Mitigating against Inflationary effects on International Meetings

By Angela Guillemet, INCON Executive Director

Today, global demand exceeds global supply, putting persistent upward pressure on prices in countries worldwide. This rising inflation is impacting international meetings in a variety of ways. Some of the most obvious increases can be seen in the rising cost of travel, accommodation, conference venues, exhibitions costs, catering and entertainment.

What can conference organizers do to mitigate against rising costs so that delegates don’t have to ultimately pay more?

Event organisers all want to increase attendance especially after the lean covid years. However, with the rising costs of international meetings, some organisers feel that the only option is to increase registration costs in order to cover the mounting expenses of the meeting. In this article, INCON partners share their top tips to mitigate against the rising costs of organising and attending international meetings.

Mission Driven

Take the time to define the underlying purpose of your meeting. Decide what is truly essential for it to be a success. A clear focus will make marketing the meeting much easier. It will also ensure that the budget is not stretched into areas that are not essential. INCON Partners suggest looking closely at the format of meetings to keep registration fees price competitive.

Data and Value

Event organisers can use data from their delegates to better understand their needs and then use this when planning and marketing the meeting. We need to tap into changing personal values and their impact on decisions to attend meetings. This is particularly relevant for younger generations. A well-researched and articulated value proposition will help delegates justify going to the meeting to themselves but also to their management or maybe even their families.

Food & Beverage

It is always worthwhile keeping in regular communication with all food and beverage suppliers to get the best prices and to reduce costs using different catering options. Carefully planned food and beverage can also reduce excess. Some congresses do not offer catering and delegates have to take care of F&B themselves. You can support better and less expensive food by negotiating with the venue or arrange different kinds of options e.g. street food stands. It might be worthwhile to consider new suppliers or new market entrants who might be interested in keeping costs down or introducing flexible contracts.

Conference Venues & Destinations

There are so many venues on the global meetings market, you can use this to your advantage and identify venues and destinations with price as a key differentiator. It is worthwhile to negotiate with hotels and meet with the Convention bureau before the destination announcement. Nicole Walker from our Partner company Arinex in Australia suggests exploring venue and accommodation options that are located in close proximity. If attendees can walk to the venue, travel and transport costs can be reduced which gives the added bonus of improving the event's carbon footprint. Another option is include public transport passes as part of the registration. Alternatively you could organise the meeting in a second-tier city, instead of the capital city which can be less expensive. It might also be worth contacting your local convention bureau to access subsidies which will help keep overall costs down.

Accommodation & Housing

When deciding on venues pay attention to the accommodation costs in that city. These will influence the delegates' decision as to whether they can afford to attend the meeting. It is a good idea to offer various types of accommodation to cater to all budgets and provide links to alternative accommodation options like smaller local hotels, B&Bs or apartments.

Event Technology

Inge Hanser from our Partner company, CPO HANSER SERVICE in Germany suggests being selective about the kind of event technology that is needed. For instance you can limit investment to those technologies that are truly fulfiling your conference objectives, bringing efficiencies and adding value to the delegate experience. You can also seek out the most sustainable technology event solutions as this can bring cost efficiencies. An example of this is using self-check-in booths to reduce staffing costs and mobile apps to reduce program printing and signage at the venue.

Focus on Sustainability

Sustainability can be good for your budget. You can reduce costs and improve the sustainable impact of the meeting by reducing food and beverage levels and restricting or eliminating packaging and printing. A focused commitment towards carbon reduction and reducing waste will benefit the marketability and creative a positive brand message, which may also improve your ability to recruit a talented team. Some top tips include installing a water refill station, using an online resource library instead of branded bags and digital posters.

Currency exchange

To avoid unnecessary costs associated with currency exchange, you should focus on using local suppliers as much as possible. Lior Gefland from Ortra, our Partner company in Israel, has first-hand experience in managing international meetings. He suggests inserting clauses into contracts that will address the rapidly growing depreciation between the host country's currency and international costs and incomes

Attendance levels

One of the many consequences of rising inflation is a drop in conference attendance. Bear in mind that delegates have less disposable income and need to plan on a tighter budget. Some regular delegates may decide to attend fewer conferences than before, or choose local events rather than travel abroad. To respond to these challenges, you can create a solid marketing plan for your meeting that will highlight your conference's advantages and differentiation from parallel meetings, and of course, create an incredible conference program to ensure your event is the one they choose to attend. It is key to communicate your meeting well in advance to get on delegates’ radars and in their annual budgets. Due to the market's instability, attendees tend to register at the last minute and sometimes cancel their registration. You can address this predicament by marketing early bird registrations with substantial discounts encourage delegates to commit to your meeting.

Why don’t you share your tips with us at: angela@incon-pco.com.

INCON EXPERT ARTICLE