Our secret eventprof is looking to the future – and they’ve got corporates in their sights
Throughout these challenging times, we have come to the conclusion, that there haven’t been many winners from COVID-19, if any; personally or professionally.
However, it does provide us with the opportunity to reset, reconsider and think about how we work smarter with our customers, to ensure that they continue to be right for us with current terms, whether commercial or contractual or both.
Policies, processes and working practices were put in place historically and as times have and will continue to change, we must consider if they can be sustainable in their current format.
Never has there been a better time to re-evaluate costing models and expectations agreed with customers.
As we know, some venue finding agencies have not been paid for work they do until after the meeting or event takes place (if it goes ahead). I think it’s time to look at doing things differently now and consider changing the status quo on how we are paid for services we provide and value we deliver, at the time of engagement.
For example, if you were buying a car and provisionally held a Ford, Audi and a Tesla (difference between 3-5 star venue) and you test drove all three, then confirmed the brand new Tesla to be pre-plate March 2021 and confirmed the spec, you would have paid your deposit and made a commitment. Should you change your mind, the search would restart and if you then selected a BMW you would pay a new deposit and lose your Tesla one...
It’s time to come together and start to form costing models that elevate the professionalism of what we do and what we bring to corporates.
We need to start charging for what we do until we get a commitment from the corporate that we’re going to get paid for it. Costing models are not fit for the future. We need to educate the corporate on doing things differently. Now’s the time.
I don’t think it’s an unrealistic ask to receive money upfront before you start to engage. We get a piece of work. It changes, it gets delayed, it grows. In all that time you’ve got people in the supply chain that are not getting paid. Agencies should be a lot more selective and should be being paid for the work undertaken.
When we get back to whatever normal looks like we shouldn’t accept the things we’ve always done.
We certainly shouldn’t be getting into a price war, which is a situation I’m hearing about more and more. We shouldn’t be offering cheaper rates to corporates; if those rates were good enough before, they should be good enough now.
If we end up in a price war situation it’s difficult to get those rates back up because the corporate enjoys low rates.
At the moment it’s not about cost; at least it shouldn’t be. It should be about safety and security. In a price war, before you know it people have to cut corners to be able to make a profit. It’s a slippery slope.
We need to be confident in our ability and stand our ground at availability at the right price.
A desire to travel led Holly Patrick to the business meetings and events world and she’s never looked back. Holly takes a particular interest in event sustainability and creating a diverse and inclusive industry. When she’s not working, she can be found rolling skating along Brighton seafront listening to an eclectic playlist, featuring the likes of Patti Smith, Sean Paul, and Arooj Aftab.
