Budget an MMT to Get You Where You Want to Go
tagged: budget campaign contract event event sponsorship experiential marketing goals insurance live event sponsorship marketing mmt Negotiate purchase sponsorship
posted on July 11, 2019
You are bursting with ideas of what you want your activation campaign to be, but can you afford all of those goals? No matter how much your campaign is projected to cost, you have to set a plan to reach those goals, and that plan has to include a budget. Read on to learn what you will need to invest in order to get to where you want to go with your MMT.
Negotiate Sponsor or Exhibitor Prospectus
Say you found the perfect event for your activation. You must consider that there are always fees associated with setting up your brand, and those fees are sponsorship or exhibitor fees. Depending on the number of people attending or expected to attend the event and location, sponsor or exhibitor fees may range from under $25 to over $10,000. If you find out that you cannot afford those fees, try negotiating. Most event promoters are flexible and can chop event fees in half after proper negotiation.
Purchase One-Day Special Event Insurance
The majority of events require liability coverage. Investing in a custom plan for a one-time event may look expensive, so a good route to take if this is your first time hosting a campaign at an event is to purchase a one-day insurance package. A growing number of insurance companies offer this. An array options are available to fit your campaign for under $75.
Rent Necessary Materials
Investing in display materials will add up if all items are purchased. If you rent any materials that may be rented, you will save a substantial amount of money. Materials may be rented from the event producer or their authorized vendor for a discounted rate, or even included with the event fee. A number of items may be rented or included with the event fee, including:
- Tables, chairs, and more
Decide What Is Necessary as Soon as You Can
Some of the above-listed materials are absolutely not necessary for some campaigns. This all depends on the type of campaign you would like to run. Some campaigns do not need more than a single backdrop, and others need more space and a lot of furniture in order to foster more engagement. Plan accordingly in advance.
Build a Compensation Model
Determine as soon as you can who you want to hire, and how you would like to pay them. Include payment for all working hours, including training, travel, setup, and breakdown into your staffing budget.
Assume You Will Spend 5-10% More Than Expected
With a 5-10% cushion, you will be able to afford any miscellaneous expenses that may incur. Miscellaneous expenses are always accrued one way or another, so it is always better to be prepared.
Experiential Activation with Tandem Partnerships
Are you considering some great ideas and need help budgeting your own experiential marketing activation campaign? Tandem Partnerships can help you. Our specialists have the know-how you need to help you meet and exceed your MMT goals.
Tandem Partnerships is your experiential marketing resource.