How much do y'all budget for executive CABs?
I'd be super curious to hear other answers on this as I think about budget planning for my next FY haha... but here is what we've had for the last 2 years of scenarios at Mendix:
$40K last year - we hosted it as a single day event in our head office in the Netherlands and all attendees were coming from Europe. Majority of that budget was spent on covering cost of hotel rooms for those who weren't local + our evening dinner / activity. Then we had some attendee gifts, signage, etc.
This year we're bumped up to $100K - a big leap as we've made the event 2 days (so now have 2 nights of dinners to cover) and are inviting customers from other geographies, so supplementing some of their travel costs to make it easier to get there, and also still covering hotel rooms for all who can accept it, and our audience size is nearly doubled.
We still save the most $$ by hosting the event itself in our offices so we dont have to worry about a significant venue cost. Year 1 was 25 attendees, and this year we are targeting 40.
Tier 1 city: 50-60K and have spent upwards of 200K for a total of 30 people (executives and customers) I'm running one at the five-star hotel for around 130-150K (includes Golf or Spa)
It's difficult to explain to Europe-based companies that a CAB in the US should cover airfare and lodging.
Jennifer Lyons Many European-based companies cannot take airfare and lodging, because they have anti-bribery laws, whereas in the United States, we don't. Many companies operate CABs and require customers to pay for their flights. I am requesting that customers pay for their flights. It's not really the cost of the flight, I want them to 1. not linger in RSVP-ing... 2. be serious about the board 3. Prepare for the board.
