The event planning process has a plethora of verticals, all connected to one prime aspect – The Event budget! Imagine investing in lavish venues and booking fancy performers only to have no funds left for event promotion. Without a consolidated event budget formulated during the initial stages of planning, there are high chances that you might end up in a crisis.
As event managers, your goal is to create an experience that your audience cannot easily forget. A carefully curated budget helps organizers come up with sustainable event management solutions by designing a realistic financial guideline.
What is Event Management Budget? The Relevance:
Every penny counts! The idea of a great event management system is to build a pathway towards a successful event by allocating a certain percentage of the total budget to a particular aspect of the event. The strategy also involves saving some amount for emergencies and sudden changes that are bound to happen throughout the course of the event.
Event Budget Statistics:
Tracking where every penny went is also important. Industry statistics suggest that event planners who publish their events through the best event management software divide their budget into the following sections:
- Marketing and Promotion Expenses: 43%
- Speakers and Headliners: 32%
- Printed Materials like brochures, menu, and lineup lists: 29%
- Venues: 18%
Plan a smart event budget through an online event management platform and host successful events that boast great attendee satisfaction rates. Here are 6 tips and tricks shared by seasoned event planners to help you make the best use of your event budget.
Shortcuts to Improved Event Budget Management:
- Create an Event Budget Template:
Starting your event budget strategy from scratch can be daunting. You could download budget templates from the internet but they often fail to live up to your exact expectations. Your event management solutions are unique and so has to be the budget.
The key points for preparing your event budget template:
- Put together the main components of your event on a spreadsheet and allow an estimated amount of money to the task
- Make sure to prepare a column to list down the actual expenses when they occur
- Add task description and contact details of persons responsible for the task
- Maintain separate expense sheets for offline and online tasks. Create a different table for payments to be made through any online event management platform.
1. Update Event Budget Regularly:
Needless to say, you should keep the budget updated to allow yourself greater visibility into cash flow. Make a note of:
- Actual expenses as opposed to estimated expenses
- Tickets sold and refunds created through the online event management system.
2 . Aim for a Profitable Event Return on Investment:
Return on investment is an important aspect of any business. Use your event budget for better event management solutions and control your event’s total cost. The aim is to grow your profit margin in which case, most event planners aim for a return of at least 2-3 times the investment to gain a competitive advantage in the event industry.
3. Stretch Your Budget With Innovative Ideas:
Hosting your event online through an event management platform that uses the best event management software makes creating and publishing events easy on the pocket. The real pinch arises from event marketing and promotion activities. You cannot compromise on event promotion but you can employ some creative techniques to spend less in this aspect:
- Exploit all intricacies of social media marketing. Modern event management solutions integrate social media sharing options to simplify this process for you. You can reach more people through social media as compared to other traditional means.
- Partner with local businesses, brands, and social media influencers.
- Create attractive, personalized websites using the features of the best event management software that appeals to the audience and attract more visitors to your site.
- Write smart event descriptions that ensure undivided audience engagement. Learn how to ace this here: How to Write Better Event Descriptions To Drive More Audience: Tips and Tricks
4. Do Your Homework on Event Locations and Vendors:
Smart research is a necessary aspect in every efficient event management system. Before finalizing on venues and caterers, do your research on the internet. This also involves efficient networking with persons of interest.
For instance, a great way to optimize your event expense is by selecting a venue and hiring local caterers to serve local dishes. This saves the money you would have to spend on travel and accommodation of vendors while also adding a local essence to the event.
5. Study Your Audience to Prioritize Tasks:
The best event management software is intuitive and insightful. It offers you enough information you need about your event attendees. Moreover, if you are a chain event planner, these event management solutions offer post-event feedback options that let you understand audience concerns and demands.
Use this information to prioritize tasks associated with your event. Does your audience bond over great meals or do they prefer better site decoration? Do you need to invest in a lavish venue or a mediocre venue with high-profile headliners and talent is more preferable among your attendees? Ask yourself these questions to get a reliable grip on your audience persona. This helps you uplift customer experience, all the while saving money and turning around your ROI.
Delivering excellent event management solutions is tricky. To add to the stress, a financial budget crisis can occur anytime. It is important to create a realistic roadmap that can better guide you through the entire strenuous process of event planning. With smart and advanced planning, you will be ready to manage any surprises leading up to the big day and be better prepared to handle risk situations.
An intuitive and customizable event management platform like Eventurbo has a host of pricing plans that are designed in the interest of both event planners and their attendees. With straightforward pricing packages that gives you access to premium features, host the event that you have been dreaming of!
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