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How can you determine the financial goals of your event?

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Determining the financial goals of your event is crucial for planning and executing a successful and profitable event. Whether you are organizing a conference, a gala, a festival, or a workshop, you need to have a clear vision of how much money you want to make, spend, and save from your event. In this article, we will guide you through some steps to help you set and achieve realistic and measurable financial goals for your event.

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Clarify event objectives:

Begin by determining whether your event aims to generate revenue or raise awareness. This will guide your financial decisions, such as ticket pricing and budget allocation, ensuring alignment with your main goal.### *Collaborate with stakeholders:Engage key stakeholders early to define the event strategy and goals. This collaboration ensures everyone is aligned, streamlining decision-making and keeping the event on track financially.

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1 Know your event purpose

Before you can set any financial goals, you need to know why you are hosting the event in the first place. What is the main objective of your event? Is it to generate revenue, raise awareness, build relationships, or something else? Your event purpose will influence your financial decisions, such as how to price your tickets, how to allocate your budget, and how to measure your return on investment. For example, if your event purpose is to generate revenue, you might want to set a higher ticket price and focus on attracting more attendees. If your event purpose is to raise awareness, you might want to set a lower ticket price and focus on creating a memorable experience.

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Lara Gallagher, CMP, CEM

VP Meetings & Events at Event Marketing Partners
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The one thing that really helps with the success of any event is working with the key stakeholders to create the event strategy at the beginning of the event planning process. Having a good, detailed event strategy is key to creating meaningful and purposeful events that can be produced within budget and deliver on key event goals and objectives. Understand who your target audience is, what are the expectations for the event, what does success look like, what are your KPIs etc. With a good strategy, stakeholders and event teams can be on the same page throughout the planning process, and it makes decision making and approvals move much faster.

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Ami Shah

Association Management | Budget Development | Client Retention | Contract Negotiation | Membership Recruitment | Corporate Event Management | Project Management | Graphic Design
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I agree - financial goals of an event will depend on the purpose of the event; whether it’s an education based event or an entertainment based event. In my experience attendees are always more willing to pay a higher price for a networking event compared to an educational event.

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2 Estimate your event expenses

The next step is to estimate how much it will cost you to host the event. You need to consider all the possible expenses that you will incur, such as venue, catering, entertainment, marketing, staff, equipment, insurance, and contingency. You can use online tools, such as event budget calculators, to help you estimate your event expenses based on your event size, location, and duration. You can also compare your estimates with similar events in your industry or location to get a realistic idea of your event costs.

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3 Forecast your event income

The third step is to forecast how much income you will generate from your event. You need to consider all the possible sources of income that you will receive, such as ticket sales, sponsorships, donations, merchandise, and other revenue streams. You can use online tools, such as event revenue calculators, to help you forecast your event income based on your ticket price, attendance rate, sponsorship packages, and other factors. You can also research your target market and competitors to get a realistic idea of your event demand and value.

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Mandi H.

Events Strategy, Services and Solutions
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Financial goals for the event should be set in the initial annual marketing strategy. Forecasting should be done as part of the full marketing strategy for the year, working backwards from an annual financial revenue target, split throughout the year into specific activations based on their assumed revenue opportunities which will contain a number of factors. Things change, and risk factors should be re-assessed as this could impact the revenue you expect. For example, adverse weather conditions meaning lower attendance at the event.

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4 Set your event profit margin

The fourth step is to set your desired profit margin for your event. Your profit margin is the percentage of your income that you keep as profit after deducting your expenses. Your profit margin will depend on your event purpose, your event costs, and your event income. You can use online tools, such as event profit margin calculators, to help you determine your optimal profit margin based on your financial data. You can also benchmark your profit margin with industry standards or best practices to get a realistic idea of your event profitability.

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5 Track and adjust your financial goals

The final step is to track and adjust your financial goals as you plan and execute your event. You need to monitor your actual expenses and income against your estimated ones and see if you are on track to achieve your desired profit margin. You also need to identify any gaps or opportunities to improve your financial performance and make necessary adjustments. For example, if you are overspending on your venue, you might want to negotiate a better deal or find a cheaper alternative. If you are underselling your tickets, you might want to increase your marketing efforts or offer discounts or incentives.

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Lara Gallagher, CMP, CEM

VP Meetings & Events at Event Marketing Partners
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Negotiations are always important, but especially now due to rising costs. When we are producing events in different parts of the county/state/country or globally. It's good idea to keep an eye on event fees/charges by similar vendors and discuss their prices. Some locations may charge an arm and a leg for internet for example, whereas others may offer it free of charge or a reduced fee. Its good to share information so it gives vendors an opportunity to offer discounts or provide additional services that elevate the attendee experience. Once you know your financial goals and costs are finalizing, you may find you have additional budget to produce some 'surprise and delight' aspects that can uplevel the event in certain areas.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Joyce Paschall, CAE, CMP-HC, CMM

Executive Director | CEO | Team Builder | Association Strategist | Education Officer | Business Events and Meeting Professional
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It is important right out of the gate to know if the event is intended to make money or to break even, or perhaps to be a service, aka loss leader, for its stakeholders. One of the first steps, particularly for a person new to planning a particular event, or for a first-time event, is to identify who those stakeholders are. It helps to write this out on a list so that no important constituency is overlooked.

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How can you determine the financial goals of your event?

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1 Know your event purpose

2 Estimate your event expenses

3 Forecast your event income

4 Set your event profit margin

5 Track and adjust your financial goals

6 Here’s what else to consider

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