5 | Minute Read

 The stats are in: holding events does wonders for marketing and sales. 73% of B2B marketers said holding live events was the best tactic for customer engagement, and many of them believe that events are the most effective marketing channel. But can you still reap the benefits of planning an event without spending a fortune? Our event budget template can help you with that…

Planning, marketing and holding events can be an expensive endeavour. The cost of live events doesn’t stop at venue bookings, catering and AV equipment rental. There are the overhead costs of overall organisation, management and advertising. 

However, in this day and age, there are helpful tricks – both traditional, and digital – that help to decrease those overhead costs associated with planning an event. For those of you feeling the time crunch, we also have an event budget template (below) you can use to ease you into budget planning.

Here are 3 of our tips for planning an event on a budget:

How do you create a budget for an event? Try our Event Budget Template

Planning an event on a budget means having and keeping a clear event budget. Obvious, right?

But managing budgets often falls to the wayside, as event planning involves many moving parts, and many pop-up costs – which often distract from proper bookkeeping.

(Budgeting doesn’t have to be a pain – use our event budget template to start budgeting for your event!)

It’s important to not only come up with a solid budget for your event, but to regularly refer back to it and update it as needed. Managing a clear budget will make it much easier to stay within budget when planning an event.

Here are our event budget tips:

  • Look at past similar events’ expenditures
  • Come up with a rough event budget before you even start planning
  • Update your event budget daily, especially as quotes change, and unforeseen costs pop up
  • When it comes to choosing vendors, start early and shop around. Compare quotes across multiple vendor options.
  • Make sure that your event budget includes a buffer (for unforeseen expenses)
  • If your event is paid, figure out ticket prices based on your event’s financing needs.
  • What other financing options can you access?

How do you organize an event with no money? Find Event Sponsors

A recent study revealed that up to 63% of event marketers depend on event sponsors to source funding for their events. 

Event sponsors can give you plenty of financing options, helping you to keep within your budget without compromising on event quality.

There’s just one catch: event sponsors need to pitched to, woo’d and convinced. Essentially – for the event sponsor – they’re asking: “What’s in it for me?”

Here are our tips for finding and wooing an event sponsor:

  • What is your event audience? Find an event sponsor who would benefit from exposure to your event’s audience. 
    • For example, you’re holding an event for teapot enthusiasts – so you might want to approach brands within the tea industry to sponsor your event.
  • Perfect your pitch: figure out what value you are offering to your sponsor. 
    • E.g. “we will give you a prime talking spot where you can highlight your tea products. We will also plaster your logo on our posters for brand exposure”
  • Try to approach poential event sponsors within your own network
    • Maybe you already have contacts, friends, and clients working at brands who would make perfect event sponsors. Approach them first! They’re already warmed up to you.
  • Deliver on the value promises made to your event sponsor. You want them to be keen to work with you again next time.

Finding and committing event sponsors is a nuanced art form in itself, so it’s well worth research beyond reading this short (and handy) article!

Make sure that if you’re using our event budget template, you customise it to include your event sponsor information – once confirmed!

Use Event Planning Tech to Market your Event Cheaply, and Quickly

There are plenty of costs associated with marketing an event. With the amount of marketing needed, and the countless channels that there are for marketing in 2019, event marketing takes time, resources and staff hours.

Luckily, there are plenty of applications, platforms and software now available to help automate and streamline much of your event marketing needs.

By switching from traditional methods to digital, you can drastically save on overhead, helping you keep well within budget when planning an event.

  • Digital registration forms with integrated payment gateways for managing paid tickets
  • Automated email invites, reminders, and thank yous
  • Auto-responses for registration confirmation, declination and cancellation
  • Automated feedback surveys
  • Automated storage of registrants in online databases; where they can be edited and managed
  • Event apps for on the day attendance marking and last minute communications

Wondering what event planning apps and event management software might work for you and your business? Check out our comparison table on our Event Management Handbook.

Planning an event on a tight budget
The simplest definition of a budget is “telling your money where to go”.

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