Event Management

Event management does not always mean earning in cash. There are times when companies have to be happy settling in kind, which means gaining the services of the sponsoring company, rather than getting money in return. Well, this also serves its own valuable purpose, as it takes care of a major cost. For instance, the mineral water company ready to partner in an event maybe ready to supply water to all the people, at no cost at all, rather than pay up any sum of money.

Thus, an event company needs to be sensible and provide for varied sponsorship options when meeting with the sponsors. For instance, when approaching large companies with big advertising budgets, they can be looked upon for spending on hoardings and other advertising material, as well as the venue costs. There are food companies that could sponsor food packets to all the frontbenchers, as part of a little packet for the high rate of tickets.

There are some companies that prefer to take responsibility of printing tickets and passes with their company name and logo prominently placed on them. This becomes a means of direct advertising for them. There are some companies that would sponsor maybe the sound and music or other needs for the event.

Thus, returns in cash should not be the only focus, but also how varied expenses can be curtailed in order to maximize the returns. However, when finalizing the deal one should have a proper event management agreement drawn to ensure that neither the sponsor nor the company suffer a loss or reach a point of disagreement. This legal agreement should be in the interest of both the party. One should keep in mind the seriousness of sponsoring an event. In fact, after the budget it is the very foundation of the event.

There are some event management companies that double up as celebrity mangers too. These are not just the large companies with several wings across the prime cities of the country, but also the small and medium scale event companies that also take up assignments in public relations. As a result of having one such department they also take up work relating to celebrity coordination and management. This, in fact, works as a benefit when working on events.

Celebrities from varied walks of life are assets for any event. This is because the general public tends to get attracted to any event that is supported by celebrities, especially film stars and cricketers. In India, cricketers and actors hold a very important place in the life of all their fans, no matter who and what strata of society. However, for companies that are not in celebrity management they have to work harder in order to rope in renowned people as part of the event.

This is a delicate aspect for any event. There are certain aspects to be kept in mind when coordinating with celebrities. Nowadays, most famous people demand a price for making and appearance, and most importantly they want every thing well planned. Sometimes, ones may have to face star tantrums and alter plans to suit the celebrity being invited. Thus, when budgeting and event management planning the tea members have to keep aside a certain amount to pay the celebrities.

If one though the celebrity management is an easy task. Well, it is exciting, but not exactly as simple as corporate management. And the bigger and more famous the celebrity, the more the demands and tantrums; this is a commonplace fact. One should be ready to deal with last minute delays and cancellations on behalf of the celebrity. The manager becomes the face of the celebrity and a big responsibility rests on him/her.

What is the most important factor when it comes to finances?
It is the budgeting. Even a homemaker understands the meaning of this term and implements it in her home, in order to curb expenses and ensure that more money is saved. In the same way, no matter what the scale of event, the most important factor is to work within budget constraints, yet maintaining quality, in order to maximize returns. The fact is the budgeting the event is not child’s play of throwing in numbers and then marketing the event.

Most companies follow a budget format or event management system, wherein all the figures are placed and aggregates made. Almost every company has on board a Financial or Accounting head, who is responsible for preparing the budget, as well as supervising the entire event execution process to ensure that all is happening within the figures mentioned.

When preparing an event management budget, usually one maintains a margin of 5% to 15%, which is also called the buffer margin, just in case the budget exceeds the actuals placed on paper. It is important for the event manager, or marketing manager to provide the budget to potential sponsors, so that they can decided how much, or which section of the event they would prefer to sponsor in order to gain maximum mileage. For instance, there are some companies who decide to sponsor the entire ground for the event, while other companies pay for the printing of tickets and other material. The amount a company is ready to sponsor decides the kind of mileage they are given.

The budget not only provides facts and figures with regards to the expenses, but also the potential returns the company can gain from the event. This would include expected ticket sales, as well as amount that can be received from sponsors. The entire plan of an event is in its budget. It is the very backbone of any event, or no matter what scale or type. It is more like a pre-event balance sheet.

Every event that is hosted has a particular purpose or mission. Even a small event like a wedding or a birthday party has a particular target to be met. But in such functions it is about social targets – bringing together all invitees and ensuring they all have a good time. However, events that are larger and involve commercials, their main target is to earn money – either directly or indirectly.

While the event management company is responsible for the complete implementation and execution of the event, except for a few big players, all companies reach out for sponsorships, in order to cover all expenses. There are some companies that, in fact, also market the event assigned to them and seek out sponsors. This is actually where the money lies for event companies.

Every company a team member, who is responsible for bringing in sponsor money, or otherwise sponsor services for the event. They first make a plan, according to which they decide the target audience, and in accordance shortlist the industries or sectors that would benefit from such an event. After that they shortlist the companies they can approach. Once the short-listing is done they chalk out a proposal and present to the potential sponsoring company.

Every team member is responsible for the customer event management relationship. In fact, this is the target focus, as when the sponsors lend their names, along with money or their services, they expect to rope in that many more customers for their products and services. Event sponsoring is one of the methods of mass advertising for companies.

One of the key components of any event management companies are its ability to markets its services, as well as the event at hand. In fact, today, there is a wide range of event management services in India that include:

In fact, today, there is a wide range of event management services in India that include:

• Corporate events
• Weddings
• Entertainers
• Artist and celebrity management
• Children’s birthdays
• General events
• Sets and stages for performances
• DJ’s
• Event staffing
• Event consultation
• Promotional events
• Launches
• Road Shows
• Rural Events
• Advertising events
• Marketing events
• Political events
• Exhibitions and trade shows

Event management marketing is also known as ‘event management sponsorship’, as well as less commonly known as ‘lifestyle marketing’. This is an ever-growing domain in event management. In India, marketing of event billing amounts to over 100 Crores, per year. In fact, this is reported to be an underestimation of the actual worth of the industry. The event marketing is spread across a broad base of varied events. The growing trend in marketing of events is largely attributed to its ability to get through all the advertising clutter in order to reach out to the consumers. This includes other vital audience segment, too. All this needs to be done in an impactful way. The marketing can be done at varied levels, and so those involved in this segment of event management need to be creative and be fully aware of the goals of the event, so to speak.

The most important component of any event management company is the team. Whether a large company or not, events can only be organized by getting together a team, as there are varied aspects that go into bringing about an event, right from planning to budgeting to coordination and the final execution. Usually, the large-scale event companies put together a team, as soon as the event has been approved and has been assigned to the company. In such companies there are several such teams working simultaneously, on varied projects, all at once. However, a small company typically follows the same order of organization. The basic or core structure of event management companies that will see the project through from implementation to execution is outlined as follows: The Finance Head: This individual has to have expertise in the field of finance. He/she is not only responsible for the budgeting, but also the cash flow of the project in hand.

The individual has to take charge of the following aspects:

• Expenses
• Revenue
• Accounting system
• Financial control

The Marketing Head : This individual is responsible for ensuring that the event gets the best possible audience, as well as sponsorship and other required support. Operational Head: This individual is responsible for the overall execution of the operation of the event. this includes managing any kind of technology that could possibly be required. The Legal Head: This individual is required to advise in case of any legal aspects, as well as to negotiate in case of contracts. More often than never, multiple contracts are entered into when working on a medium to large-scale event. The above form the core team of an event management company. These heads create their own sub-teams that work under their instructions. Apart from that, there maybe consultants and advisors, who add value to the projects in hand.