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Meetings with Meaning While Being Mindful of the Bottom Line
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With 2009 now behind us (whew!), it's time to look ahead. Although no one knows exactly what the economic recovery will look like or how long it will take, most companies recognize that business must move forward. The new "normal" in the event and meeting world is one where every expense must be justified. That being said, these times have created a new era of creativity, resourcefulness and value when it comes to event planning.
To ensure a successful meeting or event, the following questions should be addressed:
What is the purpose of the event? Are you looking to educate your sales people so they can be more successful in generating revenue? Is it an appreciation event for customers designed to build client loyalty and future business? Or maybe you are getting all of the employees together to outline the changes and objectives of the company so as to have a unified company mission. Whatever the purpose, it is important for your event to be defined to ensure all goals are met.
How will you track the return? Before the event takes place, create metrics that will help you determine its success. In some cases, you will be able to quantify the results fairly quickly by demonstrating increased revenue. For other meetings, results may develop over a period of time through things such as higher employee retention, repeat customers and higher employee morale.
What is the appropriate budget to spend on this type of event? Once you have defined your purpose and the methods to track your return, it is time to set your budget. The budget should directly correspond with the results that you expect to receive. For example, if you are planning to host a product launch party for your customers, the incremental sales that result from the event should far exceed the amount spent on the event.
To help make your money stretch as far as possible, here are a few industry tips:
Tip # 1 – Pick the location that is right for your audience, event type and price range. There are so many incredible venues in Southern California that range from casual chic to elegant to fun! It is not always necessary to select the highest-end or most expensive option. In fact, you can frequently select locations that offer incredible values and are able to accommodate all of your needs. Of course, if you are in the market for an upscale resort or facility, be sure to talk with the Catering Manager at the property to discuss ways to maintain exclusivity while staying within your means.
Tip # 2 – Be creative in your food and beverage selections. When it comes to your menu, talk with your caterer about ways you can stretch your dollar without compromising your event. Discuss simplifying your overall menu but add in a memorable culinary touch. An interactive food experience such as a design-your-own-dessert station will leave a lasting impression with your guests. If alcoholic beverages are on the agenda, consider having a signature drink to compliment the theme of the event instead of offering an open bar.
Tip #3 – Don’t skimp, but do shop around for audio visual and entertainment options. There is nothing worse than going to a meeting where the presentation is a bust or the audio is out-of-whack. Hire a professional who will be knowledgeable and accountable for your A/V needs. The same rules apply to entertainment. A quality DJ or entertainer will supply music and serve as an emcee to assist with the flow of your event - - a critical component to a successful outcome. Request quotes from multiple vendors as it will provide various capabilities and price ranges so you can determine the best fit.
Tip #4 – Sometimes less is more. When allocating your budget dollars, decide which elements are the most important to the success of your event and then simplify the rest. Think about sending electronic invitations rather than printed versions (you’ll save money and trees, too!). Ask your location, caterer or florist for décor options that are cost-effective and simple. Instead of handing out goodie bags or favors, consider donating money to your company’s charity on your guests behalf.
To move business forward, it is important for companies to meet, communicate and celebrate! By continuing to be creative, flexible and resourceful, it is possible to maintain these important parts of our corporate culture and still be mindful of the bottom line.
If we can assist you in any way with your upcoming meetings, parties or events, please contact us at Event Connection 360° so that we may provide you with complimentary event planning assistance by calling (858) 695-3895. |
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