As the trend of hybrid working looks set to continue, the need to bring workforces together, in offsite team meetings and events, is also likely to grow. Meeting colleagues in person is an important part of a company’s culture.
Furthermore, the events industry is expected to experience significant growth from now until 2028, with a projected compound annual growth rate of nearly 23.1% through to 2028, inevitably creating more demand for meetings and event space.
However, higher prices are also on the horizon, something that has to be factored into overall business costs. In Skift’s latest events economy tracker report from The Business of Events shows that meeting and event costs in the UK were up by 22% in the second quarter of this year alone. And, with demand for meeting and event space not slowing down either, Cvent has predicted 2024 costs will remain high.
We asked our expert Events team to recommend some quickfire tips on where to save money when booking external meetings, and highlight why working with a dedicated meeting and events team can help when negotiating costs with venues and suppliers.
1) Be flexible with dates
Did you know it can be around 30% cheaper to host meetings on Mondays or Fridays? And you’ll find that rates are typically cheaper from January to March. Also consider starting meetings at 1pm for half-day room hire only.
2) Book in advance
For large events, enquire a minimum of six months in advance, especially for popular months such as May and September.
3) Negotiate cancellation policies
Consider booking as a group so cancellation terms can be negotiated by your dedicated meetings and events team.
4) Work with preferred venues
Utilising preferred venues gives greater buying power and you can rely more on the product and service.
5) Book the right package for your event
Once you’ve confirmed a booking, adding extras such as accommodation or drinks can cost more. Booking rates – such as a 24-hour rate, including accommodation, meeting room, drinks and catering – can be the most cost-effective option.
6) Uncover added value
Work with a dedicated meetings and events team, rather than going directly to venues. Reed & Mackay Events team looks for ways to add value, from negotiating free parking, arrival drinks, in-house tech and much more.