With the average event budget allocating 15% to 20% for audio visual technology, how can event professionals make the most return on investment?
Randy Clark, President of Let’s Create Something, Inc., offers a few insights.
Meeting Professionals International (MPI) reports 18 million events and meetings were organized in the U.S. in 2016 producing $280 billion in spending. The Event Industry contributes $115 billion to the national GDP. Yet, whether it’s a corporate conference or a music concert, new and increased cost factors challenge meeting planners and organizers to come up with ways to creatively stretch their budgets.
MPI’s Industry Outlook reports increasingly high expectations among attendees for more innovative and tech-rich events. While, “More than ever, they [event planners] are doing more with less, and there is a focus on ROI,” says Bill Voegeli (MPI Georgia Chapter), president of Association Insights, the Atlanta-area research firm that conducts the survey.
(source: Meeting Professionals International)
When it comes to money, don’t be shy!
Share your event schematics with your Event Tech Specialist early in the planning phase and ask for suggestions where your budget is best utilized. A focused conversation about budget restraints gives vendors a clearer picture of your event’s specific priorities and, in some cases, a simple adjustment in equipment can lower your bottom line.
Shop around… Look outside the box.
While it may seem easier or more efficient to use in-house tech services, not every conference needs the same PA System, not every party needs an audio mixer.
One of outsourcing’s greatest benefits is vendors provide a larger equipment selection. Vendors have a larger range of options and tailor their services to your event.
Look for AV Specialists who truly value your business.
While you may choose your AV Tech Specialist for his or her expertise, the best AV equipment vendors provide excellent customer service, as well. In most cases, your Event Tech Specialist is a small business owner and return business is the cornerstone to small business success.