How to define the budget for a corporate event?

 

The budget for an event is always a crucial step in its realization. You still have to know how to best define your budget. In order to see a little more clearly, you can estimate the budgetary envelope according to several criteria: the objective of the event, to whom it is addressed and how many people are concerned, and finally what type of event you want to organize.

Define the objective of your event: an essential step for its smooth running

The first step is to know why you want to organize an event within your company in order to know the scale of it. Indeed, whether you organize the launch of a new product or a rack of your new premises, the investment will not be the same because the strategic objectives are not equivalent. In general, you will be able to choose your objective among the following (you can of course have your own objectives!):

• the acquisition of new prospects
• an increase in your notoriety
• a strengthening of the feeling of belonging to the company
• an action of thanks
• an important announcement from the management
• recruiting new talents

It is essential to have a single objective for your event, otherwise you will scatter; and it is well known, when you try to be on several fronts at the same time, you are nowhere. Defining the objective of your event is essential in order to organize it as well as possible and to have an idea of ​​the budget you are going to invest in it. This will allow you in particular to reduce the field of possibilities in terms of activities, marketing actions, etc.

 

Identify the target of your event: address the right people to send the right message

·       Define the right audience for your event

Depending on the goal you set for yourself, your target will be more or less obvious. Indeed, if acquiring new prospects is your main motivation, you will obviously invite them to your event. You will also have to think about involving your best salespeople or representatives in order to communicate with them, exchange business cards and why not sign some contracts during your event.

You will act in the same way to increase your notoriety, but you can also capitalize on your best clients who will give another dimension to your words. Indeed, when the praise comes from one of your customers, it carries much more weight than if one of your collaborators had advanced it.

However, for recruitment actions, the word of your employees will be worth gold: do not hesitate to mobilize one or more people, candidates will identify with them!

For team building actions, consider inviting all the components of management in addition to your employees: bringing together the different profiles of your company and allowing them to exchange in a more convivial setting can be very beneficial for the company.

Finally, for actions of thanks or announcements from the management, it all depends on which audience you want to address: your employees? Your suppliers? Your customers? All the parties involved in the life of your business? It's up to you to decide according to the message you want to send!

·       What impact on the budget of your event?

Obviously, depending on the audience your event will be addressed to, the allocated budget will probably not be the same. For example, we tend to set up marketing actions for prospects (which implies planning a budget for this part), which will not be necessary, or in any case not of the same magnitude, for your employees. You may also want to pull out all the stops for your main customers to thank them for their loyalty, while you tend to spoil your prospects less. It all starts with the goal you set for yourself! Whatever it is, it will be important in all cases to appeal to the ambassadors of your company. They will advance all the positive points of your products, but also of the internal or external policy of your company. They will be the best communicators to make the last recalcitrant adhere to your offers or your entrepreneurial spirit. Use them rather than extras or animators: first, they carry your company values, second, they know your products and finally, they are one of the easiest ways to save money on your event. 'Hiring no one outside the company!

All savings are important for the organization of a corporate event, you can either decide to allocate this budget to another event, or add an activity to your seminar or outing!

 

Decide on the number of people: know if we start from a global budget for the organization of the event or a budget per person

Your target established, you will be able to further refine the organization of your event. If your goal is to acquire new customers, do you want to invite your entire prospect base? Or organize a more intimate event with only the most interesting prospects for your business? You can either choose the number of people invited to the event and therefore deduct your budget (therefore starting from an envelope per person), or go the other way around, starting from the budget you plan to allocate to your event (overall budget) and deduct the maximum number of people you are going to invite.

These are two different strategies and only you can decide which one to choose in order to be as profitable as possible depending (always) on your initial objective.

Choose the event: offer an unforgettable event that fulfills your objective

·       What type of event?

Once the objective of your event has been defined, the number of people and the public that you are going to target have been determined, you will look at the choice of the event, then on its organization. Based on your previous choices, you should already have an idea of ​​the type of corporate event you want to organize and whether it will include accommodation, entertainment and activities, meals, or even transportation to. a point A to a point B.

·       What impact on the budget?

Depending on the type of event, the services you are going to offer and the number of participants, the budget will not be the same.  

Finally, to define the base budget for your corporate event, you must have clearly defined its main objective. Everything will start from this element and will then allow you to organize and manage your company outing, seminar, evening or meeting at best! Other ancillary costs may be added and which must be considered: marketing actions to communicate according to the chosen event, rewards, insurance, etc.

To make your life easier, our platform offers you packaged offers for corporate events. No hidden costs, the announced budget is the one you will pay and above all, everything is included! You can personalize your event from A to Z while keeping an eye on your budget so that you never exceed it! Take advantage of offers that are not on the market, at already negotiated rates and all this, for free!

Courtesy: corporate party venues in lahore