from Expo Magazine, I couldn’t say item #1 better myself….
Although the worst of the recession may be behind us, many organizers are still challenged with delivering quality shows on reduced budgets. It’s more important than ever these days to find ways to produce meetings more cost effectively. Here are a few cost-savings tips to try at your next show.
1. Outsource. Take stock of the things you personally need to stay involved with and outsource everything else. Look for areas where your time can make the most impact on the program or the budget. Focus energy on those activities only, and leverage suppliers and outside resources to accomplish everything else.
2. Get accurate. Employ a more detailed registration system and get more details on meals. Reducing headcount on breakfasts for people who only want coffee and skipping meals for walk-in attendees translates to big savings.
3. Shop locally. Local sales representatives for a hotel or venue will often work harder and may provide significant savings over a national rep or broker. They have the pulse of the local market and can offer incentives unique to their property. Don’t have time to call 50 hotels? Consider outsourcing the process to an outside meeting planner on an hourly or fee basis. You’ll also have someone to help with rooming lists and contracts.
4. Consolidate. If budgets are tight, place as much as you can with one or two vendors. Your project will look bigger, garner more attention and you’ll save time and money in the process. Every vendor you add creates a profit center for that vendor and adds at least 10 to 20 hours of management time for you. When the program changes or you need to revise your budget, you’re fighting each vendor for their profit and spending significant amounts of time to accomplish small reductions.
5. Be creative. Find something that doesn’t really cost the hotel or vendor and leverage it. For example, airport transfers can sometimes be provided at no charge if a hotel has buses. It’s a relatively low-cost item to the hotel, but can save tens of thousands in transfers or cabs. Also think about asking for free printing from the hotel’s business center. Free prints mean saving on printing and even more savings on shipping.
6. Rely on your suppliers. Everyone is reinventing themselves in today’s economy and suppliers are open to new ideas and hungry for additional work. They want to be a resource and are willing to take on additional responsibility to get there. Think of a supplier as an assistant and ask them for small tasks and expertise. An extra body for a registration desk may only be a phone call away.
7. Buy in bulk. It’s amazing how simple this concept is, but how little it’s applied. Hotels and vendors want repeat business and they’re willing to discount to get it. Use that to your advantage. Can’t sign a three-year contract? Don’t worry. Negotiate rebates that kick in retroactively once you reach a certain level. There’s no need for a commitment because if you don’t deliver the business, they don’t have to deliver the discount.
8. Go dutch. Sharing meeting and production expenses with another organizer is novel, but effective. For a savvy buyer, splitting costs with another group is an easy way to get your numbers down. Brokering the deal can be challenging and you have to be somewhat flexible. Need a match? Oftentimes your hotel, venue or even a supplier can find the right match.
9. Don’t cram. The only “don’t” on this list addresses the temptation to pack 12 hours of meetings into an eight-hour day. Packing in content will drain your attendees. Sure, if you get a three-day meeting done in one day, you’ll save plenty, but no one will remember. The effectiveness of the meeting is a primary goal. If attendees are engaged, the meeting generates business results. Don’t lose sight of the purpose. Maintaining that learning environment is the key to a successful meeting.
Steve Auer, CEO of Cadence, Inc. (www.cadence-inc.com), is a 20-year veteran of the live event and meeting production industry. Cadence provides creative services, venue sourcing, meeting planning and logistical support for meetings and trade shows.