In recent years, AV and technology costs have surged, creating a ripple effect on your budget. As cited by the PCMA, several factors are contributing to this increase:

1. Inflation and supply chain issues – Inflation hit a four-decade high of 9.1% in June 2022, driving up prices across the board. Supply chain disruptions have also led to higher costs for AV equipment, with prices for items like screens and video projectors increasing by 15 to 50%.
2. Travel and transportation costs – The cost of travel for technicians and transportation of AV gear has risen significantly. This includes expenses for trucking and logistics, which add to the overall cost of AV services.
3. Labour shortages – A sudden talent shortage post-pandemic has made it challenging to find skilled AV technicians. This has led to higher labour costs, as you often need to pay premium rates for experienced professionals.
4. Venue fees and exclusivity agreements – Many venues mandate the use of their exclusive AV suppliers, which can limit flexibility and drive-up costs. These agreements often come with additional fees for rigging, power distribution, and in-house labour.

Given these challenges, you need innovative strategies to manage AV costs effectively. By reading on, you’ll learn:

• Creative ways to balance budget constraints with delivering unique experiences
• Cost-effective AV/technology solutions to ensure impactful events
• Tips on negotiating with venues, and strategies to offset other expenses
• Insights into emerging technologies and sustainable practices
• The value of partnering with a trained and experienced team

Navigating exclusive AV supplier agreements

Navigating exclusive AV supplier agreements can be a complex task. It’s important to carefully examine these arrangements during the contracting stage and negotiate with venues to ensure as much flexibility as possible. This can be challenging, especially when finalising costs before booking the venue. One effective strategy is to use trusted AV partners who meet specific quality standards. In some cases, a hybrid approach can be beneficial, where trusted AV partners handle main plenaries while the venue’s approved partner manages breakout sessions. This method helps maintain the quality of the production while keeping costs under control.

Strategic AV and technology choices

AV and technology budgets incorporate an extensive list of equipment, often consolidated into a single line item. The complexity of AV and technology provision can lead to a lack of understanding of the equipment needed to deliver the event successfully. For instance, LED walls may seem expensive, but they offer a flexible alternative to traditional set and stage setups, allowing visuals and branding to be changed at the touch of a button. This customisation can transform an environment from product launch to plenary, from daytime breakout to evening awards, helping you to maximise the use of the space you have with limited additional spend. It’s also more sustainable. The same principle applies to other AV equipment too. With careful planning, schedules can be designed to reuse equipment for multiple scenarios, reducing the need for additional equipment hire.

Leveraging digital tools for engagement

Incorporating digital tools into event planning can significantly enhance delegate engagement and streamline event management. Apps can be used as engagement tools, carefully designed to weave interaction throughout the event and enhance the overall experience. A cost-effective, well-curated app can contribute greatly to meeting event objectives by offering features such as live polling, Q&A sessions, and networking opportunities. These tools not only keep attendees engaged but also provide valuable insights and feedback, making them an essential component of modern event planning.

Aligning AV decisions with event objectives

Because technology and AV can be complex, you may seek guidance on what’s necessary to deliver your event vision. To realise your vision, we begin the design of any event with a discovery session to uncover your strategic objectives and determine your desired outcomes. This holistic approach ensures that our AV and technology choices align with your needs and goals.

Emerging technologies

Incorporating emerging technologies can also be a game-changer for you. Virtual and augmented reality, for instance, can create immersive experiences without the need for extensive physical setups. AI-driven event management tools can streamline operations and reduce labour costs, while remote participation technologies can expand your audience without significantly increasing expenses.

Sustainability and cost optimisation

Sustainability is becoming a crucial consideration in event planning. Choosing AV/technology solutions that are energy-efficient and environmentally friendly not only reduces your carbon footprint but also appeals to eco-conscious clients. For example, LED lighting is not only cost-effective but also consumes less power compared to traditional lighting options. By integrating sustainable practices, you can often find cost savings while also meeting the growing demand for green events.

The value of a trained team

Having a highly trained and experienced team is crucial for optimising AV/technology costs and ensuring the success of your event. Experts who are well-versed in the latest AV and technology trends can handle any challenges that may arise, ensuring that every piece of equipment is used to its fullest potential. This not only reduces waste but also maximises value, leading to exceptional event experiences. A trained team can provide professional management, streamline operations, and deliver high-quality results, making them an invaluable asset for you.

Top 10 tips for maximising AV / technology impact on a budget

1. Understand rising costs – Be aware that AV and technology costs have surged due to factors like inflation, supply chain issues, travel and transportation costs, labour shortages, and venue fees. Knowing these can help you plan better.
2. Negotiate early – Start negotiations with venues early to explore flexibility in AV supplier agreements. This can help you secure better terms and manage costs effectively.
3. Use a hybrid approach – Consider using trusted AV partners for main plenaries and the venue’s approved partner for breakout sessions. This strategy helps balance quality and cost.
4. Break down AV budgets – Break down your AV budget into specific equipment needs rather than a single line item. This helps in understanding what is essential for your event and optimising costs.
5. Leverage flexible solutions – Invest in flexible solutions like LED walls, which can adapt to various event formats. This reduces the need for multiple setups and saves costs.
6. Reuse and repurpose equipment – Plan schedules to reuse equipment for multiple scenarios, reducing additional hire costs. This ensures that equipment is utilised to its fullest potential, maximising value and minimising waste.
7. Choose the right digital tools – Select cost-effective apps that align with your event objectives. Incorporate features like live polling, Q&A sessions, and networking opportunities to enhance delegate engagement.
8. Explore emerging technologies – Consider using virtual and augmented reality to create immersive experiences. Implement AI-driven event management tools to streamline operations and reduce labour costs.
9. Promote sustainability – Opt for energy-efficient AV/tech solutions like LED lighting. Incorporate green practices into your event planning to reduce costs and appeal to eco-conscious clients.
10. Partner with a trained team – Choose a provider with a highly trained and experienced team. This ensures professional management, maximises equipment use, and delivers exceptional event experiences.

Partner with experts for unforgettable events

In the face of rising AV and technology costs, you need innovative strategies to deliver exceptional experiences without overspending. At BI WORLDWIDE, we combine our extensive expertise, trusted partnerships, and cutting-edge solutions to help you navigate these challenges. Our commitment to sustainability and our client-centric approach ensure that every event is tailored to your unique needs and goals.