| To event or not to event in a down market, that is | | | | material is industry specific, hire a presentation |
| the question on the minds of many corporate | | | | expert. |
| executives. Is it better to invest $500,000 in a | | | | 4. Don't be afraid to reveal your budget. Create a |
| meeting that could generate $2M in sales or ditch it in | | | | realistic budget for your event. Event professionals |
| a fit of cautionary economizing? Corporate event | | | | and vendors expect to work within a budget. |
| planners are finding that small and large businesses | | | | 5. Tighten up presentations and shorten the length of |
| alike are canceling or postponing events in reaction to | | | | the conference. If your four-day conference for 100 |
| a downturn in the economy. Actions speak louder | | | | people costs an average of $450/day/person for |
| than words and in a tough economy, a canceled | | | | hotel room, meeting space and materials, food and |
| event is the perceptual equivalent of a hole in a | | | | beverage and audio/visual equipment, you could save |
| sinking ship. | | | | up to $45,000 simply by eliminating one day. |
| Meetings, conferences, seminars and events are a | | | | 6. Plan ahead. Time is a valuable cost cutter. You can |
| critical part of a business communication strategy. | | | | shop for a less expensive printer; avoid rush charges |
| Events say, "We are doing business, and we are | | | | for goods and services, and save money by booking |
| confident in our business position." When reviewing | | | | travel arrangements in advance. A Silicon Valley high |
| your marketing budget, look at events as | | | | tech company spent $12,000 in copy charges at the |
| investments, not expenditures. Don't give events the | | | | conference site because presentations were not |
| boot, tighten your belt and give them the squeeze. | | | | completed by the deadlines. |
| Don't bail on your events; plan them smarter. | | | | 7. Evaluate costs before canceling current events. |
| How can you make your events smarter? First, plan | | | | Hotel and catering contracts have strict cancellation |
| them strategically. Events are tools. They are planned | | | | policies. Canceling an event three to six months out |
| in response to a need for face-to-face | | | | can cost as much as it would to actually have the |
| communication. Why are you having the event? | | | | event. Two years ago, a client wanted to pull the |
| What do you expect from the event? Who is | | | | plug on a high-tech partners conference we had |
| coming to the event? Research these factors | | | | spent months planning. With just 45 days until the |
| extensively. Then use the data to determine how to | | | | event, it would have cost $80,000 to cancel it and |
| deliver the richest amount of content to the | | | | $90,000 to have it. We convinced him to go ahead |
| targeted audience in the shortest amount of time. | | | | with it, and he signed a lucrative contract at the |
| Next, plan them professionally. Does your staff have | | | | conference. |
| the time, skills and resources needed to effectively | | | | 8. Understand your negotiating power. Understand |
| plan implement and staff an event, while continuing | | | | your negotiating power before you sign any |
| to do their own jobs? Event planners do. They | | | | contracts. Flexibility of dates, addition of sleeping |
| manage thousands of logistical details and provide | | | | rooms, food and beverage commitments and use of |
| resources for professional contract negotiation, | | | | other hotel services bring to a venue, the greater |
| content development, speakers and specialized | | | | the negotiating power you have. Flex your |
| vendors. In addition, event planners know the | | | | negotiating power by combining other event efforts |
| elements that are essential to a successful event. | | | | within the company. |
| We tell our clients that the success of their | | | | 9. Reduce "no-shows" and watch guarantees. Hotels |
| conference will be based on the content, not on the | | | | routinely charge for rooms not used and not |
| chicken. | | | | cancelled, and they have a prorated charge for |
| Here are some belt-tighteners for anyone planning an | | | | potential business lost on food and beverage. Try |
| event, meeting or conference: | | | | telemarketing and e-marketing to insure that |
| | | | attendees keep your event in mind and to minimize |
| 1. Do your research first. The greatest cost saver for | | | | "no-shows". Some "no-shows" are inevitable, so pay |
| any event is knowledge. | | | | attention to meal guarantees, hotel room counts, and |
| 2. Hire professionals. Hotel, entertainment, food | | | | transportation needs when negotiating contracts. |
| beverage and travel/transportation contracts are | | | | 10. Consider back-end expenses. Awkward signage, |
| complex, high-ticket items. Mistakes can be costly. | | | | demo equipment, heavy meeting materials and |
| The fee for an event planner or other professional to | | | | cumbersome guest gifts all have to be shipped home. |
| negotiate on your behalf is cost effective. | | | | These costs can add up. |
| Professionals have the resources and often have | | | | To event or not to event? The answer is "To |
| established relationships with vendors they know and | | | | event". In a world of e-mail and e-commerce, events |
| trust. They are familiar with standard hotel, venue, | | | | are the real deal. They are an experience. They can |
| and food and beverage contracts and can help you | | | | stimulate confidence, promote networking, increase |
| negotiate. | | | | sales and encourage problem solving in a face-to-face |
| 3. Hire professional speakers. Professional speakers or | | | | format. So pull it in a notch or kick it down a peg but |
| trainers make sure the message of the event is | | | | don't cancel your event. Events say, "We are here to |
| delivered. If your company doesn't have a great | | | | stay. |
| speaker to deliver meeting content, hire one. If your | | | | |