How to Recession-Proof Your Events
Sadly, the truth is that we are on our way to falling into a potential recession, and there is nothing we can do about it. There is so much going on in the world out of our control. Although we cannot change it, we can adapt to how we live to get through hard times and learn the best way to plan a recession-proof in-person event or virtual event! Annual recessions happen, we have been through them and got through the hardship and challenges of them, and we can do it again!
What is a recession? A recession is a significant decline in economic activity that lasts for months or even years, according to Forbes.com. Recessions include prices decreasing, the unemployment rate increasing, companies not doing as well, consumer spending falling, and overall economic struggles.
The last financial crisis we encountered, The Great Recession (2007-2009), led to more than 22 million people being laid off, and people who were fortunate enough to keep their jobs got cut hours and reduced pay, as reported by Yahoo finance. People did not know how they would last until their next paycheck or how the month-to-month bills would be paid, relying heavily on credit cards.
When it comes to the event industry and event planning during a recession, it becomes much harder to plan and get people in. You have to worry about your own and the guest’s budget more than you had before.
Typically, when planning an event, you have a budget to follow and will upsell tickets enough to make a good profit. Still, during a recession, you do not want to make them too expensive that people cannot afford to attend. Of course, you would like to upsell them more to allow your company or charity to make a more significant profit, but in a recession, this will lead guests and donors the opposite way and not attend. Finding a good ticketing software where the fees are low will help assist you in this process.
Recession-proofing an event is all about being smarter with your planning. Don’t be afraid to step outside of the typical event planning box. Get creative and do anything you can to create the best recession-proof event under the circumstances.
Do not over-plan your event
This does not mean leaving essential features out of making your event great. Ensure all things you involve in your event will be needed and appreciated by the guests. For example, maybe planning an events decoration before, you would do both flowers and lights to create the desired atmosphere but now pick only one of the two. This will help you in the end and cut costs, and it is something most donors will not notice either.
When planning an auction, have a silent or online one so it eliminates the cost of an auctioneer and switch to a cocktail party rather than a sit-down dinner, these two things take out the extra added features that of course make an event enjoyable but also are not going to make or break the event if they are not included.
Budget, a budget is a given
You must budget even more than you did in the past with a recession-proof event. Things are costing more, and you are making less. Realistically lower your budgets for every aspect of your event plan.
This includes decorations, food and beverage, venue cost, entertainment, everything, and anything that requires you to spend money.
Budget of donors as well. If you are reducing your budget while creating this event during a recession, chances are everyone is lowering their budgets, including their giving budget. The end of a recession is unforeseeable, and people will budget until they know it is safe to spend their money comfortably.
Limit expectations
You must remember that you are in a recession when planning. Lowering your expectations allows you not to become upset when comparing your recession event to your typical events. They will not be the same, do not go in thinking you can cut your budgets and still have the same outcome. Having a smaller event does not mean it cannot be just as successful.
This also includes expectations from donors if hosting a charity event. People want to still be able to give; therefore, they are attending your event. But the chances of giving being decreased tremendously is very high. Unfortunately, you will no longer be able to raise as much as you did in the past and you cannot change that by asking for more, do not ask for as much as you did in the past. This will steer donors away and make them think you do not appreciate them and only see them as a donation. A donor is there to support you and your cause and will enjoy any event you create, big or small.
Alternative markets
Get creative and support local businesses. There are so many businesses and marketplaces other than your typical retail stores that offer just as much and the same quality, if not better, for reduced prices. Need a caterer? Don’t order from a chain restaurant order from a local business. You are helping them, and they are helping you with lower prices.
When getting creative, check Craigslist or your local goodwill for supplies. With extra work and elbow grease, you can make something older and worn into something brand-new that will look great at your event.
If planning an auction, ask locals to donate their talents instead of asking sponsors for material items. For example, painting, knitting, and even having someone who is a great musician donate their time and teach a class. These are much more personable and special than material items bought at the store.
No industry is recession-proof, but some are close to being just that because of people's basic needs.
When picking out sponsors for your events, think unconventional. You may never have used any of these industries to sponsor an event. If they are willing to support a good cause and help you out in the end, it’s a win-win for both parties involved.
Every industry needs an event planner, it might not be what you are typically used to, but planning is necessary everywhere. If a recession hits and your typical industries that need an event planner cut back and pause on events until things get better, you need to find a way to get through the recession yourself.
Some industries that will typically live through a recession can be:
Consumer staples: for example, toilet paper, toothpaste, things people cannot live without, so they cannot cut back on buying.
Grocery stores: Everyone needs food to survive. This is an impossible industry to fail during a recession; if anything, it will grow stronger because many will cut back on eating out and will be cooking their own food more.
Funeral services: They will always be essential, sadly. Families do not like to cut back when arranging funeral services for loved ones, so this industry typically does not suffer a huge impact.
Discount retailers: Any retailer will be hurt during a recession, but discount retailers tend to do well due to their lower prices. People do not shop as much, but when they do they try to save money still.
Events can be successful in a recession, plan accordingly and make your goals realistic for a recession-proof event!
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