Does this conversation sound familiar?
People often like to ask what the event management cost would be as if we can just pluck a standard figure out of thin air.
We would hazard a guess that this is the question that Event Management agencies get asked the most.
And if we are all honest, it is the question all event managers dread. The quick answer is really ‘How long is a piece of string?’
To pull a figure straight out of thin air would be doing both the client and the agency a disservice. To quote accurately, agencies need to take the time to talk through an idea and establish what the aims and objectives of the event are. Every event is entirely different, every client is different and therefore every quote is different and bespoke.
How To Calculate The Event Management Fee for an Event
To quote accurately we need some information about your event, such as:
Type of Event
What kind of event is it? Exhibition, conference, festival, workshop…etc.
Who is the event for?
How many people will be attending the event?
What Are the Objectives of the Event?
What do you want to achieve from the event?
What will success look like?
Where is the event going to take place? A major city, or somewhere more rural? The UK, Europe or even further afield…? These decisions will have an impact on travel arrangements and logistics.
Is there a venue in mind? Is the desired venue an existing events venue? Are the onsite team used to hosting events or not? What will the venue be able to provide in-house? What will need to be sourced externally?
Is it an evening event, full-day event, or multiple-day programme? Will there be multiple streams or activities running at any one time? Will there be an evening event or reception? Is it predominantly a presentation format or will there be panel sessions and workshops?
Event Budget Revenues
Is it a free or paid event?
Will there be exhibitors or sponsors?
Are we working to a set budget? If so, what is the budget?
Has the event run before or is it brand new?
Are there any similar events in competition with the event?
Will the client need online registration management services to handle advance registrations? Do they work with a specific platform already or are they open to advice on the best solutions for them? Will they need on-site registration staff to manage check-in and bookings on site? Who will make up the badges and delegate packs?
Not all event management agencies offer financial administration services but if clients would prefer event monies to go through a neutral client account, this can be facilitated. The cuts down administration time for the client in terms of managing budgets, invoices and processing and chasing payments.
Event Date and Lead Time
What is the lead time for the event? Is it a quick turnaround that needs to be pulled out of the bag or is there more time to brainstorm and plan? Is a weekday or weekend preferred?
This is just a handful of questions that it is useful to try and discuss with the client before an agency can provide an accurate quote. A client probably won’t have all the answers yet or the details will be very vague, but having the discussion will be very revealing to an Event Manager looking to work out the scope of the project.
An event planner is worth their weight in gold and can often make considerable savings to the event bottom line which will offset the event management fee. Eventprofs have a network of trusted contacts offering preferential rates, they know where money can be saved without compromising on the quality of the event and all the tricks of the trade.
Read this post if you are unsure what event management is.
Should We Use an Event Management Company or Plan the Event In-house?
If clients are on the fence about bringing in an external event management company, we often ask them to consider the amount of time it will take an existing member of staff to plan this, and what will be neglected in their normal 9-5 whilst they are focusing on event planning? Have they fully factored in the amount of time it will take to execute an event well and do their existing team even have the capacity to do this? There is also the opportunity cost of the business revenues they won’t generate whilst they are knee-deep in event administration and planning.
An in-house Event Manager is often a luxury for many companies, and so bringing in an experienced agency to act almost as a freelance extension of their team is often the most cost-effective solution, and the most time efficient way of achieving the desired result.
Pay the experts to do what they do best so you are your team can continue to do what you do best!
No two events are the same, which means that Event Planners need some basic information to fully understand the vision and scale of your event project and quote accurately in terms of the event management cost. Expect to talk through some of the questions to give a better understanding of what you are looking to achieve.
Events Northern Ltd is always keen to discuss new event ideas and help to bring your vision to fruition in the most cost-effective way. We are a small team which keeps our event management costs competitive.
Further Related Reading:
As well as finding out the event management cost you also need to ask:
EVENTS NORTHERN LTD is A BOUTIQUE EVENT MANAGEMENT AGENCY BASED IN LANCASHIRE, AND OPERATING ACROSS THE UK AND EUROPE. ESTABLISHED IN 2004, EVENTS NORTHERN LTD OFFERS A FULL EVENT MANAGEMENT SERVICE FOR EVERY TYPE OF EVENT AND PROJECT. IF YOU HAVE AN EVENT IDEA TALK TO US TO BRING YOUR VISION TO REALITY. WE CAN ENSURE YOUR EVENT MEETS YOUR OBJECTIVES AND COME IN ON SCHEDULE, ON BUDGET, AND ON TRACK.
WE OFFER A COMPLETE AND COMPREHENSIVE SERVICE, FROM CONCEPTION THROUGH TO IMPLEMENTATION. WE UNDERTAKE THE WHOLE ORGANISATION, MANAGEMENT, ADMINISTRATION, AND PRODUCTION PROCESS ON BEHALF OF OUR CLIENTS TO ENSURE A SUCCESSFUL AND PROFESSIONAL EVENT IS DELIVERED. ALTERNATIVELY, WE CAN DELIVER SPECIFIC ELEMENTS OF AN EVENT, TAILORED TO THE CLIENTS’ EXACT REQUIREMENTS.
WE WANT TO HELP EXPLORE YOUR EVENT IDEAS AND CREATE THE VISION TO MAKE IT A REALITY!