Budgeting Essentials Part 3

This is the last part of the essentials of budgeting in meant for event planning firms. Here, we will discuss the influence of the following points on budgeting of an event.

  • Post Event Sessions
  • Pre Event Sessions
  • Appearance Fee
  • Publicity and Marketing Aspects

Let us discuss what is the scenario in pre event sessions like. Pre event sessions, for the event planning firms, include extensive and intensive research works and jotting down of essentials of the events. These sessions occur between the clients and the event planning firms. Here, the clients says the basic needs of the event, participation criteria, suggest likely venue, determines date and time.

Pre event sessions, further, necessitate the event planning firms, to gather the fundamental resources and go for booking of event venue and supporting service providers. All these calls for an advance fee from the client. This advance fee is based on the fee charged by the event planning firms and the actual fee charged by venue management authorities, hotel authorities etc.

For event theme generation and creation of marketing tools for the event, advertising and creative agencies are often required. They first meet and discuss the entire event structure, how should it be poised etc. with the event planning firms. Creation of invitation letter, registration kit and event related write-ups or conference kit, agenda printing etc. has to be done before hand. Hence, the event planning firms allocates the budget and schedule the expenses in separate divisions, like expenses incurred in pre event plan, post event sessions etc.

Post event sessions, sees further expenses on reporting the entire event and printing of the reports, generation of event related CD and other documentary. Audio- video event capture, distribution of thanking letters and sometimes, corporate gifts distribution. The event planning firms, must thus, give the client an idea of the different expenses and in different stages.

Appearance Fee

This point needs a detail discussion. Since, appearance fee is not charged in each and every event, it is associated with a particular set of events. Firms, planning for events like celebrity appearances, fashion shows, chat shows or even arranging functions, inviting top corporate executive for promotion of a new cross industry brand etc, needs to allocate an extra expense for such special guest appearances.

Normally, the celebrities or the chief executives take an appearance fee, which is their brand charge. Their endorsement often serves as a marketing tool for many products. Further, using logo of popular companies often is done to promote a new product. Firms then charge a brand or logo fee from the event planning company. These things eat up a fat share of the budget for events.

While planning an event, firms must then ascertain whether these spending are at all needed. Yes, we are pointing at Cost Benefit Analysis. All event planning firms, while putting the event management plan before their client, must do a cost benefit analysis for the event and then move ahead with it.

Marketing and Publicity Aspects

Any event must have proper publicity. Marketing communications may use direct marketing services, public relation campaign, advertisements, or any other marketing tool to generate market response. If, the event is very specific, like share holder meeting, then adequate press coverage needs to be given. So, while going for event planning firms, you, as a client must seek proper answers regarding the promotional aspects of the event.

For example, if the event is the launching of a video conferencing service via broadband, then you can conduct a competition in proper media like newspapers, and as a prize can make the winners participate in a live chatting sessions with celebrities. The event planning firms, thus will give you these creative ideas to generate mass reaction or specific target group reaction.

Event planning firms, thus, need to spend on marketing the events, event before the actual event begins. Hence, schedule your budget accordingly and in stages. Always maintain a sheet containing the entire event budget, expenses in different segments, mention the different phases of the event and allocate budget in those phases. The event planning firms, thus should educate their clients first on budgeting aspects of an event, before the client begins to shout!

Title: Event planning firms - expenses in appearance of delegates

Description: The event planning firms must educate their clients about the different segments of event and allocate budget accordingly.

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