Agency
How to build better global event budgets
SARAH YEATS, MANAGING DIRECTOR OF UK-BASED AGENCY SLEDGE, HIGHLIGHTS SIX KEY PRACTICES TO HELP MAKE THAT EVENT BUDGET WORK
When putting the pricing together for an annual conference we deliver in the US, for example, we know it will take up a bigger portion of the budget than other countries given the unionisation at play. These requirements can change annually, but there’ s always a“ why” behind the figures, and in turn, transparency with clients.
Sarah Yeats
W e event professionals
dedicate a lot of time to finessing our project budgets, yet they can still be a contentious topic, and it’ s not uncommon for clients to query them. Add in stakeholders from different countries or regions, and this can be even more complex, which makes upholding budget best practices a must for not only gaining clients’ trust, but ensuring relevance on the ground. Here I share six practices to keep in mind.
It might sound obvious But be sure to do the research and develop a deep understanding of what makes each destination unique before anything else.
It’ s probably going to mean extra head hours are added to the budget, but they are undoubtedly hours well spent, as this ensures experiences are meaningful, authentic and communicate clients’ goals in ways that resonate.
Focus on the finer things Generic catering, for example, might be cheaper, but keep in mind that, depending on the country, attendees may have specific dietary requirements such as halal, kosher, vegetarian or vegan, and these can vary depending on key cultural dates or holidays.
Experience design elements are key also – increasing spend on the smaller touches such as cultural elements adds authenticity and meaning, and specialised local talent enhances relevance for guests.
Plan for variable labour From day rates to workers’ rights, a firm grasp of the legal requirements in each locale is essential, from both a compliance and budgeting perspective.
Tune into the taxes Currency exchange and tax rates vary, and they can change quite quickly, so it pays to not only do the research, but remain tuned in to what’ s happening locally, and keep clients in the loop to avoid any unexpected surprises.
When looking at production costs in certain countries highly specific pieces of enhanced tech can be difficult to come by.
Adjust your communication This is key for gaining trust and buy-in, which is why it’ s so important to have a mighty force of local talent on the ground to support you. They ensure, for example, translations are not only accurate, the right tone is used, and everything from slide copy to wayfinding is culturally sensitive.
Another one to consider is embracing visuals like graphs and pie charts: universally recognisable, they can help get key figures across at the pitch stage, during pre-pro meetings, and post-event.
My top tip? Back your people Event related job titles can be confusing for those who don’ t live and breathe our craft, and it’ s only natural for clients to question whether a certain role is needed for their project – especially when they’ re looking for ways to cut costs.
We know they are, and regardless of where in the world you’ re delivering, these conversations require a genuine belief in the value each individual adds. In my view, it’ s what will ultimately help you gain client buy-in, resulting in a well-resourced, and in turn, successful event. n
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