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How much budget should you allocate for events?
Planning your 2024 event budget? Determine your event budget and allocation based on these important factors
- August 30, 2024
Stepping into a new year prompts us to be excited about new opportunities for growth on the horizon. With the industry constantly evolving, the strategy on how to market your brand and service becomes a continual process that requires careful strategy and study.
Case in point? EVENTS – one of the oldest marketing executions in the book.
While events may have a long history in marketing, there are new technology, discoveries, and an ever-changing market to consider. This makes it a must for companies to be always updated with their market research and the way they strategize their event execution.
One of the most important factors of the event is the budget. Like any execution, an event is done with specific goals, objectives, as well as Key Performance Indicators (KPI). Plan your event backwards by determining what result you want to get out of your event. This will determine how big or how small you are willing to invest. From there, you can work yourself into its specifics.
Give your attendees a memorable experience with your brand
Let’s go back to the reason for planning an event—connecting with your market and generating a response to your call to action by providing the most effective guest experience to your market. Specific and segmented market knowledge is important because your event factors (budget, venue, date, vendors, communication efforts) will depend on it.
For instance, if your market research shows that a large part of your audience is always online, there’s an opportunity to expand your reach at minimal cost by adding an online aspect to your event. Also, based on your market, you can project how impactful an event can be compared to other forms of executions that the same budget can be allocated to.
Infuse new trends in the mix
Integrating a new trend or idea into your event can drastically change its effectiveness. Knowing when to use new trends or when to mix them with traditional methods can highly boost your market reach while not presenting more event costs. For example, tap into AI for an enhanced sign in process, use interactive displays and motion games that can bring your audience into a new dimension. This way, you can already provide them with a unique and memorable experience as you cut your brand’s message across. You can never go wrong with a well-rounded encounter with your target market.
You may look at the videos of the previous events we did for our clients on BrandSpeakAsia’s YouTube channel.
Work with the right people
Choosing the right people to work with in mounting your event is a crucial factor that will determine how much you spend or actually save with your budget. Resources for your event needs or support such as an event management team doesn’t have to take much of your budget. You have to look for ways in creating value-based partnerships with your partner agency, stakeholders, and even sponsors that can help you implement the main objectives of your marketing event.
This wraps up our discussion on planning the event budget. Though as we always say, there is no real end to the discussion because learning and discovering never stops. If you want to know more about Events or if you need help on your upcoming ones, leave a reply to this email and we will be happy to hop on a quick call with you!
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