Posted on December 7, 2023

6 Ways Event Technology Can Help You Combat Inflation in 2024

As the events industry rebounds with a newfound vigor, it’s undeniable that the landscape has evolved significantly. Rising costs, inflation, staffing shortages, increased meeting volumes, shorter lead times, and heightened competition for event spaces have all created challenges for event planners and organizers. In this changing environment, it is crucial to explore strategies for managing costs and combating inflation effectively.

Venue Sourcing Technology

One of the most substantial expenses for any event is the venue, typically accounting for 30-40% of the budget. The resurgence of in-person events has not only increased costs but has also intensified the competition for desirable venues. Embracing venue-sourcing technology can be a game-changer for your event planning process, enabling you to maintain control over costs and find the perfect venue for your conference, meeting, or trade show. Furthermore, it streamlines tasks, saving valuable time and resources.

Benefits of venue-sourcing tools include:

• Access to rate data by location, allowing you to compare cities and dates within your budget.
• RFP technology to simplify the bidding process and help you choose venues that align with your budget.
• Integration of budget tools for efficient tracking and management of expenses.
• A database of preferred venues and vendors for leveraging during challenging times.
• Enhanced negotiation capabilities with venues through streamlined communication.

By harnessing technology, you can automate processes, save time, and gain valuable insights into deposit management, credit utilization, and negotiated rates.

Room Block Management

In 2023, attendees are more budget-conscious than ever when it comes to accommodation. Leveraging room block management technology makes it easy for participants to secure the negotiated rates with the event venue. Create user-friendly booking websites that seamlessly integrate with your registration platform, allowing attendees to book rooms with a few clicks. Real-time room pick-up data enables you to forecast, report on attrition, and optimize in-person attendance, ultimately saving valuable event dollars.

Additional benefits of room block management technology include:

• Integration with hotel PMS systems, eliminating the need for manual data exchange.
• Encouragement of early travel bookings through registration tools to secure the best rates.
• Access to data for evaluating meeting format and location to reduce overall costs.

Online Vendor Marketplaces

Finding suitable vendors to meet your event requirements can be a daunting task, especially when service needs have evolved. Online vendor marketplaces such as real estate marketplaces, streamline this process, saving you time and connecting you with a network of vetted vendors ready to fulfill your requests. Centralizing venue and vendor sourcing brings efficiencies across your organization, enhancing your ability to initiate searches using your event RFP details.

Key advantages of digital marketplaces include:

• Efficient vendor rate comparisons.
• Leveraging preferred vendors to optimize spending.
• Integration of budget information for comprehensive expense tracking.

Event Budgeting Software

Managing event budgets and expenses can be challenging, particularly in an environment marked by inflation. Manual data entry, complex Excel formulas, and disjointed systems can lead to a lack of visibility and wasted resources. To navigate this, consider adopting event budgeting software to gain a clear understanding of your spend.

Key benefits include:

• Comprehensive budget tracking, including negotiated rates and cost avoidance.
• Visibility into expenditure patterns.
• Holistic assessment of market share among vendors.

Meeting Request Forms

Lack of visibility is a recurring issue in event management, especially when cost control is a top priority. Meeting Request Forms (MRFs) are invaluable tools for capturing and centrally storing information about all meetings taking place within your organization. Streamlining the collection of meeting requests provides the visibility needed to make informed decisions, such as merging or eliminating meetings to reduce costs.

MRFs offer additional advantages, such as:

• Considering smaller regional meetings to minimize air travel costs.
• Gaining visibility into trade show participation for cost-effective planning.
• Validating event participation by standardizing return on events (ROE) metrics.

Virtual Event Tech

The recent surge in virtual events has demonstrated the convenience and cost-saving potential of this format. To effectively manage costs, it’s essential to have the flexibility to transition between in-person, virtual, and hybrid events seamlessly. Investing in integrated virtual event technology empowers you to adapt quickly to changing circumstances.

Virtual event tech offers the ability to:

• Opt for virtual events when networking isn’t the primary goal.
• Reduce travel and accommodation expenses with virtual options.
• Provide employee flexibility through virtual event participation.

Wrapping Up

In conclusion, while the desire for in-person events remains strong, budget constraints and inflationary pressures necessitate careful planning and the strategic use of event technology. Preparing your event program to adapt to various scenarios and showcasing its value to the organization are crucial steps in ensuring success amidst evolving challenges. To explore more cost-saving strategies and adapt to the changing events landscape, refer to our resource.