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Justifying Expenses: Show Me the (Value) Money!
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Transcript of Justifying Expenses: Show Me the (Value) Money!
Justifying Expenses: Show Me the (Value) Money!
Saturday, Sept. 8, 201211:30 a.m. – 12:30 p.m.
Jerry Maguire, 1996
Contact Information
Aaron D. WolowiecMSA, CAE, CMP, CTAFounder & PresidentEvent Garde LLCPhone: (616) 710-1891Email: [email protected]: www.eventgarde.com
Road Map
YOUARE HERE
1. Stakehold
ers2. Expenses
3. Value
4. Wrap-
up
have an eye on every line item
Stakeholders
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 Costsor
Maximizing Resources
Diverging Perspectives
Justifying
Conference
Expenses
Demonstrating
Conference
Value• Money• Organi
zer• Post-
event
• Value• Attend
ee• Pre-
event
Defensive Proactive
7 Elements of Value
Value
1. Service2. Response3. Variety4. Knowledge5. Quality 6. Guarantee7. Price
Demonstrating Value
• Identify purpose of the conference
• Establish learning/relationship goals
• Align expenses with desired outcomes
• Calculate return on investment
Tips: Communicating Value
1. 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
Expense
Value
Tips: Communicating Value
1. 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: – [email protected]– Email within one week
• Slide deck:– http://www.slideshare.net/aaronwolowiec– Available later today
• Blog post:– Experience Grand Rapids