When it comes to organizing a great event, it’s only natural for budget to be top of mind. So where does one draw the line between event needs and event wants? More often than not, these things come down to the price tag. Let’s take a look at the 10 most expensive event budget items as we make strides towards 2017.
The Big Three
F&B, A/V, and venue rental. When it comes to events, planners are designing experiences for our five senses, which are all tied so closely to our memories. That’s why the top three budget items are all about touch, taste, sight, sound and smell. Even if an event doesn’t have the best educational speakers or entertainment programming, planners are betting that pleasing attendees is all about winning their stomachs first and then delivering an engaging experience.
After experience comes the cost of logistics. Production costs, staffing, and attendee housing make up the next group of expenses, followed by speaker fees, entertainment and printed marketing materials in terms of the most expensive event budget items.
What’s way down at the bottom of the expense list? Event technology. In the grand scheme of things, event tech was almost never reported as a most costly budget item. So why is it that 12.6% of planners are struggling to make a case for how valuable the right tech tools can be? The answer is that although 35% of survey respondents told us that technology has had the biggest impact on our industry, most modern planners are still trying to figure out what event planning program to buy, or what’s the best way to measure and report ROI for event tech tools.
What Percentage of Events are Revenue Drivers?
Surveyed corporate planners told us that 57% of events they manage are for the sole purpose of driving revenue or leads for their organization.
Businesses across every industry are turning to meeting and events as revenue generators. That means that if you’re looking for more resources, you’ll need to predict and ultimately prove the return on every budget request you have.
So did your list sync with ours? As you reach the early stages of putting together your next event, it will be integral to focus on fitting the line items into your budget that you know you can’t live without.
Check out our recent ebook that dives more into the details behind taking advantage of your event budget at hand.
David Budimir is the Content Marketing Manager at Social Tables. He’s probably enjoying a messy burrito at this very moment.