The moody economy has left corporate meeting planners looking for ways to save money at every turn. With some careful planning, research and history, there are many ways to cut back and save. Using just a couple of these tips can help you save a substantial amount of money.
- Use local destinations or second tier cities that will offer you more for your money.
- Know the value of your business. If you keep a detailed history of your prior events, you can more easily negotiate based on historical figures.
- Negotiate volume discounts.
- Ask for everything you want right up front. Don’t use the trickle effect. Let your suppliers see the whole picture up front so they can provide you with best price.
- Make sure the cancellation clause is reciprocal.
- Hire on site staffs locally for registration and production assistants rather than paying for travel and rooms.
- Order as much as possible on consumption and build up your F & B minimums with on-site meals and functions.
- Use versatile entertainment acts.
- Check out high and low season rates. Often times you can juggle your program to avoid the higher cost if it’s not right in the middle of tourist season.
- Lock in pricing early.
And lastly, don’t be afraid to negotiate. Of course there are many, many additional ways to lower costs in your program…but if you think strategically finding ways to do it become easier and the list becomes longer.
Of course, you can always use a DMC (shameless VIBE plug) since we have the relationships and the knowledge to help you get best pricing while saving you money within your program.
I’d love to hear from you. Please let me know your most effective strategy for saving money? You can reach me at firstname.lastname@example.org Until next week, be safe and have a great weekend!