🌟 Budget Informs All · IRL Event Studio

🌟 Budget Informs All

Last week we were prepping for a client meeting, and wanted to go into it with some decisions teed up and ready to be made.

What we realized though, is that the budget wasn't entirely clear...

The budget informs all 🌟 It is the north star

So instead of asking our client "hey, what did you have in mind as a budget for this event?"

We went into the meeting prepared to determine an appropriate budget based on the client's objectives.

First, I asked how many attendees he expects to pay for the event

-> this informs the expected event revenue to be generated

Second, I asked what his top priority was for the event

-> this informs the overall event objective, so we can ascribe a "return" based on completing certain objectives

Example 1: If his top priority was to improve retention, then we would look at this current retention and churn, and determine how valuable it would be for him to improve LTV

Example 2: if his top priority was to generate trust and authority, we would determine an appropriate amount to invest in growing that metric for his business.

Reasoning: this allows us to operationalize budget creation, making sure the money invested is for a clear purpose to lift the business up.

When we brought this to our client, we determined that he was mostly doing this event as a way to ascend clients into a mastermind offer (add revenue and improve LTV) and also raise his trust and authority.

This made budget creation easy

Expected number of attendees x cost to attend = y revenue

y revenue / 2 = event budget

Easy 2x ROI 🚀

For this client it's not about the money, it's about the proof, trust, and relationships. Investing in the event to gain those outcomes would be worth it, but he'll also generate a 2x ROI.

Pretty sweet gig, I'd say!

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