Live Event Budgeting: How to Prioritize Your Spend to Serve Your Goals
The most successful live events almost always begin with a discussion about priorities and expectations. Why are you hosting this event? What, exactly, are you hoping to achieve? Be specific and list out your goals. Answering these questions honestly will inform the rest of the planning process.
Once you’ve outlined your priorities, it’s time to nail down your content.
Don’t Skimp on Messaging Resources
Crafting your message is key to making a connection with your audience, so more time and resources spent in theme creation, theme rationale and copy writing for presentations is a great way to flesh out what you want to resonate with your audience.
Event Budgeting to Achieve Your Goals
Once you’ve budgeted for theming and copy, think once again about the higher-level goals you identified at the start of the process and use those goals to determine where to allocate greater portions of your spend allowance.
Goal: Calling Attendees to Take an Action
Do you want to convey a call-to-action? For example, you might decide a main goal is for your audience to feel fired up to accomplish a shared sales goal.
Budgeting for this goal: If this is the case, then you might find that allocating more resources towards creatively conveying your messaging and content is the way to go. That might mean spending more on video creation or live presentations.
Goal: Evoking an Inspiring Atmosphere
Are you looking to create an inspiring atmosphere by visually ‘wowing’ your attendees? For example your goal might be to introduce an exciting new brand vision or product extension to your internal team.
Budgeting for this goal: If evoking a certain vibe or emotion is one of your main goals, you’ll want to allocate more of your budget on the overall experience from a physical perspective, including event staging or set design, projection, lights and sound techniques.
Goal: Providing Networking Opportunities
Do you want your audience to leave feeling like they made some great connections? Consider how much time your audience will have between general sessions, networking, free time and even foot traffic time.
Budgeting for this goal: if networking is a key goal, spend more of your budget sourcing resources for breakout sessions, social media integration (like apps or screen projection), and resources for “open time” like meals, coffee, or charging stations.
We could give examples all day, but the overarching point is that the best way to determine how to allocate your budget is to work backward from your goals. Decide what will best serve your priorities, and work with your events partner to figure out which resources to invest most heavily in.
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