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Size does matter when it comes to events, so you will need to estimate how many attendees are expected and how long the event will go. Anticipated audience count always impacts the cost, so you will need to determine how to achieve the event's goals without going over budget.
The type of event usually influences the duration—for example, a conference could be one to two days, whereas a brand promotion or a networking event may only last for a few hours. For longer timescales, you will first need to establish the level of interest and if that will sustain a multiple-day event.
