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Can You Leverage Custom Vendor Packages To Improve Event ROI?

Can You Leverage Custom Vendor Packages To Improve Event ROI?

Can You Leverage Custom Vendor Packages To Improve Event ROI?

How are you working to improve event ROI today?

One of the best ways we’ve found is to take advantage of custom vendor packages. Event vendors offer these to make planning events simpler and more cost effective. By bundling together everything you need for one event, you’re able to save a lot of money and see higher ROI from your events.

Here’s how to find the perfect custom vendor packages to improve event ROI and why they’re so great for your business..

What Are Custom Vendor Packages?

Pay for Only What You Need

When you agree on a custom vendor package, you’ll select exactly what that package needs to include. That means, you won’t be working with a “one size fits all” solution, you’ll be able to only pay for the services you need. This allows the event vendors to focus on the things that are important to your event and you to minimize your costs. It’s a win-win.. 

Book The Same Vendor for Multiple Events

Another way you can save money on vendors and improve event ROI is to book the same vendors for multiple events. If you bring several event opportunities to a vendor at the same time, they might be more likely to offer lower prices. 

Plus, you’ll develop a deeper long-term relationship with that vendor, so you’ll have a trustworthy option you can use every time.

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Enjoy A Smoother Operation

When everything is bundled together into a package, event planning runs a lot more smoothly. Everything behind the scenes will just “click” and your event will be running like a well-oiled machine. This is especially true if the vendor package you choose has been tailored to your specific needs. When this happens, your guests will have a better time, which will help to build your brand and create a ‘buzz” around all events you host in the future. 

Get More Time For Other Aspects of the Event

When the details of the event are being taken care of by a custom vendor package, you’ll have less to worry about. That means you’ll have more time to focus on planning other aspects of the event. You can pay more attention to things that will increase your event ROI, such as marketing, engagement, gamification, etc. 

Tips for Using Custom Vendor Packages

  • Research the market. Have an idea of the fair market value of the products and services that you will be negotiating. You’ll see much higher event ROI this way.
  • Be honest and upfront about your budget. Have a clear picture of how much you are able to spend, then work with the vendor to find the right fit. 
  • Look closely at the details. When you are negotiating an event vendor package, there are a lot of factors to consider including the room rates, attrition, food and beverage minimums, storage fees, cancellation policies and more. Take your time and read through every small part of the vendor contract to ensure nothing is missed. 
  • Consider value as well as price. It’s not always best to go with the cheapest package. There might be a package that costs slightly more, but offers much more value. If you seek to improve event ROI, you need a big picture perspective. 
  • Offer to pay the vendor upfront in cash, if you can. Many vendors will prefer an upfront payment and may be willing to lower their price on the custom package if you pay in advance. It may even give you leverage for asking for other items of value. 
  • Be flexible on your requirements whenever possible. If you are open-minded and willing to consider different options, you might be able to get a much better price. 
  • Don’t be shy. Always ask if they can give you a better price on the vendor package after you receive an initial quote. This pays off more often than not. Simply ask in a friendly and respectful way, whether or not they can offer you a better price. 
  • Whenever you are negotiating with a vendor, have a backup plan in mind. You can even let the vendor know that you are considering their competition – it might inspire them to offer you a better deal in order to win you over. 
  • Consider taking a chance on up-and-coming vendors. They may be more likely to offer you a custom package at a great price, because they are looking to build their business. 
  • Trust your gut when you speak to the vendor. Have they been upfront with you and do you have a good feeling about working with them? Listen to your instincts when it comes to the impression they are giving you. 

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Need some help planning your next big event? Check out our free guides, checklists, and other resources for planning the perfect corporate event at https://travelersq.com/resources or contact us today to learn more about how we can help you improve event ROI!