Slashing Budgets or Getting the Biggest Bang for Your Bucks?
When we start planning an event, the event budget is usually one of the first things we think about. Thinking critically about where to spend our budget to achieve our outcome is never easy. It's not about slashing our budget, it's about how we get the most out of the budget to bring to life the key event objectives and/or return on investment.
One thing we might like to think about and take into consideration is if the event is a recurring event. If so, one of the main considerations would be to make sure that the event is one everyone wants in their calendar as a must-attend.
Before we start to consider the event budget, start by understanding the company’s culture and the demographic of the attendees. This should be able to help us start to identify the types of venues we should be considering. For example, if the audience is a more mature audience with high net worth individuals attending then we will look at different venues to a younger demographic. Every aspect of the event needs to be tailored to the company’s culture, the company's strategic direction, and the demographic of the audience.
There is no magic pill when it comes to the event budget, it’s all about good negotiations with suppliers and being really clever with where we allocate the budget.
When we think about the event’s needs and wants, we should always think about the event experience and bring it back to the culture of the company and event. For example, if we are looking to choose the Hilton Hotel or Marriott Hotel for our accommodation or venue, what do I need to consider? Do we need to consider the location, the look of the rooms, facilities and so on? The answer is somewhat! What we need to consider is, firstly do these hotels meet our objectives? Do they have the space, facilities and rooms we require for the event? Do these hotels fit the culture of the organization and the demographic attending the event? What is the most important thing to the attendees? What other venues should we be considering? Once we have answered these types of questions then, we can go forward with the negotiation and make sure the venue or rooms fit within the budget. If they don’t fit within the budget, then speak with the venue to see if there is room for negotiation.
But before we sign off on the venue, take a look at the audio-visual requirements and event technology. If we don’t need wiz-bang technology for the event, then don’t go with a supplier that has all the bells and whistles. Buy what we need based on the event design and the experience we are wanting to create for the attendees.
At the end of the day, we want to make sure that our event creates the experience of a lifetime for everyone involved by making the most of our event budget. After everything, iIf you’re still having difficulties managing your event budget and don’t know what to do, then check out our 7StEMM program. We will aid you through our methodical process and make sure that you can plan events that you and your future clients will love no matter what your event budget!
For more information, check out our Extraordinary Events website and download our free resources.