“A budget is telling your money where to go instead of wondering where it went.”
Over the pandemic event organizers have lived the proverb “cut your coat according to your cloth”. Blame it on the sponsors & brands wary of plunging into the virtual world, not-so-pocket-friendly, new-fangled event tech on the rise and the high event staff attrition numbers draining on the brimming yesteryear event budgeting models!
But there’s no denying that event budget reallocations will be the reality in 2022! In-person events are slated to be back. Hybrid versions or not….the strategic event landscape is sure to change for the good with Extended Reality (XR), NFTs and Virtual Hologram-based presentations entering the event budgeting excel cell blocks. According to a Social Tables Survey Report 64% of event planners have already expanded their budget in 2022.
The twist in the event journey tale now will be “where to spend the dollars” and “where to do dollar savings” as commercialization of event planning automation & technology has brought many better and newer options to the fore.
The pandemic-hardened event managers are emerging stronger than ever – they are now 'poka-yoke'ing, SWOT analyzing and finding alternatives to optimize their event planning spends. They are trying out money saving tips and tricks! Here’s what they are trying out!
Trending Now: Co-located Events!
The event venue booking can mean a pretty sizeable cash outflow. While event planners are busy marking their calendars for off-season and early-date event space bookings, piggybacking your B2B event onto another similar-industry B2B event can be a better idea!
You could think along the lines of shared high-end menus, joint hospitality staff and going dutch on the collaborative in-event spots. The co-locating event trend is catching on……for example, The Subcon 2022 was held in June 2022 under one roof with The Engineer Expo and The Manufacturing Management Show!
Be on the lookout for local event creators and branding professionals, even vendors, with whom you can strategize your co-located event in unison.