Event Management Services - How Event Companies Calculate Event Element Costings For Clients?
Updated: Aug 13, 2022
Did you know that the costs for the event management services and rental services provided by the same event companies and event rental companies in Singapore can sometimes vary a great deal for different clients?
For an event company there are generally 4 different types of clients,
New or One-time Client
Regular Client (3 or more times)
Contract Based Client
As such, #eventcompanies and event vendors offer discounts to reward long-term clients for their continuous support and business.
Did you also know that it is usually cheaper to request for a package deal from an #eventcompany, especially when you have 3 or more event element requirements for your event?
Event companies are uniquely adapted to offer attractive low cost and quality event packages to its clients. Most event companies usually have very close long-term working relationships and partnerships with event vendors. Event vendors also offer very low rates to event companies they work with to maintain a long-term mutually beneficial business relationships.
How are the different costings usually calculated and offered by event companies to the 4 different categories of clients?
For a new client who has 3 or more event element requirements, a package price if offered which is usually about 5%-8% cheaper as compared to the actual individual event element costs.
For a repeat client, a higher discount is offered, which is usually around 10% to 15%.
For regular clients and contract based clients, event companies usually offer to provide an itemised price list or offer to work based on an open-book transparent manner which allows clients to see all the supplier information and the event elements at cost prices. For an open-book concept, the event company and the client will come into an agreement on the event services fees that will be payable based on monthly or per event basis.
Many private companies in Singapore are required to acquire 3 to 5 quotations and the job is usually either awarded to event companies with the lowest quote or is sometimes awarded to the 2nd lowest quotation as a safe measure to ensure that the high quality of the event services and elements. There are some obvious disadvantages in using this method, especially when it comes to the quality of the event services provided.
Here are 3 important points,
Lower Cost for Long-term Partners
With a long-term event partner, the costs of the event services is usually substantially lower than any of the quotations acquired from event companies using the 3 to 5 quotes method as event companies will then quote based on one-time client cost basis.
Better Understanding and Communication for Long-term Partners
If a new #eventcompany is appointed, the working relationship and understanding between the client committee members and the appointed event manager will be reset which sometimes means more work and hassle for the client company, especially when it comes to explaining the requirements, the process and etc, whereas working with a long-term event partner means that the clients' company will have a dedicated event manager to tend to their every needs and it will build a good working relationship which means a smooth and efficient process throughout.
Stick to the Best Event Company
Engaging a new event company can be gamble, a good or bad experience can potentially depend entirely on the knowledge and experience of the appointed event manager. On the other hand, deciding to engage an event company as an event partner on a long-term basis guarantees you successful events always, especially since this decision to appoint a long-term event partner could have been only taken after the appointed and dedicated event manager has already executed successful events for the clients' companies surpassing their expectations.
5-Star Event Company Service - Value-Added Services
For regular clients and contact based clients, an event company will offer a variety of value-added services, such as site surveys, liaising with event venues on client behalf, provide event related administrative work.
An experienced and dedicated event manager will also be appointed, who will always be available to attend to any event related matters. An experienced event manager is able to offer valuable advice and inputs to clients which ensure clients are getting the best value out of the event services being provided by the event companies.
Here is a short video and blog on the '9 Key Points that make an Event Management Company the Right Choice for your Events'.
Here is another short video and blog on the 'Benefits of Engaging an Events Partner on a Long-Term Basis in Singapore'.
Hope you found this blog to be informative and helpful towards planning your next event. Thanks for dropping by and have an awesome week!
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