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April 27, 2015

PCMA: Three Lessons That Will Save Money On Your Next Meeting

By Mary Reynolds Kane

It’s the word that keeps you up at night. It’s the subject of countless meetings and conference calls. It’s on every meeting planner’s mind.

The budget.

No matter the size of your meeting, chances are you’re always looking for opportunities to rein in your expenses while continuing to connect with more attendees. I caught up with JR Sherman, President and Chief Strategy Officer at Lanyon, for insights into some key areas where meeting planners can make adjustments. Here are three lessons that will save money on your next meeting.

1) Your sourcing process can be a source for cutting costs.

Is your RFP process leveraging the power of competition?

“Some organizations will debate which registration system to use over pennies of difference, but they’ll often just accept a venue’s pricing estimates without much comparison,” Sherman says.

Sherman says that some of Lanyon’s clients have seen cost savings between 10 and 40 percent when using the company’s free sourcing tool. However, saving money doesn’t always mean stashing it in the organization’s bank account. As event technology continues to advance, those extra funds can play a critical role in shaping a more compelling convention. From beacons to second-screen tools to virtual reality and more, planners will want to consider which elements can elevate the experience.

“By simply using free sourcing tools to send RFPs to hotels, you can save enough money to be able to invest in the technological innovations that can drive on-site engagement,” Sherman says.

Read more at PCMA.org... 

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