Event budgeting, with its allocation uncertainties and “do more with less” mandates, remains one of the most challenging elements of event strategy. (It’s also not as exciting as the site inspection side of our roles, but not every day can involve poolside research.) Maximizing your budget gives event professionals the best chance to prove event ROI and provide attendees with an unforgettable experience.
Not all corporate event budgets are expanding, though. According to Incentive Research Foundation’s 2025 Outlook, 59% of North American organizations expect reward and recognition budget increases in 2025. In Europe, 74% anticipate higher spending in this area. Even if your brand is among those to make anticipated budget increases, the reality is that rising costs may counter extra investments.
Event planners can showcase budget management skills by embracing a few proactive strategies.
Strategy 1: Refine your event booking cycle
One of the best ways to maximize your budget is to start planning earlier. Note we say “best” and not “easiest.” Making the case for early booking has its hurdles. However, we’ve found the rewards can far outweigh the risks.
Venue availability is limited, especially for corporate events with 800–1,200 people. Booking further out results in the best dates, space and accommodations.
- Booking earlier means less competition for venue space. Hotels are less likely to exert pressure and try to limit your bargaining power for concessions when you’re not in a bidding war. Consider venue sponsorship options, too.
- For contracting, advance booking helps receive more effective risk allocation and attrition provisions. Even if attendees wait until the last minute to register, you won’t have to worry.
- Deadlines that are out of your control can dampen your budget. Bumping up against the end of a hotel’s fiscal quarter creates unnecessary strain on scheduling.
- Waiting to book can be more expensive. Splitting attendees between venues because there isn’t enough space at your first choice decreases booking block discounts. Using multiple hotels necessitates adding shuttle service between venues.
Strategy 2: Choose multiyear event venue agreements
Any bulk shopper knows there are benefits to buying in quantity. Committing to a multiyear agreement with a hotel group, whether in the same city or across different properties, offers economies of scale.
A multiyear agreement we signed between a large tool manufacturer and Gaylord Hotels started back in 2013 and extends through 2030. That’s because we've negotiated these attractive terms for their annual franchisee meeting:
- Flexibility for rescheduling and canceling with nominal penalties
- Holding on deposits until 30 days out from the event
- Rebates $20,000–$50,000 (depending on the year) plus a percentage of actual food and beverage spend (up to a 15% discount)
- Attractive concessions that improve attendees’ experiences
Strategy 3: Develop an elevated event sponsorship prospectus
Redesigning your sponsorship program can boost your event budget in exciting ways. Developing a targeted sales goal and streamlining sponsorship tiers creates a more profitable event and VIP sponsor experience. Top sponsorship tiers should include more attendee badges and exclusive benefits that result in stronger partnerships. (We’ve put sponsors on a parade float with sales winners on their way to an evening event!) They can also fund inclusions and activities for attendees that would otherwise be out-of-budget.
Year-round sponsorship packages help partners plan their budgets and determine what promotions, booth materials and promotional giveaways they can use throughout the year across the events.
Related: Earning repeat sponsors generates funds for memorable event experiences.
Strategy 4: Create efficiencies with a production partner
Having one partner for event management and production creates efficiencies at every phase. Experienced partners who know your brand priorities solve problems more effectively. Working with a consistent event management partner also means leveraging data from previous events to focus on what attendees really want and find beneficial.
Impressive event production can get expensive. The most common question event production managers hear is, “What is this going to cost?” Instead of spending more budget on event management, having one partner that operates with consistency and efficiency opens margin to expand and integrate new and better ideas, year-over-year.
Talk through risks and rewards
Budgeting doesn’t happen in a bubble. Oftentimes, procurement and finance teams focus on a one-year horizon. Working across departments, leaders may raise some common concerns:
- What if we book ahead and then circumstances change?
- What if the budgets haven’t been finalized?
Addressing those is an important step in making the most of your event budget.
Learn how to get decision-makers to embrace the financial benefits of early event planning with our new guide.