Over the last 18 months, how we deliver events has shifted dramatically. Event organizers have had to throw out their budgeting plans and sort out new ways of understanding the costs and benefits of their event spend. We’ve seen a lot of change and have helped our clients navigate this shift over the last two years. As we look to the future, change is not going to subside. Understanding how to budget new formats and content delivery will go a…
Creating an event budget can be challenging. After all, there is a lot to consider. In addition to necessary costs like the venue and event staff, you want to allow for unexpected expenses, hidden fees that will undoubtedly crop up and an emergency fund. Here are eight tips to help you prepare for the unknowns and set your event up for success. 1. Identify Goals and Primary KPIs Budgeting for your event usually occurs after the main objectives have been…
Typically, the costs associated with producing a virtual event are much lower than that of an in-person one. Organizers may save on the venue, food and beverage, decor, signage, travel, accommodations and more. Pivoting online means the entire event format will change and, subsequently, a new pricing strategy is required. While many virtual events are offered for free, this doesn’t mean yours has to be. But what should you charge? The best way to determine a suitable pricing structure is…
If you’re like many meeting planners that work in conference and professional development event management, your peak season is the spring. During this time you’ll see many multi-day conferences, award shows, annual general meetings, etc. While the timing of these events are convenient for attendees since they occur outside of other peak seasons such as summer holidays and year-end, this also means that as a planner, you can expect things to pick up well in advance. Part of the nature…
Career Development, Meeting Community, People & Profiles, Special Events & Conferences
When one does a Google search of the text “doing more with less” it comes up with 55,400,000 results, and when one further refines it to “doing more with less in events” it shows 28,200,000 results! Staggering! With my Google findings in mind, combined with my own experiences with limited event budgets, I’m writing today to offer some creative and logical ways to keep your event’s expenses down, thereby “doing more with less.” It is my opinion – well-seasoned after…
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…
Event Branding & Marketing, Event Budgeting, Event Operations
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…
Event Budgeting, Event Operations, Meeting Community, The Business of Meetings
Meeting planners have the complex task of managing conference budgets and the wide array of suppliers that come with it. We do our due diligence to ensure everyone gets their fair share while maintaining a positive bottom line. Unfortunately, some suppliers that are an essential service to hosting a conference, like conference facilities, are taking advantage of their position. One of the ways is through outside supplier fees in the area of audio visual services. Most conference facilities have an…
In the course of marketing strategies, some small businesses may consider reducing prices or offering a discount as a sales incentive. Two critical questions come to mind. Will lowering the price drive enough sales to make up for the loss of income due to the reduction? Will the current operational structure support the increase in volume of sales driven by discounting? When adopting a price incentive strategy, it is important to understand the variables in profitability and how that impacts…
Event Branding & Marketing, Event Budgeting, Event Operations, Meeting Community, The Business of Meetings
What the guests see or experience when they attend a meeting – the tables, chairs, linens, centerpieces, speakers, band, AV, signage, etc. is the end result of months (or sometimes years) of work, as the stakeholders and meeting professionals have thoughtfully laid a foundation for the meeting to be successful based on the stated objectives. If we begin with the end in mind, we can ask, “What do we want participants to walk away with? What feelings, what actions do…
