Justifying Expenses: Show Me the (Value) Money!

Justifying Expenses:Show Me the (Value) Money! Saturday, Sept. 8, 2012 11:30 a.m. – 12:30 p.m.

Jerry Maguire, 1996

Contact InformationAaron D. WolowiecMSA, CAE, CMP, CTAFounder & PresidentEvent Garde LLCPhone: (616) 710-1891Email: aaron@eventgarde.comWeb: www.eventgarde.com

YOUAREHERE

Stakeholders have an eye on every line item

Conference Expenses

Controlling Costs Actual CostsBudgeted Costs

Controlling Costs Variance Actual CostsBudgeted Costs Example: Food & Beverage

Tips: Food & Beverage• À la carte• Fewer options• Counts/trends• Overage policy• Work with chef• Hold dessert• Pull break items• Water pitchers

Maximizing Resources Possible UsageCurrent Usage

Maximizing Resources Variance Possible UsageCurrent Usage Example: Professional Speakers

Tips: Professional Speakers• Blog post• Twitter chat• Facebook discussion• Promotional video• Newsletter article• Magazine interview• Webinar (pre/post)• Other onsite events

Controlling Costs orMaximizing Resources

Diverging Perspectives Defensive Proactive Justifying DemonstratingConference Conference Expenses Value • Money • Value • Organizer • Attendee • Post-event • Pre-event

7 Elements of Value 1. Service 2. Response 3. VarietyValue 4. Knowledge 5. Quality 6. Guarantee 7. Price

Demonstrating Value• Identify purpose of the conference• Establish learning/relationship goals• Align expenses with desired outcomes• Calculate return on investment

Tips: Communicating Value1. Personalize the communication.2. Be transparent.3. Describe the attendee experience.4. Consider qualitative outcomes.5. Consider quantitative outcomes.6. Leverage differentiation.7. Identify cost controls.8. Identify resource maximization.

Practice: Communicating Value Stakeholder Value Expense

Tips: Communicating Value1. Personalize the communication.2. Be transparent.3. Describe the attendee experience.4. Consider qualitative outcomes.5. Consider quantitative outcomes.6. Leverage differentiation.7. Identify cost controls.8. Identify resource maximization.

Final Thoughts• Control costs by decreasing actual costs to meet budgeted costs.• Maximize resources by increasing current usage to meet possible usage.• Experience trumps price.• Demonstrate value by aligning expenses with desired outcomes.• Communicate unique value to each stakeholder.

Housekeeping• 30-minute consultation: – aaron@eventgarde.com – Email within one week• Slide deck: – http://www.slideshare.net/aaronwolowiec – Available later today• Blog post: – Experience Grand Rapids

Justifying Expenses: Show Me the (Value) Money!

by Event Garde LLC on Sep 08, 2012

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Justifying Expenses: Show Me the (Value) Money! Presentation Transcript