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Battle of the Event Budgets

By: Nicole Coon, CMP | Oct 8, 2021

Did you miss the September roundtable monthly meeting or attended and wasn't able to hit all the topics of your choice and now are experiencing major FOMO? 

At the Battle of the Events Budget groups discussed how event budgets have been impacted, what are the competing priorities for dollars, and participants shared how they are approaching their event budgets and getting creative with spending.

Rest assured and get some JOMO (joy of missing out) – find below some key considerations, observations and take-aways from three rounds of 20-minute conversations.

For All:
• Costs increases in many areas
• Plan on additional time guarantees – many moving earlier due to product demand and supply 
• Expectation management – being mindful of renegotiation and the details it entails, how will level of service to give/receive (housekeeping, wait times, etc.) be impacted if pricing is changed/not changed
• Contract inflation in contracts moving forward (e.g., if cost of goods increase by x% so many days prior to the meeting/event, % additional will be asked from group via amendment).
• Be prepared for increased staffing costs 
• Look into what type of additional insurance may be needed moving forward to protect your company (i.e., risk insurance in the event of cancellation) 

For  Suppliers:
• Offer piggybacking F&B as an option to planners if it is an option.
• Offering a time change to book around other groups.
• Offer an extension on holding space.
• Provider alternate menu options or substitutions based on groups budget.
• If possible, let groups know cost savings by sharing of labor and how that might look.


For Planners:
• Be up front/transparent on budget. Partners can help make strategic edits based on event goals.
• Look into piggybacking F&B.
• Move date based on product availability. 
• Book later if possible – and comfortable with the risk of not finding a venue.
• Offer menu flexibility based on cost and selection. 
• Adjust sponsor benefits & activation to minimize hard expense.
• Move up early bird registration deadlines.
• Planners are using goals, past data, and stakeholder management as key considerations in drafting budgets.

 

Author

Nicole Coon, CMP
VP, Marketing and Communication MPI Minnesta at Greet, LLC

 

 

 

 

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