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Deal With It – How Event Pros are Handling Inflation

Rising costs are the leading challenge event planners are facing in 2023. But if your event marketing budget hasn’t been adjusted for inflation, how can event pros stay within budget?

Plan ahead

In an effort to secure the best prices – it really does pay to plan as far in advance as possible.

Contingency plan

Have a contingency plan that goes beyond the consideration of multiple date options. Look at every single element of your event, from timings, duration, attendee numbers, venues, locations, suppliers, travel, accommodation, and catering arrangements, right through to its format. Is there a scope for your event to be hybrid or fully virtual? Could you combine two or more events that could be combined into a single experience? Also consider exploring non-traditional or unique event venues for the primary event location as you may find they have more flexibility to offer more cost savings impacting your bottom line.

Invest in your supplier relationships

If your planning team is in-house and works directly with your suppliers, it’s essential that you invest in those relationships and communicate honestly and frequently with them. Doing so will put you in a better position to start negotiating your supplier contracts, including asking them to guarantee today’s prices for the duration of that contract, as well avoid potential shocks or conflict.

Consider hiring an events agency

Working with an events agency – or any partner with extensive experience, industry knowledge, and a global network of suppliers and the purchasing power to volume buy – can help you cut costs, maximize savings and get more for your budget, as well as open your eyes to new and innovative solutions. For a complete list of event planner options in your destination visit our Event Planner Directory.

Casey Romano, Publisher | meetingpages | casey@meetingpages.com

Creator of digital platform meetingpages complete event planning directory and resource delivering leads and national, regional and local exposure for event venues, suppliers and destinations in MN, WI, IA & CO markets. In her free time, this 19 year industry veteran enjoys dance, group fitness, and training her young golden retriever dog in competition obedience and confirmation.