Posted on January 4, 2024

13 Strategies to Win a Bigger Event Budget.

Introduction

If you’re an event manager, you know that securing a bigger budget can be a game-changer for your events. But how do you convince stakeholders to give you the green light and allocate more funds? In this article, we will explore 13 strategies that can help you win a bigger event budget. Whether you’re planning an in-person or hybrid event, these strategies, backed by data and a solid plan, can make a compelling argument. So, let’s delve into the full article.

1. Request the actual amount you need.

When asking for a larger event budget, it’s important to be specific. Instead of asking for an indeterminate amount of money, figure out exactly how much you need and explain why you need it. Create a concrete plan outlining how the additional funds will help the event succeed. By demonstrating a clear purpose and outlining where the money will be invested, stakeholders are more likely to take your request seriously.

2. Let your stakeholders define success.

Understanding the goals and expectations of your stakeholders is crucial. Take the time to learn their vision for the event and how they define success. Once you have this knowledge, you can align your strategies and ROI metrics to show how the increased budget will help achieve their desired outcomes. By delivering on their vision, you increase the chances of getting additional funds.

3. Remember, data is king.

Data is a powerful tool for justifying a bigger event budget. Leverage the wealth of data available through event technology tools to measure and quantify results. Analyze attendee engagement, event success, and return on investment (ROI) to support your request. The more data you can provide, the stronger your case for securing additional funds becomes.

4. Track the right metrics.

To convince stakeholders of the value of a bigger event budget, focus on quantifiable metrics that reflect your company’s performance. These metrics may not always be directly measurable in dollars, but they should have a tangible impact. Consider tracking metrics such as registration-to-attendee attrition rates, C-level or decision-maker attendees, attendees from target accounts, win-rate improvements, net-new qualified contacts added to your database, net-new leads generated, and demos/meetings held at or after the event. These metrics demonstrate the potential impact of investing in a larger budget.

5. Sell the benefits.

Highlight the benefits that come with having a more prominent event budget. These benefits can be trackable, such as direct revenue, customer acquisition, and leads-to-pipeline flow, and conceptual, such as customer loyalty, brand equity, and audience engagement. For example, if you’re requesting funds to book a keynote speaker, explain how their influence in the market can attract more attendees, especially ideal customer profiles (ICPs). More attendees mean more potential sales leads. Be specific and showcase how the company will benefit from the investment.

6. Compare overhead costs.

If your past events have generated significant profits, you can use that data to your advantage. Compare previous events’ overhead costs and revenue to understand what made them successful. Identify which marketing tactics brought in the most revenue and use this information to determine where to allocate your budget. For example, consider increasing your advertising budget if social media ads were highly influential in driving registrations for past events.

7. Ensure your goals are SMART.

Setting SMART goals is essential for evaluating the success of an event and identifying areas that require further investment. SMART stands for specific, measurable, attainable, relevant, and timely. By aligning your event goals with these criteria, you create a clear framework for measuring success and demonstrating the need for a larger budget.

8. Align event goals and business objectives.

To maximize the impact of your event budget, ensure that your event goals align with your company’s broader business objectives. By focusing on areas that directly contribute to these objectives, you can make a stronger case for additional funds. For example, if your goal is to increase brand awareness, consider allocating more of your budget toward eye-catching ads, website improvements, or branded merchandise.

9. Share the savings.

Another strategy to note while requesting a larger budget is highlighting areas where you have already saved money. This demonstrates financial responsibility and understanding of the constraints faced by stakeholders. Emphasize that you seek necessary funds and are willing to be flexible on less impactful line items. By showcasing your willingness to optimize spending, you increase the likelihood of securing a bigger budget for essential aspects of the event.

10. Present ideas as solutions to business needs.

Position your request for a bigger event budget as a solution to existing business challenges. If your organization struggles to generate leads or gain attention for a new product, demonstrate how additional funds will address these concerns. For example, propose investing in a mobile event app that streamlines the attendee experience and reduces staffing expenses through self-check-in capabilities. By framing your request as a solution, you show your understanding of the company’s needs and increase your chances of getting the budget approved.

11. Showcase success stories

Nothing speaks louder than success stories. Gather testimonials and case studies from past events highlighting their positive impact on attendees, sponsors, and the overall business. Use these stories to showcase the value and ROI that can be achieved with a larger event budget. Share specific examples of how your events have increased sales, partnerships, or customer satisfaction. This tangible evidence will help you build a compelling argument for more funds.

12. Leverage partnerships and sponsorships

Look into opportunities for partnerships and sponsorships to help cover the costs of your event. By getting financial support from external organizations, you can show that your event has value beyond just your team. Talk about potential sponsors and how their involvement will make the event even better. This collaborative approach boosts the budget and expands your network and resources.

13. Offer tiered sponsorship packages.

When seeking sponsorships, consider offering tiered packages that provide different levels of exposure and benefits. This allows potential sponsors to choose a package that aligns with their marketing goals and budget. Offering various options increases the chances of securing sponsors willing to invest in your event. Clearly outline the promotional opportunities and ROI sponsors can expect to receive, incentivizing them to contribute more to the budget.

14. Create a comprehensive budget proposal.

A well-structured and detailed budget proposal can significantly improve your chances of winning a bigger event budget. Break down the costs of all event components and justify each expense. Include a timeline, a list of deliverables, and ROI projections for stakeholders to review. By presenting a comprehensive and professional proposal, you show that you have thought through every aspect of the event and have a clear plan for success.

To sum it all up. 

In conclusion, securing a bigger event budget requires careful planning, data-driven analysis, and effective communication. Following these 14 strategies can build a strong case for increased funding. Remember to be specific, align your goals with business objectives, and showcase the potential ROI. With a compelling argument and a well-crafted budget proposal, you can win the support of stakeholders and achieve your event’s objectives.

Are you ready to get those bigger event budgets? Download our Free Event Budget template now. 

Frequently Asked Questions (FAQ)

1. How do I determine the amount I need for a bigger event budget?

To determine the amount you need for a bigger event budget, evaluate the specific requirements of your event and create a detailed budget plan. Consider factors such as venue costs, marketing expenses, technology investments, and any additional resources required. By thoroughly analyzing all aspects of your event, you can calculate the necessary funds to ensure its success.

2. How can data help justify a bigger event budget?

Data plays a crucial role in justifying a bigger event budget. By analyzing attendee engagement, ROI metrics, and past event performance, you can provide tangible evidence of the impact of your events. This data-driven approach helps stakeholders understand the potential return on investment and the value of allocating more funds to your event.

3. What are SMART goals, and why are they important in securing a bigger event budget?

SMART goals are specific, measurable, attainable, relevant, and timely objectives that provide a clear framework for evaluating the success of an event. By setting SMART goals, you demonstrate a strategic approach to event planning and show stakeholders that you have a well-defined plan for achieving desired outcomes. Aligning your event goals with business objectives increases the likelihood of securing a bigger budget.

4. How can partnerships and sponsorships contribute to a bigger event budget?

Partnerships and sponsorships can help offset the costs of your event and contribute to a bigger budget. You can expand your resources by collaborating with external organizations and securing financial support. Highlight the benefits and exposure that sponsors will receive, as this can incentivize them to invest more in your event.

5. Why is presenting a comprehensive budget proposal necessary?

A comprehensive budget proposal is essential for winning a bigger event budget. By breaking down the costs and justifying each expense, you demonstrate careful planning and attention to detail. A detailed budget proposal also gives stakeholders a clear overview of the event’s components, timelines, and expected ROI. This professional approach increases the credibility of your request and improves your chances of securing additional funds.