There are always moving parts hidden in planning any event. We have given you several to think about. The more moving parts, the more impact can be felt on your budget.
Given this, remember: an event's financial foundation is directly related to the event’s outcome whether it is an event you are attending or one that you plan and promote. Creating a realistic budget is a key to event success. Also, branding your look for a successful impact is crucial! Data from the 2019 Event Marketing: Benchmarks and Trends report shows that businesses spend nearly a quarter of their marketing budgets on events. That’s huge when you think about having a positive impact on potential customer sales. There’s more: the most successful businesses spend 1.7x the average marketing budget. Budget for events are usually contingent on hopeful event ROI.
How do you set a plan in place for event budgeting?
Begin with the basics: Set Goals.
Somethings just never go out of style and making sure you have realistic and definable goals in place is always the first step. The main purpose of any budget is not only to keep tabs on spending but to provide a window into your success. Organizers fund events if they know there will be a valuable outcome.
Study your company’s past successes.
Use previous data and templates to establish a solid pathway for your event. This one step will save time and inform others of decisions that need to be made. Having the information on file makes the budgeting process simpler and quicker.
Include all the details that are relevant to the budget. Never hide expected expenditures. This will lead you to make wise and timely decisions. For example, you need to immediately think about signage, banners, and any other marketing products you will need. Once your event theme and technology is chosen another significant chunk of the budget should be dedicated to your overall marketing strategy.
Bring your event to life!
Creating a memorable event experience requires planning and money but also plenty of communication strategy. Don’t instantly write off new ideas. Be willing to “go social” and make sure you have a strong visual presence on social media including an up-to-date website!
Be aware of the latest trends.
Effective budgeting doesn’t only consist of finding the best deals. It includes knowing what to spend money on. The best way to properly allocate your funds is to be aware of event industry trends and understand why these are impactful. Being knowledgeable of event trends allows you to understand which solutions are effective and those that no longer are.
Map it all out.
Your event budget will need to cover venue procurement, promotional campaigns, food, staff, tables, chairs, event technology, lighting, swag, and the list goes on.
Hedge your bets.
Catastrophes will happen. Costs suddenly appear. Have a back-up plan and a back-up reserve of funds for unexpected situations.