas can help you invest those dollars into things that can make a difference. For example, one client saved $800,000 by making a few adjustments – a cost savings of $2,000 per participant – and used it instead to give participants a truly creative and fun experience.
While not every company has that much to spend or to save, there are certainly very achievable ways to make your next conference one to remember without killing your bottom line. Here are 3 for your consideration:
Consider a Virtual Event
One of the ways the previously mentioned client was able to save so much, was by limiting travel expenses and using webcasting to communicate to their 400 attendees in four locations. While not every meeting can be virtual, using virtual elements, such as webcasting, can help reduce expenses over an in-person event.
Staying open to technology efficiencies can help lower costs, increase attendance, and streamline processes.
Work with Professionals
Expertise may seem expensive, but anyone who has hired someone new to save money often regretted it in the long run. Experienced corporate meeting planner professionals know the tricks that can save money, including having established relationships with vendors. They can anticipate problems before they arise and know what steps to have in place to sidestep them or adjust on the fly.
Inexperience is always more costly than expertise.
Being clear about your mission and values, as well as exactly who you are reaching with your event will help decision-making. This focus will allow easy cost-suckers to slip away while your guiding values make the more aligned choices.
For example, if the audience consists of those passionate about green principles, the decision to incorporate eco-friendly strategies is a no brainer. It immediately directs you to sustainable practices, green venues, earth-conscious products, and local foods. This shortens the time it takes to find vendors and locations, saving time and money.
Clarity is your compass.
If you are considering a live or in-person event, trust AMI to provide the knowledge and professionalism you need to make it a success. Learn more about how we save clients 20% on average with our 5 point strategic meetings management plan.