How to Budget Like a Pro for Your Next Public Event
The majority of modern businesses are still very inexperienced when it comes to planning public events. Whilst this is not usually a pressing issue, for much of the year, the reality is that successful events activation is more important now than ever before. So, even if your company only holds a handful of event launches over the course of the business year, it still needs to be able to budget effectively.
The responsibility for budgeting should go to a skilled public events manager, who understands how to strike the right balance between quality and value. There is a huge amount to consider when organising a public launch, trial, experience, or event, so it is imperative that your events team is headed up by a confident leader.
These budgeting tips and tricks will have your public events manager spending like a pro for your next big launch.
Know the Value of Outside Help
With the help of a talented public events manager, you will get the chance to gain exposure for your activation or launch in the most efficient and affordable ways possible. This is one of the most obvious benefits of hiring a third party specialist; they can offer you access to marketing channels and contacts which you might not have otherwise.
Always Think Practical
On the other hand, if your company does not have much experience with public event planning, you are advised to keep the logistics of your launch to a realistic scale. If it is your first big event, you are unlikely to attract a smorgasbord of high profile sponsors and attendees, so think practical. It is much better to use your budget to create a smaller high quality event than it is to stretch your investment out too thinly and end up with a sprawling, but poorly organised one.
Try to Secure the Venue First
Ideally, the venue should be one of the first details which your public events manager secures. The faster you can pin down your location, the easier it will be to stick to a tight budget. If your choice of venue is still up in the air as the date of the event gets closer, you will find it very difficult to make cost estimates for seating, lighting, refreshments (if necessary), decorations, security, and more.
Understand Your Event
If your event has a static audience or guest list, it will be easier to budget for, because the costs will be similarly fixed and constant. However, if you are planning to hold a public launch or ‘taster event,’ the aim should be to attract as many consumers as possible. This scenario is harder to budget for, however, because it is impossible to predict exactly how many people you need to serve – keep costs practical and affordable, by establishing the maximum number of people which your resources can satisfy.
by: Ant Hampel