Event Budgeting

  • Measuring event success: 16 tips for helping your clients understand money well spent

    After the 2008 recession, the events industry took a major hit. Companies went from having lavish parties and extravagant events to cutting down to the bare minimum. Then more than ever, event industry professionals had to consistently prove their value and the value of business events to executives and decisions makers. All of a sudden, measuring the ROI and the overall quantifiable success of events became a top priority in order to show the real value of face to face…

  • Negotiating Internet pricing for corporate events: The elephant in the room

    Meeting planners understand that venues need to make money. Its common knowledge that profits on hotel guestrooms run around 80 per cent and food and beverage around 40 per cent. But I have not seen anything that discloses what profits are being realized from Internet service, yet Internet access has become an integral part of events. This makes negotiating Internet pricing more difficult. While meeting planners are well versed on negotiating meeting space, Internet service is different, and many planners…

  • Seven best practices for success with eRFPs

    By Mike Mason eRFP technology has made fundamental changes in the way meeting planning works. The technology was designed to let planners send meeting requests to hotels in a couple of clicks and magically receive complete proposals back in a few hours. In reality, though, the technology that was supposed to save hours of work is now the No. 1 reason why planners are not receiving timely and complete proposals from hotels. The problem with eRFPs is that they have…

  • How an effective program agenda can make or break your next event

    By Amanda Stewart A significant investment is made in time and dollars in creating an event, whether it is a conference, national sales meeting, a reward and recognition trip, a gala or networking event. Connecting and engaging your audience is essential to the event’s success. A well-rounded program agenda, developed with the audience as the focus, will create a successful event, achieve your objectives and reap the benefits of the investment. For successful meeting planners, the process of building the…

  • RFPs: A view from both sides of the events industry

    By Jennifer Glynn and Joe Nishi Getting a quote on pricing for your meeting and event is more challenging than ever. Trying to find the right venue, at the right value as quickly and efficiently as possible, with fewer resources than ever can be stressful for meeting planners. On the other side, venues have sophisticated revenue models, yield management and space optimization parameters that must be followed. There is constant pressure to increase profit margins to make up for past…

  • Venue contracts: A meeting planners’ call to action

    I couldn’t believe my eyes! There, in an email, was the statement that put into words a sentiment that I’ve heard over and over again from meeting planners: “The way I have been brought up in this industry has always been to just reduce the rental and food and beverage minimums, add your concessions, sign and send.” This quote was written by an experienced meeting planner employed by a reputable Canadian organization – in response to an email dialogue we…

  • Food and beverage budgeting: 16 tips for doing more with less

    Every event planner strives to deliver the ultimate participant experience during their events. We live for the thrill of seeing the participants (and our clients or employers) wowed and amazed. However, in these times of economic restraint, we’re being asked to create these experiences on limited or declining budgets. We’re required to improve the bottom line but not sacrifice the participant experience. For many events, food and beverage is a critical component of the participant experience. While we long to…

  • Top four tips for negotiating your event venue contracts

    Venue contracts: Love, lust or run? TLC’s popular show Love, Lust or Run? is based on the premise of everyday people reacting to the featured guest in their preferred (albeit most often quite strange) outfit. People are asked to indicate if they would “love, lust or run” on the guest based on their appearance. I propose that if meeting planners’ reactions to reviewing venue contracts were to be gauged in the same “love, lust or run” approach, most planners’ first…

  • Steps to end food waste in the event industry

    All of us working in this wonderful industry know there’s an inconvenient truth – food waste. We all dislike it, yet feel powerless to stop it. According to a updated study released in 2014 by Value Chain Management International, food waste in Canada equates to an estimated $31 billion annually, of which eight per cent (about $2.5 billion) is attributed to the “food service” industry (hospitality and restaurant industry). When I read the report, I was not surprised because I’ve…

  • Building trust: What meeting planners want suppliers to understand

    Meeting planners are hardworking, resilient and well-organized individuals who rely upon a variety of suppliers to deliver the meetings they manage. They face the stresses of orchestrating an endless array of tasks and suppliers into a seamlessly delivered meeting, conference or convention. The reliance of the planner upon their suppliers cannot be emphasized enough. There is no second chance as the planner gets one opportunity to deliver their meeting well. Each supplier inherits partial responsibility, not only for the success…

Venue & Supplier Profiles