When the world went into lockdown and corporate events went virtual, Kapow! worked with our supplier network to adjust to the new demand. Even with the promise of vaccinations, we do not see the demand easing for virtual events in 2021. After delivering 2000+ virtual events delivered from more than 100 different suppliers, we’ve seen…
What Rising Event Costs Mean For You
As we move into 2019, it’s important that we get out in front of the fact that event costs are rising as we go into the new year. According to Skift, increased meeting demand has led to increased travel and hotel costs as demand outstrips supply. As we move through the year, chances are good that marketers and event planners are going to have to get creative in order to maximize their event return. It’s not all bad news, however, there are ways to navigate through rising costs and ensure your events still meet your goals.
Rising costs don’t negate events’ efficiency
The good news is that costs are up because of increased meeting demand, according to Skift. Further, Skift also reports that despite increased cost—mostly stemming from travel and hotel accommodations—events are still a high priority for many companies. Around one-fifth of marketers still devote 21–50% of their budgets for events, which is a large variance but pretty solid indication that event marketing isn’t going anywhere as a leading tactic.
Offset event costs by staying local
One way to offset rising event costs is to cut down on travel. Employee or client staycations can be an effective way to break the mold without breaking the bank. Local events can boost your RSVPs by encouraging partial participation, coaxing busy C-suite members to attend and providing the option for spouses to attend parts of the event as well. And, as long as you avoid the dates of major conferences and holidays in your city and book 4–6 months out, a local event can drastically reduce your overhead.
Get the most out of your spend
Instead of pouring a big chunk of your event spend into a single event, hosting a road show or series of small events in multiple markets is a good way to ensure you are hitting clients in multiple markets. An easy way to make your budget last is to invest in a multi-event program. Working with a partner like Kapow lets you have one point of contact for your events in multiple markets and our partnerships across the U.S. mean you can expect the same consistent level of high-quality service and unique experiences in any location. If you’re looking to cut down on on travel expenses, multi-event series can help you hit multiple markets while keeping costs low. Choose from creative multi-event program ideas with our many national partners who have locations across the U.S.
Have a strategy to follow up
Events lose their ability to deliver ROI when there are gaps in planning. The easiest way to make sure your event works for you and not the other way around is to go into it with a clear plan. Who are you looking to engage? What’s the post-event follow-up plan? Do you have a clear plan to present content? Planning is going to go a long way toward making sure your event goes off without a hitch. Before you worry about higher event costs, make sure your own event strategy is where it needs to be to take full advantage of your opportunities.
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