August 20, 2019
By Julie Haddix

While I mentioned a couple of weeks ago that for many companies, cost savings is not enough of a driver to secure complete buy-in or get the go-ahead for implementing a meetings management program, the question of financial implications will inevitably arise. Before undergoing any business case conversation with your executive team, it is important to at least have a baseline estimate. I recommend that you walk through the following calculation:

  1. Estimate both a low and high-end potential spend. Gut check these numbers and adjust the multiplier if it seems too high or low.

Annual Company Revenue * .01 = low-end estimate

 Annual Company Revenue * .03 = high-end estimate

  1. Estimate potential savings. Based on your meeting spend estimate

Meetings spend estimate * .25 = potential savings

Some of the most frequent sources of tangible dollar savings will come from automating manual processes, centralizing contracts, supplier consolidation, re-use of meeting space from canceled events, reduction of printing costs through the use of a mobile app, and real-time budget visibility. Based on your organization’s current processes, ultimate savings will be higher or lower than industry averages. Here is Cvent’s calculator that automates these calculations based on your industry.

Julie Haddix Headshot

Julie Haddix

Julie Haddix is the Senior Director, Industry Solutions for Cvent, Inc. She has worked for Cvent for over 13 years and helped to build the company’s Enterprise sales and marketing divisions, including its approach to Strategic Meetings Management. Julie has also been a part of the planning team for Cvent CONNECT, Cvent’s annual user conference, leading the event marketing and content development efforts. In her current role, she oversees strategic content direction for the event marketing and management platform. Julie graduated from the McIntire School of Business at the University of Virginia with a B.S. in Commerce and concentrations in Marketing and Management. She lives in Westchester County, NY with her husband and 2-year-old son.

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