Events: Can keeping it cheap be costing you in the long run?
When you have events that need to bring in revenue and create a profit to survive keeping a tight budget on costs is key, however is the scrimping and saving on all costs for the event really helping to sustain the event each year and even grow it into something more substantial?
Doing an event on the cheap is great in terms of hitting sales targets and improving the profit but are you undervaluing the event, stopping any further growth on ticket and sponsorship sales.
When you are setting event sales targets, looking at what the event actually costs, and what additional costs could be added to really increase the experience for the attendees will give you a better understanding of what is required to create the event you want. If your costs are exceptionally low then you could be limiting the amount you can generate, once sponsorship targets are hit then the push for sales tails off, and looking for new business can effectively stall, so then where is the need to push to improve attendance and sponsorship? obviously this has to be looked at comparing the market and demand for the event but if is fairly easy to always hit the target year on year then where is the motivation to look for new sponsors and expand the event, potentially increasing the profits and engagement of the event further.