Creating a budget is an essential part of promotional event management. This is where the planning starts and where other key areas are identified from the venue to travel and accommodation, advertising, food, and general supplies, among others.
The hardest part about this step is that you have to stay in the event budget while covering all the expenses that you need. That’s why it’s really important to plan ahead and make careful research on every event detail, no matter how minor it seems.
Of course, it’s not possible to get the exact cost from the start, but anticipating the event expenditures, overheads, and adjustments would help a lot in the overall budgeting process. All you need is to enlist everything you’ll need to allocate your marketing funds accordingly.
To avoid making costly mistakes, we’ve listed down four important things that you need to consider in event planning, promotion and budgeting.
Location or Venue
Event venue is a critical aspect of the budget. It comprises other relevant costs like security and supervision, audio/visual system, lighting, and other equipment rentals. So whether you commissioned an event agency or requested some of your staff to plan the promotional event, the location should always be on top of the event checklist.
Besides the venue cost, you also have to think through the accessibility of your event location. Your marketing team will need to travel to the venue for the set-up, which calls for another expense: transportation.
If you’re on a shoestring budget or want to spend less, it’s best to choose a location that’s both accessible to your office and to your attendees. Doing this lets you devote more of your fund on other essential areas.
Planning for a big corporate event that requires hotel accommodation and facilities might need more budget. You have to pick a hotel or events place that is suitable for your series of seminars, conferences or training, while at the same time falling down within your event budget.
It will also help if you ask yourself some questions like: Does the hotel offer enough meeting space to accommodate both my events and guest room accommodations? Is there a high-speed internet access to help keep the presentation going? What could be the hotel’s peak or low season?
Once you find the answers to these questions, it’ll be easier for you to negotiate better deals for your promotional event. So before signing up with a five-star hotel, review your budget first and check if it’s worth your pounds.
Catering or food service is another significant area that can cost you a lot of money. The event set-up and food offered to the guests, as well as the cleaning up part all hold equal importance when planning for your event budget.
Since food is something that everyone looks forward to at an event, take into account the menus and see if they align with your funds. In case their service cost doesn’t fit yours, share your allocated and ask them to provide you with other budget-friendly yet great meal options.
You can also invite sponsors to cut some resources. Invite them in sponsoring a snack or some refreshments. This, however, is only applicable to gala dinners, executive summits and other large corporate events. Just be sure to recognise their participation throughout the event.
Promotional giveaways have a significant proportion of your marketing budget. Yes, the event venue, food, and accommodation are all important. But you wouldn’t want the programme to end without giving participants something to remember.
Everyone wants a freebie, so give out free gifts in your promotional event. This marketing tactic allows you to boost your brand recognition, generate customer interest and make your business outshine the competition.
Work with a trusted promotional products partner who can supply you with top-quality and cost-effective corporate tokens and giveaways. Investing on closeout items or products on clearance sale would also be a great option, especially if you’re short on budget.
Bonus Tip for your Event Marketing Budgets
Finding it hard to list down all your projected expenditures? Create a spreadsheet in Google Docs or Microsoft Excel to make this daunting task a lot easier.
Start by filling in the columns with budgeting details such as item, description, estimated cost, actual cost, etc. Then, research every item on your list and input the estimated cost per item.
Enter a description for each item and place the amount needed. For example, under the catering category indicate how many guests you’re expecting.
Lastly, fill out the actual cost column to keep you on track of your event budget.
Achieve Success Without Breaking Your Budget!
Every successful promotional event relies on a hard working team who worked hand in hand to create a memorable event, without outspending the allocated fund.
When your budget is aligned according to the key elements of an event from location to accommodation, catering, and giveaways, you’ll have no problem dealing and balancing your marketing funds.
Looking for a promotional gift or corporate items for your next event? Logo X is here to provide you with personalised and imprinted items that will be well-appreciated by any recipient. To learn more about our company and our wide array of products, visit www.LogoX.co.uk.