Mapping out your event strategy and wondering how can you maximize revenue while minimizing risk and contractual exposure?
Meeting and event planners are used to planning for the unexpected, but in this climate the unexpected is more daunting than ever. How can you move forward and get on track for future planning?
1. Get Comfortable with a New Landscape
If there’s one thing event planners know, it’s the art of the pivot. But even the most nimble and skillful planner is faced with an environment none of us could have ever anticipated.
Moving forward requires getting comfortable in unfamiliar territory.
That starts with rethinking the way our events and meetings have been structured. A single, large annual meeting may need to be reconfigured to several smaller regional meetings, or a hybrid format. New considerations will also involve planning for different capacities to allow for social distancing, health and safety measures and rethinking the way we welcome and track attendees. Conducting a survey to see how attendees of past events are feeling about attending a future in-person event is a great way to gather data and engage with past participants.
2. Plan Ahead — Way Ahead
It’s important to book your venue sooner rather than later. High demand and low supply are driving a market compression for meeting space. The sooner you book, the more options you will have. Make sure the venue you choose is the right fit for your organization, and research new regulations as they will vary and change depending on the region and hotel brand.
3. Mitigate Risk
We all look forward to getting back to in-person events, but the chance of cancellation or postponement is still very much a factor. Consulting with legal, procurement and insurance specialists is important as you weigh the financial risks to your organization. Review your contracts thoroughly with the venue and all vendors so you understand the ramifications involved with cancellation. Review and update your cancellation and refund policies for attendees and sponsors and make sure you are prepared to facilitate the process if required.
Whatever you are planning, it’s important to work with an experienced venue sourcing professional. We at EventPrep can help you negotiate the most favorable rates and contract terms for your group, and put your mind at ease with a multitude of planning considerations. Contact us today at firstname.lastname@example.org and someone from our team will immediately get in touch!