When it comes to meetings and events, staying on budget is critical for all planners. While reviewing all expenses to understand where there were leverage points and savings opportunities is an important step, event management software can help control costs even further. Check out five areas planners can use this technology to save money throughout the entire planning process.
Quantify the value from your hotel negotiations
Without constant monitoring, it can be difficult for planners to lock down the best room rates for guests. The volume of attendees at meetings and events can fluctuate, and ensuring the right discounts based on volume was time consuming. To solve for this, use a venue sourcing tool that allows planners to take in multiple proposals, negotiate room rates effectively and show the cost savings on hotels room blocks. In the end, planners can save between 5-15% on rooms in various cities.
Take control over your no show food & beverage costs
Food & beverage (F&B) is often the greatest offender of misused spend, and rarely are event teams looking for F&B savings in the right place. Poor registration processes, which hinder visibility and accountability for the sales team, lead to high no show rates. Using an end-to-end event management platform to organize all the marketing and communication efforts around events, planners can track event outreach with integrated reporting features on each personalized email sent. By personalizing and tracking all communication around events, planners can drive down no show rates by 75%, and recover hundreds of thousands of dollars a year on plated meals.
Leverage benchmarks to drive meeting room savings
Planners that work in large organizations often don't have direct insight into every event that other internal meeting planners are organizing. It's why it may be difficult for enterprise planners to negotiate the best rates on meeting room rentals because they lack company-wide benchmarks and comparisons. With a venue sourcing tool implementation and putting an eRFP process in place, planners can have insight into what venues had been booked in the past and the value of each. Overall, this process can help save thousands of dollars a year on the multitude of events an entire organization plans.
Driving concession value
An often-overlooked aspect of controlling events costs are concessions like Wi-Fi and A/V in meeting spaces. Through a venue sourcing tool, planners can set specific concessions to auto-populate on every eRFP that is sent through the system. By saving between 5-10% on every event booked, planners can make it possible for everyone to contribute to savings – even employees with no experience in venue negotiations.
Mitigating your event risk across the company
Some attrition is inevitable, but paying for that attrition is not. With event management software, planners can create standard company contract clauses that auto-populate on every eRFP. This helps them avoid stiff penalties by setting reasonable fees, such as 25% attrition up to the day of arrival. For additional safeguards, they can lock in no walk and resell clauses into all eRFPs.
Overall, an event management software system (especially one with a venue sourcing tool) that can help manage and monitor all of these moving pieces can help today's planners realize savings that would previously be overlooked. To learn more about how event technology can help with cost savings around meetings and event, download our latest guide "Stretching Your Event Budget: 3 Cost Saving Tactics."