Being a newbie to the event industry can sometimes take its toll on managing your event budget. Even seasoned event organizers get bamboozled when it comes to sticking to their budget while creating the ideal event experience. Budgeting is no one’s favorite part of event planning, but it needs to be done. Ignoring it altogether can lead to a monumental lapse in your event planning process. With decades of experience in event ticketing, here a few fool-proof ways of sticking to your event budget that we’ve witnessed to be convenient for anyone.
1. Prioritize Your Requirements
Sure, who doesn’t want the hottest headliners and keynote speakers to grace their event but stretching your budget just to get that one person on board is a waste. Prioritize your requirements and allocate your total budget for the venue, catering, decor, sound, and other logistics based on your event type. Once you have all the basics in place, you can then think about splurging a bit more for the event.
2. Identify Expendable Items
High chances that you’re working with a full-fledged event planning team to successfully execute that perfect event. Working with a team makes it easier when each team member can identify costs in their line of work. Your artist booking team might know the artist’s fees and similarly, your marketing team might know their average spends to promote the event properly. You can identify such expendable items beforehand to stick to your event budget successfully. Learn more about Working Smoothly With A Large Team For Your Event.
3. Invest In The Power Of Social Media
One of the best parts of event marketing is that many of the marketing tools and services are free of cost which can amplify your event visibility and reach. Even with a tight event budget, you can optimize your events to appear on top of search results, and share your events directly on your social media with Yapsody. Learn more about leveraging organic event marketing through our event ticketing platform.
4. Leave A Margin For Contingencies
Expecting the unexpected is the norm in the event industry. If you’re a seasoned event organizer, you know how things can take turn for the worse in an instant. You can either splurge your budget on photo booths and gimmicks to woo your audience, or you can keep it reserved for a contingency plan. Either way, it’s a win-win when if don’t have to spend extra money on contingency plans that can be utilized for your upcoming events.
We hope these tips help you plan better and create simpler spreadsheets. For those looking to calculate their ideal event ticket price and budget, we strongly suggest giving our Event Ticket Price Calculator a run.