Planning a corporate event produces many potential pitfalls. Maximizing both budgeting and attendee engagement are key problem areas for many businesses.
Expert planning is the best deterrent to going over budget. Below are key tips to keep in mind when budgeting a corporate event.
1. Funding the event. Most events are funded by sponsorships, ticket sales, internal marketing budgets or a combination of all three. When creating a budget for the event, you’ll need to estimate how much money you can realistically raise from each area. Before booking a venue or signing any contracts, sign sponsors up first. Consider all the areas that sponsors can contribute, especially food and alcohol.
2. Budget Breathing Room. Add an additional 10 percent to the budget for contingency or unforeseen expenses. These expenses can occur when you least expect them and can include inclement weather, labor issues, additional postage and mailings, entertainment substitutes or cancellation insurance.
3. Talk it Out. Communicate budgetary restrictions with the venue and contractors. They want to keep your business, so let them know what you can afford, and they will work with you.
Are people who attend your events engaged, or are they annoyed the minute they walk in because they have to stand in a long registration line?
Try these tips to bump up attendee engagement and satisfaction:
4. Avoid Long Registration Lines. Set up online registration, and encourage people to use it. Long lines make attendees think organizers do not have their act together, so consider making online the only option.
5. Choose Speakers Wisely. There is nothing worse than sitting through a poor speaker. Are they poignant? Articulate? Do they mumble? Is their presentation a product pitch, or does it provide value? Do your homework prior to hiring a speaker.
6. Social Media #Hashtag. Make sure there is one standard hashtag for the event. Put the hashtag on all the marketing material. People will make up their own if you don’t create one. Keep it standard for Twitter, Instagram and Facebook.