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: aaron@eventgarde.comWeb: 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: – aaron@eventgarde.com– Email within one week

• Slide deck:– http://www.slideshare.net/aaronwolowiec– Available later today

• Blog post:– Experience Grand Rapids