As per several studies and reports, the U.S. economy entered a recession in 2022, and it is going to cause an economic downturn in the upcoming months. However, the sad part is we cannot do much about it. However, what we can do is prepare ourselves well for what’s lying ahead and recession-proof our strategies, planning, and events.
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Meaning of Recession
A recession is defined as a decline in the economy that can last for months and even years. The most common reasons for recession are negative GDP, increasing rates of unemployment, and a fall in retail sales. Also, a reduction in the income measures and an increase in manufacturing time are also considered as some of the prime reasons. Also, recessions are generally inevitable and a regular part of the working of a business cycle. We all know how devastating the Great Recession of 2007 was; millions of jobs were lost, and people didn’t know how to pay their bills.
Talking of how a recession can have an effect on events and the event industry, as an organizer, you’d need to worry about factors such as having and following a fixed budget, ticket pricing, and others. Also, as an organization, you cannot stop hosting events altogether as we all know how important of a role events play in the marketing and promotion of any brand.
It is when you know you’d have to play smarter not harder. With this in mind, we have curated a guide that will help you know how you can recession-proof your events.
Recession-Proof Your Event Strategy
Recession-proofing your event strategy is getting smarter with your planning and hosting events that don’t end up leaving a hole in your pocket in times of recession. Here are a few tips you should keep in mind while hosting events.
1. Online Events to Beat Recession
We all know how expensive hosting a physical event can be; you cannot afford to spend huge sums of money while the economy isn’t in the best phase. There’s an alternative for that, online events. Hosting online events, as we all know, is far more beneficial than physical events. Therefore, you can save money with virtual events during times of recession. Not only this, virtual events are more flexible and wouldn’t require the attendees to travel and spend money on tickets and hotels. Online events are a great option for the organizers as well as the attendees; both parties can access the event without any worry.
2. Don’t Over Plan
Yes, don’t end up over-planning your event. It doesn’t mean you should end up being careless about the event. All you need to do is cut down on some of the elements of the event that are not that necessary. For example, the decoration part. However, add all the essential elements to the event and ensure that the needs of guests and attendees are met.
Eliminating unnecessary elements in the event will help you cut down the cost of the event significantly. Also, since these elements are not vital, your attendees won’t pay attention to them. Of course, there are some factors that make any event more enjoyable; however, they won’t make or break the event either.
3. Stick to the Budget
The most important thing you should keep in mind while planning your next event is forming a budget and sticking to it. While on other days, you can afford to exceed the budget slightly, remember, things are different now. Creating a budget and sticking to it is the most vital factor if you wish to recession-proof your webinar.
Also, lower your expenses for all aspects of your event. The ending of a recession is unpredictable; hence, you need to understand that people will budget things before they know they can finally spend money comfortably. Hence, while you are budgeting your expenses, your donors and sponsors will also be doing the same. Keep it in mind, and plan all the aspects and elements of your event accordingly.
4. Don’t Expect Too Much
It is very common and human to have expectations in something we are investing in. However, you need to understand that you are planning an event during a recession, and things might not work out the way you planned. These events won’t be the same way your regular events are. Therefore, don’t expect the same results with less money spent.
However, you should also not think that with less money, your events won’t be successful. But, it is necessary to lower your expectations from every aspect of your event. For example, if you are hosting a donation event, the chances of generating high amounts of money will fall tremendously. Also, don’t end up asking for more from the donors; it will steer them away.
5. Choose Alternate Options
There is always an alternative available; you need to set your vision broader. While planning your event, choose options that are less expensive. However, you don’t have to compromise on the quality of things. For example, when it comes to the online event platform, choose a pocket-friendly online event platform that comes with the best of the features. Similarly, while you are targeting brands for sponsorship, go unconventional. You can tap on brands that you wouldn’t have thought of earlier. All and all, you need to think unconventional and play smart.
Value of Events During Recession
We all know how important of a role events play in the brand promotion of any organization. Many of you will think of cutting down the number of events or eliminating the hosting of events during the recession. However, you don’t need to do so. In fact, contrary to popular opinion, events carry a significant value during a recession. Here’s how.
1. Events Promote the Chances of Growth
Events are considered a great platform to connect with people and boost personal and professional networks. With events, the organizers get to connect to new audiences and expand their brand reach. And similarly, the attendees get to connect to like-minded people and expand their personal and professional networks. Hence, while there is an economic downturn, by hosting events, you will create opportunities for people to connect and grow.
2. Collection of Event Data
There are several online event platforms that offer live data analytics tools to users. They can make use of that particular tool to collect event data, which can help them connect with the audiences and generate leads. The analytics tool will help the organizers in reaching out to new people, expand brand awareness, and get more business. With this tool, the organizers can expand their business multiple times and generate money in times of recession.
3. Offer Help
Everybody is going through a tough time these days, and if your event is offering a solution to the problems, who would say no to it? Hence, you can host online conferences and summits that will talk about creating opportunities during the time of recession. It will compel people to attend your event. Also, you can host events that would talk about how to make money, motivate people and offer a new set of opportunities and ideas to sail through tough times.
Save Money With Virtual Events and Event Platforms Like Mixhubb
As we talked about it, you can take it to online events to beat the recession. And when it comes to online events, there are several online event platforms that can help you deliver events successfully. But, now that it is time for us to play smart, you should ideally choose a platform that not only helps you in delivering excellent events but at a reasonable cost.
It is the reason you should go with a platform like Mixhubb, a self-managed online event platform that offers three different pricing packages. Also, it comes with a set of the most advanced tools and features that will make everything a lot easier and more efficient for you. Also, it comes with a free trial. To learn more about it, you can book your demo now.
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