Meetings are happening more frequently than ever before. As a result, planners have less time to plan and execute. Corporate leaders everywhere are looking to events as viable marketing channels, or as engaging platforms for internal initiatives.
Take for example, Salesforce.com’s annual conference, Dreamforce. With the goal to educate and inspire customers, the first Dreamforce event brought together just over 1,300 attendees in 2003. Today, Dreamforce is drawing upwards of 150,000 registrants. The event itself has become a considerable revenue driver. Ticket prices bottom out at $1,800, and that’s for the early birds.
Join the movement for a better event. Try Social Tables today.
Corporate leaders everywhere are leaning on events as revenue drivers and viable marketing channels.
The success of events like these is causing a growing number of brands to reassess the way they’ll allocate budgets in the next year. Organizations that have seen the value of events (and event budget trends) are ready to invest further, but that’s not the case for everyone. The challenge is that as demand for meetings rises, so will the cost of finding and renting the perfect venue.
That’s why planners making the case for more resources are also being tasked to prove ROI (with real data). Keep reading to see how your budget situation compares to planners in your cohort, and learn how to set yourself up for success the next time you have to negotiate for more.
The Curious Case of Event Production Budgets
In a recent Social Tables report, we asked our group of planners if they anticipate their budgets will grow or shrink in the next year to understand future event budget trends. 53% of corporate planners and respondents working at a planning firms, told us they expected higher budgets in the coming year. The other half indicated that they’d have less resources, or that their budgets would stay about the same. Overall the future looks promising for a large segment of meeting and event planners. But that doesn’t tell the full story. We took a deeper look.
The Rich Are Getting Richer
Although a majority of respondents indicated that event budget trends are on the rise, that isn’t the case across every type of meeting planner. There’s one group in particular we caught strutting gleefully to the ATM. 62% of planners that are already spending more than $5M on event production annually told us their budgets would grow even higher. What’s happened is that as larger organizations reach scale, they can confidently project that every dollar invested means a 2x or 3x return.
At the other end of the spectrum 60% of planners with less than $50K to spend each year reported that they won’t see an extra penny. That means any extra dollar they request needs to be backed up by clear reasoning and data that justifies the investment.
Coordinating meetings and events is a stressful job, and for most, it’s not getting any easier. Download our latest events budget guide to learn from 10 ways you can make the case for a bigger events budget in the coming year.
What do your event budget trends look like in the coming year? Join us on twitter @socialtables and let us know what you’re expecting.
The post Event Budget Trends 2017: Cloudy with a Chance of Inconsistency? appeared first on The Social Tables Blog.
Event Budget Trends 2017: Cloudy with a Chance of Inconsistency? posted first on https://virginiabutler12.wordpress.com/
No comments:
Post a Comment