FORECASTING YOUR EVENT TO MAXIMISE RESULTS

So you’re keen to hold an event to engage with your key stakeholders to provide a unique, interactive opportunity for face-to-face communication with your customers and partners. But then your preferred agency presents you with their fees to undertake the event – before parking the event in the too hard basket and electing not to hold the event, or deciding an event can’t be that hard to do and you can just get the Admin Assistant to coordinate it, there are a few key areas to keep in mind when you ask what are you actually paying for? And how did they agency arrive at these figures?

First and foremost, you’re paying for our expertise. You wouldn’t (or shouldn’t!) attempt plumbing or legal representation yourself, and the same goes for event management. We are a unique breed that thrives on the pressure an event can bring, and we have honed our skills to a fine art to know exactly when (and how) a call needs to be made to avoid a potential last-minute problem. We also run off adrenalin (and coffee), plus by utilising the capabilities of an agency, it allows you to engage with your stakeholders rather than worrying about run sheets, floor plans and centrepieces!

Here at Elevate, we categorise ourselves as an end-to-end agency meaning we handle everything event related from initial concept through to contracts and planning into onsite delivery and wrapping up with post event feedback and reporting, as well as looking at how the outcomes achieved at the event can be integrated into ongoing engagement. We are on board the entire way, alongside you and working as part of your team, to ensure your event is a success. 

There a number of financial models that other agencies implement such as a percentage of revenue, per delegate cost and itemised line items (e.g. gala dinner, business sessions and trade show costed separately even if they are part of a single conference). However, to manage the event in this holistic way to take pressure off our clients and to provide the best value, Elevate operates on a flat fee, which is based on an agreed scope of work. This scope is moulded through our initial discussions with our clients about their event objectives, initial concept ideas and to meet the deliverables they require from an agency. This scope of work builds out our estimated hours to produce an event that delivers on our client’s requirements that fulfils their overarching objectives. 

Although there are many variables and each event is unique in its deliverables, to manage a three-day corporate conference, on average it takes the Elevate team around the 200 - 300 hour mark. So before making a knee-jerk decision that your Admin Assistant can coordinate the annual conference, perhaps ask if they have a spare 300 hours to dedicate to managing the event in the first place, let alone if they are comfortable organising something outside their traditional skill set.

We understand the financial implications an event can have on a company’s bottom line and that is why our expertise can actually enhance the budget forecasts; not hinder it. Our skills in sponsorship procurement and fundraising, as well as our partnerships with key suppliers allowing us to negotiate the best rates, means your event will be in the black. And that also goes for Elevate as an events agency; we want to work with you for the best outcome so we are always open to discuss alternatives to our proposed scope of work.

Events are a great way to encourage meaningful interaction with your key stakeholders so they feel valued by your brand. While the initial budget presented by an event management agency may not be the figure you originally had in mind, it pays to consider all the facts on the table to ensure the delivery of an exceptional event that capitalises on opportunities without breaking the bank, or your employees. Leave it to the professionals - talk to Elevate today on 07 3180 3666 or email events@elevatecom.com.au to discuss how we can assist you in delivering a measurable, effective event that wows your attendees.

 

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BILL GATES, FOUNDER OF MICROSOFT
"IF I WAS DOWN TO THE LAST DOLLAR OF MY MARKETING BUDGET, I'D SPEND IT ON PR"
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