Where To Spend Your Event Budget Effectively?

By February 18, 2019Event Planning

Before you work out how to assign your event budget, it’s worth thinking which will bring the most benefit. Some areas will improve attendance, others will add to the overall experience. Taking all this into consideration, we have prioritised the top five areas where your event budget should go.

  1. CONTENT

Speakers, entertainment, activities and timetable will draw in guests. If exciting enough, these elements will be a major factor in your marketing campaign as it will set you apart from competitors. Feature these exciting attractions across your event website, social media pages and marketing material.

For your event to gain credibility and for guests to feel they are getting value for their money, you will need to provide an exciting event schedule. Not wanting to miss the chance to hear from an industry expert or witness show-stopping entertainment will incentivise your potential customers and so are a valuable investment. Putting aside enough money to afford these expenses is the key area to allocate your budget towards.

 

  1. MARKETING

Regardless of your exciting line-up, your potential audience won’t know about the event without effective marketing. Branding design, event materials, website pages, paid advertising and 3rdparty ticket sites unsurprisingly come at a cost, but all are vital.

In an over-advertised society, for your event to feature in front of the correct audience who are most likely to purchase tickets, you will need to pay for it. Strategising a detailed marketing plan and allocating your budget will help in this respect.

 

  1. VENUE

The venue literally holds the weight of the event on its shoulders and sets the tone for the entire day.  A venue with an unsuitable layout for your event can hinder the overall event experience. Cramped breakout rooms, too many levels or rundown décor will lead to an uncomfortable and unsuccessful event.

Having enough budget for you to get the right venue for your specifications is essential. Before you dive into venue searching, work out your expected numbers and the number of rooms you will need for your event to work. Consider things such as cloakroom, registration, the main plenary, breakout spaces, reception areas and exhibition stands. Once you have your exact specifications, tailor your venue finding to meet these requirements and be in line with your allowance.

 

  1. FOOD & BEVERAGE

Allocating sufficient budget to provide your guests with fulfilling catering is most definitely a high priority.

Provide the best catering options your budget can allow for; this means always over, rather than under, estimating. You don’t want a hungry mob, so ensure there is constant and nutritious catering provided throughout the event at regular intervals. We recommend three coffee breaks and lunch for a conference or canapés and a three-course meal for dinners.

To go beyond the basics of event catering and really make the most of your investment, be creative with your catering. Food stations are an affordable way to offer large amounts of food but at the same time being innovative. Tailor them towards the cuisine, such as Japanese and Indian, or take on a theme; these features will create great theatre and be a talking point.

 

  1. DECORATION & BRANDING

Decoration and branding are lower in priority but are still important. They will build on the foundations that you have already created. With any budget that you have left over, this will be best put towards enhancing your event with decorations.

Theming and branding can be affordable if planned correctly. Schedule in multiple visits to your venue to take measurements of the areas that you are planning to brand so that its fits perfectly. For themed events, immersive decorations will be a necessity and for the best impact should be bespoke. Companies are available to provide this service, be it an underwater palace or a winter circus.

 

If you’re looking to plan your next event, contact the events team.