The good news is event formats like meetups, roundtables, tweetups and the like are very easy and cost-effective to organize and host. This is especially true now with online communities, web-based services and cultural shifts that I believe are being driven by workforce transitions, mobility, social media and mass restlessness.
JD Peterson and I posted some thoughts about this topic including some tips and tools to consider. I'm convinced that face-to-face is required in the mix if you want to be more effective in your business. Expensive travel and event management budgets do not necessarily apply but you might consider serving margaritas and chips!