Attending networking events can bring you closer to industry peers and decision-makers, helping you land some new leads. But these events don’t happen all that often, and sometimes you miss out due to other obligations, transportation difficulties, or sudden circumstances. One way to take back some control is by hosting your own collaborative event. Of course, creating an event requires a lot more work and attention than simply going to one. The biggest hurdle of all is figuring out how to fund it. Here are some practical budgeting tips for hosting your own collaborative events.
Have a Plan in Mind
Your first step in hosting an event should be planning the whole thing from start to finish. This includes details such as what day it will take place, what time it should start and end, what the main presentation or purpose of the event should be, what meals or drinks will be served, if any, etc. The more you know about your event ahead of time, every additional step will be easier and cheaper to make. You won’t waste time or money on irrelevant details.
Know Who’s Coming
With your plan in mind, you can start thinking about who you want to attend your event. Are you planning on inviting a small local group of those in your industry? Or do you want to host a much larger event that goes beyond your region and appeals to a wider range of professionals? Of course, the smaller your event, the less it will cost. But most importantly, you have to consider the overall goal of your event and choose the optimal set of guests according to that.
Once you have an idea of how many people you’ll be inviting, you can start thinking about which venues will comfortably accommodate the group and how much seating and catering will be required, etc.
Quality Over Quantity
On the note of guests, focus on inviting the right people above all. It’s better to host a smaller event with highly-respected and influential people who might make for good leads than it is to invite tons of people with whom you won’t establish good relationships. The main goal of your event should be to make new connections or re-connect with familiar faces in your industry. The amount you spend on hosting the event is an investment that will ideally yield a positive return from the strong connections you make. For the best lead generation results, be discerning when crafting your invitation list.
Book Early and Wisely
If and when you have a final invitation list at the ready, you should book the right venue as soon as possible. The longer you wait, the more difficult it will be to land a good date, or the venue owner might charge you more depending on the demand for a specific date. If you want to save the most money, you can book on an unpopular date at an uncommon time. But keep in mind that most people won’t want or be able to attend your networking event if the “when” is too obscure. Try to find a happy medium and book on a reasonable day and time that most people can make. Just don’t wait too long!
Keep location in mind as well. The venue might be a short drive for you, but what about for your guests? Try to pick a location that will require the least trouble for your attendees. Of course, you won’t be able to please everyone, but try your best. Make sure to investigate the parking situation beforehand, too. Try to choose a venue with plenty of parking spaces and/or with free parking access to reduce costs and increase turnout.
Split the Cost
No one said you have to host or fund a networking event all by yourself. Collaborative events should be … collaborative! Try reaching out to other businesses and see if they want to team up to host an event. Determine who will handle what aspects of the gathering and who will incur which costs. Hosting an event in tandem with another company (or more) is a great way to cut costs, gather more media attention, and ultimately bring more people to the event. You’ll just have to share the spotlight, of course. The goal here is to generate leads, promote your brand, and strengthen relationships. If it means you need to work closely with other businesses, all the better. You’re already on your way!
Hosting a networking event is a powerful lead generation strategy. It simply comes at a cost. The budgeting tips above should help you cut these costs while still allowing you to create a productive and memorable event. ProScout Lead Generation Services can help, too. Our team will work with you every step of the way to create the ideal invitation list, find the best venue, and even manage your event. Contact us at our Chattanooga or Nashville offices to learn more about our services and mission!
