18 02 2021
For any kind of function, choosing a reliable vendor is an integral part of the event planning process.
As per a report, one-third of the event organizers and marketers spend over 20% of the marketing budget on their events. Businesses that choose the correct combination of vendors for each task can fully utilize their event expenses to the highest capacity. Consequently, they can organize a successful event that would generate leads and enhance client satisfaction.
A survey revealed that 58% of the marketers stated conferences and events as the main basis of improving customer experience with the brand. Since the vendors manage the hardware and products necessary in an event, any mistake on their part would affect the entire event's success. That would in turn harm your relationship with other vendors and clients.
While organizing an event, you can use the following tactics to choose the correct group of reliable event service providers.
Before searching the vendors for an event, figure out what your requirements are. For this, creating a list will be useful. Include information like the type of event you are organizing, will it be an indoor or outdoor theme, estimate the number of attendees, decide the location, and finalize the vendor budget.
This would help you narrow down the types of vendors you would need and reduce your planning and preparation time.
While researching the event vendors, make sure to time your planning period beforehand. Whether you are organizing a conference or performance-centric event, you would have to decide on the speakers/performers first. Then, it is important to contact them and sign contracts, organize the venue, and develop tickets.
Event planning includes a lot of tasks in the planning process; therefore, leaving the vendor selection close to the event date would cause issues. 48% of the professionals in event management set a 6-12 months period prior to the event for planning and organization. Thus, research on the vendors well in advance; contact videographers and editors for digital marketing 2-3 months before the event.
Set a list of types of vendors that you would need for the corporate event. Generally, these include photographers, videographers, performers, interior decorators, caterers, waiters, art directors, and registration staff. Also, consider a graphic artist for the invitations and event posters, and an AV team for lighting and sound.
Before searching for the companies and individual professionals who give these services, evaluate which tasks are the priority.
One of the useful manners of finding trustworthy vendors is through referrals from associates. Research on the performance of the vendors in their previous events, and contact experts in the industry for their suggestions. A lot of event organizers rely on event blogs, Yelp reviews, and vendors' business website reviews to evaluate potential vendors.
After curating a list of viable vendor choices, collect data about them. These include information like their contact data and address, discounts, specialization, prices, licenses, insurance coverage, and refund/payment policies.
Evaluation of the suppliers’ works on four parameters- quality of service, delivery time, early delivery interest expense, and invoice quality.
Also, evaluate the qualitative data; appraise each vendor comparing them with their competitors and customers' experience of their service.
The next step for business owners is to prepare a statement about the event and contact the shortlisted vendors.
In your statement, include information like the desired setup period, date and time, estimate number of guests, and other special requirements. Then, send the email to all vendors in the list and assess their response time and answers.
The first interaction, whether through a digital exchange, in-person interview, or phone call, would give you an idea about the vendor's work ethic and behavior.
Live events, hybrid events, and digital events all generate different levels of expenses. Businesses choose technologies like event apps (44%), photobooths (45%), and live streaming tools (44%) to generate customers' interest. These aspects require funding as well, and setting a budget beforehand is important.
Having a predetermined budget would help you select vendors for different departments that fall within your budget. Also, you can narrow down which types of services require priority preference.
Evaluate the quoted prices of the vendors and if they give any additional charges. Arranging a contract first would reduce the chance of additional costs in the bill later.
Another tactic you can use to find and select a reliable vendor is through negotiations. Some of the vendors offer special promotions and discounts to their clients. Check the kind of offers from each of the vendors on your list and choose one whose offer can increase your ROI.
The correct group of vendors would provide effective service and resources on time and within budget. Thus, utilize the aforementioned parameters to evaluate the vendors in detail based on their performance, cost, and reliability.
Start searching vendors for services like catering, photography, event venues, accessories, dresses, and more on Genu Venue! Choose the effortless method of event planning now.
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