Saving money is always important, whether you have a large budget or not. Saving money in non-essential areas can help you invest those dollars into things that can make a difference. For example, one client saved $800,000 by making a few adjustments – a cost savings of $2,000 per participant – and used it instead to give participants a truly creative and fun experience.
While not every company has that much to spend or to save, there are certainly very achievable ways to make your next conference one to remember without killing your bottom line. Here are 3 for your consideration:
Consider a Virtual Event
One of the ways the previously mentioned client was able to save so much, was by limiting travel expenses and using webcasting to communicate to their 400 attendees in four locations. While not every meeting can be virtual, using virtual elements, such as webcasting, can help reduce expenses over an in-person event.
Staying open to technology efficiencies can help lower costs, increase attendance, and streamline processes.
Work with Professionals
Expertise may seem expensive, but anyone who has hired someone new to save money often regretted it in the long run. Experienced corporate meeting planner professionals know the tricks that can save money, including having established relationships with vendors. They can anticipate problems before they arise and know what steps to have in place to sidestep them or adjust on the fly.
Inexperience is always more costly than expertise.
Being clear about your mission and values, as well as exactly who you are reaching with your event will help decision-making. This focus will allow easy cost-suckers to slip away while your guiding values make the more aligned choices.
For example, if the audience consists of those passionate about green principles, the decision to incorporate eco-friendly strategies is a no brainer. It immediately directs you to sustainable practices, green venues, earth-conscious products, and local foods. This shortens the time it takes to find vendors and locations, saving time and money.
Clarity is your compass.
If you are considering a live or in-person event, trust AMI to provide the knowledge and professionalism you need to make it a success.
Meetings and events industry partners all face the same tough challenge: landing the holy grail of sales, the unicorn — a Fortune 500 client. The American Meetings Network was developed specifically to solve just that problem. With a global community of meeting professionals — including corporate, healthcare, and financial services meeting professionals — Fortune 500 meeting planners and procurement professionals rely on AMI and The AMI Network when sourcing live and virtual meetings and events.
Network “Prime” suppliers have full access to AMI’s curated collection of high-value planners who utilize the Network’s Prime Suppliers Directory to find just the right venue, technology, and services suppliers they need for their meetings and events. Prime Suppliers also have access to AMI client’s events through RFP opportunities on The American Meetings Network. Suppliers receive early RFP notifications for tens of millions of dollars in annual meeting spend, before it is sourced to the general public.
Global Procurement Day, which is being held virtually on December 15, is another way MICE suppliers can connect and develop strong relationships with meeting planners, sourcing managers, and procurement professionals.
“These are the people that spend our clients’ money all around the world. So, to get in front of them in a very personal, private one-on-one session makes all the difference,” said Andy McNeil, AMI President, and CEO.
Prime Supplier Members are also invited to participate in AMI’s annual matchmaker conference, ENGAGE! 2021, where they have the opportunity to meet 1:1 with planners and sourcing managers, including those from Fortune 500 companies, in a fun, social, and educational environment.
The American Meetings Network, combined with AMI’s supplier-focused procurement strategy, provides an innovative and highly effective to get in front of the key decision-makers for AMI’s Fortune 500 clients.
We are eagerly planning for planning for ENGAGE! 2021. Enter to Win an all-expense paid trip today! Click Here.
Want to see what all of the excitement is about? Click on the video below!
It was wonderful to see so many of AMI’s trusted Prime Supplier members networking and planning for the year ahead.
Thanks to all of our amazing Prime Suppliers, Meeting Planners, Sourcing Managers, Partner Planners, Clients, all our wonderful Sponsors and the entire AMI Team, who made ENGAGE! 2020 such a success! We are already in the planning stages for ENGAGE! 2021 and have some exciting news in store for you over the next few months!
Please Note: For information on transitioning a live meeting to virtual on to one of our enterprise platforms, Click here, or email us at firstname.lastname@example.org to schedule a capabilities presentation