How to Plan a Budget for Event Marketing

Event marketing brings an entirely different level of customer experience. Different events have gained popularity throughout the years, from more traditional launch parties and trade shows to virtual content and webinars. Creating a budget can be difficult considering how vast the industry is, so keep reading this piece to learn everything to consider and prepare.

Directly engaging with customers is an effective way to stay relevant and promote your company. Event marketing is one of a brand’s best investments, whether it’s a small business or a startup.

Event marketing is a common strategy for businesses that want to raise awareness, advertise, and interact with their target audience. It’s not just corporate events.

There are a plethora of different event marketing types that brands can maximize to build long-lasting relationships and establish brand credibility.

Here are some examples of widely used event marketing types:

• Conferences 
• Product lunch parties 
• Trade shows
• Seminars and workshops
• Event sponsorships
• Festivals 
• Tournaments 
• Networking events

The cost of event marketing can significantly vary depending on the type of event and other crucial factors. 
Budgeting for event marketing can be intimidating at first, especially considering all the actual costs and factors. In this article, we’ll review all the components and details you need to understand when preparing a practical budget.

After reading this piece, the next thing to consider is finding the ideal partner.

What Goes Into an Event Marketing Budget? 

Event marketing offers a plethora of benefits aside from promoting a brand. When executed successfully, events can bring quality leads, boost user-generated content, and build a sense of FOMO (fear of missing out).

As you prepare your budget, keep all of these components in mind because it is where your budget goes:

• Planning is the first and most crucial step of event marketing. Great event organizers and marketers are meticulous about this stage, breaking down every event segment from goals and objectives to timeline and execution.
• Equipment and infrastructure are paramount to running a successful event. Old and outdated equipment can cause major headaches for you and your crew. It’s important to rent out or invest in quality lights, screens, microphones, and even laptops to ensure your event runs smoothly.
• Design, decoration, and event advertising can make or break your event. No consumer or attendee wants to see mediocre designs and decorations. These assets comprise a significant portion of your event marketing budget because they can elevate even the most simple events.
• Venues are what set the tone and even carry events. Finding the perfect venue should be one of the top priorities of any event planner because it can directly impact the experience of the guests.
• Manpower takes up a good chunk of your budget. No business can run an event without experienced staff that will fill up every key role, such as emcees, planners, audio-visual staff, and tech. Behind every great event is a dedicated team that works well together.

Preparing a practical budget is paramount to event marketing and management. Knowing all the fundamental components of where your budget will go will help you create a budget that fits your goals, needs, and financial capabilities.

How to Plan a Budget for Event Marketing

1. Identify your Goals
2. Calculate Your Cash Flow and Revenue
3. Hire a Professional Organizer and Coordinator
4. Find the Ideal Venue
5. Create a Sheet For Fixed and Variable Costs

1. Identify Your Goals

Event goals are the specific outcomes that you expect to achieve from an event. Whether you’re planning to hold a contest for your loyal customers or trying to launch a new product for your brand, identifying your goals is a must.

In fact, defining the goals and objectives of your event marketing plans with help you through every step of the planning process — from budgeting to preparation. Here are some of the most common goals for live and online events:

• Increase brand awareness
• Widen market reach 
• Generate buzz and user-generated content on social media
• Introduce a new product or service
• Immediately boost revenue and sales
• Strengthen customer relationships

When setting your goals, make sure they are realistic, aligned with your business key performance indicators (KPIs), and are within your financial range.

It’s fine to be optimistic about the outcome, but always strive to make your objectives SMART — specific, measurable, attainable, realistic, and time-based. These goals will help you track the return on investment from your event and analyze the results afterward.

2. Calculate Your Cash Flow and Revenue

The rising costs brought by inflation are among the biggest hurdles businesses and event organizers face. The challenge has shed light on the importance of examining cash flow and revenue before planning a budget and an event.

No business owner wants to end up with more losses than profit after an event. Taking a close look at your business’ financial capabilities will help you determine how much you’re willing to spend for an event.

To make the process easier, you can use budgeting tools such as Google Sheets or Excel to keep track of your cash flow. Organize your revenue streams to see how much you can allocate without impacting your other operations and profits.

This second step is crucial to ensuring you know how to limit when it comes to the upcoming steps or stages.

3. Hire a Professional Organizer and Coordinator

For many businesses, planning and executing an event simply isn’t their strong suit.

Many business owners prefer hiring an experienced organizer or service provider to handle all the meticulous responsibilities. Not only do these professionals know how to carry out successful events, but it also relieves the stress and hassle of managing the event personally.

The best way to accurately get an estimate of how much you should allocate for this is by directly inquiring about it to reliable service providers.

As you discuss your project with a potential vendor, describe all the crucial details, such as your goals and expected outcomes. Once you match with the ideal service provider and get a quote for their services, you can go on and input that information onto your spreadsheets.

4. Find the Ideal Venue

For many first-time event planners, venue is typically a major concern. Since venue greatly impacts the feel and success of an event, how much should you allocate for it?

There are a plethora of factors that influence venue costs, and knowing them will help you settle on a budget. When finding the ideal venue, ask yourself the following questions:

• How big should the venue be?
• Where will the event take place? (i.e. inside a mall, in a convention center, or outdoors)
• How many guests or attendees are you expecting?
• What amenities will you need?
• Will it already have the equipment and decor needed?

If you ever struggle to choose which venue to go with, try creating a checklist of all your priorities. It’ll be easier to evaluate and decide on the venue when you see all of its pros and cons.

5. Create a Sheet for Fixed and Variable Costs

Event budgeting and planning are difficult ordeals with many pitfalls if you don’t know where to look. Understanding all the fixed and variable costs will help you keep everything organized.

Spreadsheets are a planner’s best friend. You won’t go wrong with a detailed list of every variable cost for your event.

Remember that there are different fixed and variable costs for the different types of events. For example, online events don’t require a venue, audio-video equipment, manpower, and physical decor; that’s contrary to physical events.

Factors Influencing Event Marketing Costs

As emphasized, event marketing costs vary widely. Here are some of the biggest factors that influence it:

• Location and venue
• Time of the event
• Type of event
• Scale of the event
• Number of intended attendees
• Volume of physical and digital advertisements

Don’t splurge on your event marketing if you don’t have the means to do so.

You’ll want to remember your event by how you were able to maximize your resources, not how much it took a toll on your finances. At the end of the day, the execution of your event matters more than how much you spent on some elements.

Event Marketing Doesn’t Need to Cost a Fortune

Event marketing offers a great opportunity to grow your brand and position it on the market. It’s a worthwhile investment, especially if you’re strengthening your stakeholder relationships.

While events may sound expensive initially, don’t let the intimidation hinder you from executing your own and enjoying it. Just follow the abovementioned steps when budgeting and stay organized to avoid overspending.

Work with the best event marketing company to boost your  for your brand. Reach us for more personalised experince.