Yep. 2015 is nearly here. Maybe not quite so exciting for event planners, however. We know: It’s crunch time for you. Time to book all your conferences and events and finalize the budget.
The past few months have been a bit harried, no doubt. That’s understandable since it appears 2015 might be challenging for meetings and events.
The report, developed in partnership with the Dallas Convention and Visitors Bureau, found that in general, costs in 2015 for event services are expected to rise, while budgets are expected to grow only slightly. Specifically, analysts predict air travel costs to rise 5 percent; room rates 3.9 percent; food and beverage/catering costs 4 percent; audiovisual costs 3.1 percent; and meeting room costs 2.5 percent.
Add to that limited guest room availability and shorter lead times for booking, according to the survey’s respondents. In fact, from June to September, the percentage of respondents who faced short lead times doubled from 5 percent to 10 percent.
“We are finding room rates escalating,” said Kevin Beckman, director of strategic accounts for Crowne Plaza Hotel Louisville, and a member of the MPI Kentucky Bluegrass Chapter. “We are adjusting our revenue goals for 2015 and increasing our rates for group business in 2015 and 2016.”
Thanks to rising costs, event planners are forced to be more creative. Examples from the MPI report include creating centerpieces from in-season flowers and simple craft supplies and using polyester-like tablecloth pieces. It also means choosing the right location, i.e. a rooftop terrace for a younger crowd (read: less décor needed).
“Great architecture goes a long way, if you highlight it with lighting,” said Pam Madewell, of the MPI Dallas/Fort Worth Chapter, who runs an event management firm. “Fabulous architecture means you don’t have to put a theme-y thing in that place.”
Coming off the heels of a recession, ROI for meetings continues to be important. Unless it’s worth it, companies aren’t going to send their employees to events, and once again, professional development may hit the chopping block.
As a result, MPI says meetings focusing on practical topics, such as training, sales and education, will see the most growth.
With laptops, iPads and smart phones in hand, participants arrive at events expecting easy connectivity. But some venues don’t seem to have the appropriate Wi-Fi capability.
That’s why Christina Devlin, of MPI’s Oregon Chapter, may purchase a dedicated router to use onsite. She wants to ensure attendees can connect multiple devices simultaneously and enjoy reliable, hiccup-free Wi-Fi.
In short: Event planners may have to plan further ahead and stretch the dollars a bit more. But, from the sounds of it, if you provide good ROI, your guests will come.
As you prepare for 2015, Event Garde wishes you much prosperity. Happy New Year!