EVENT Corporate Meetings & Conventions
Ballpark Estimates for Event Budgets O
ne of the most difficult and often most limiting factors for an event is the budget. Knowing how to make the most of a budget of any size can be tricky. With all the variables to consider (food, date, audiences, etc.), it can help to have a general formula to use for plugging in details.
Catering/rentals — 60%-65%
The budgets for catering and rentals can be combined because most caterers are able to include organization of the rentals as part of their service because of the overlap. When considering caterers, ask for photos of previous events and compare budgets. This will give you a clear picture of what you will receive at your budget level. Presentation and customer service are key elements to evaluate, especially if the caterers are also servicing the event. Though it is the most important, catering is also probably one of the most flexible. Your initial quote from a vendor is open to revision. You might be surprised by how much you can lower your cost per person by cutting one ingredient. Catering might include: food, beverages, alcohol serving permits/bartender if needed, tables, chairs, linens, serving ware, decorations, serving staff, staging, heating/fans, labor, etc.
Location — 10%-15%
The location of your event can significantly influence your attendance. Hosting the event at your company headquarters might be good for branding, but might not be conducive to serving food. Holding the event at a new or unique facility might draw more interest, but it might be a pricier option. Conducting thorough research will help you determine your best solution. Compare the costs associated with a facility that offers a single site fee versus an hourly rate. Be aware that some sites might have very specific contracts, such as requiring pre-selected vendors or enforcing strict time requirements. Location might include: facility, access to power and water, technology, cleanup, trash disposal, etc.
Marketing — 5%-10%
Publicizing an event might be one of the more neglected categories, but informing people and enticing them to come to your event is crucial to its success. Using door prizes or giveaways can be a good incentive for attendance, as well as a good branding piece for your company. Consider your audience. Tech-savvy individuals might catch you Twittering about your event, while others might peruse local event
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calendars. Printed invitations are traditionally the most popular, but if that’s not in your budget, consider an electronic version instead. Marketing might include: printing invitations, postage, e-vites, advertising, media relations, grass-roots marketing, phone calls, prizes, promotional items, etc.
Miscellaneous — 15%-20%
Though an elusive category, budgeting for all your “miscellaneous” items can definitely add up. Even though they are miscellaneous, make sure you are aware of, and don’t underestimate, the different elements. Including a photographer to capture the event or providing valet parking can go a long way toward impressing your guests. Your event should always “over deliver.” If you have event sponsors to help share the cost, you need to have enough resources to thank and recognize those sponsors. Miscellaneous items might include: additional decor, entertainment/speaker fees, transportation, event parking, printing of program or materials, staff time, photographer or videographer, technology and audiovisual if not provided by the site facility, etc. EVENT Source: Emily Kosa, special event planner, DNA Creative Communications. www.dnacc.com.