Early Planning in Event Management
As a Professional Event Planner, I’ve learned that planning ahead makes a significant difference, particularly in today’s event industry. Event organizers are starting earlier than in recent years to secure venue space, as we’re experiencing an imbalance of supply and demand for corporate meeting spaces. With space to hold events coming at a premium, savvy organizers are booking well in advance, often negotiating favorable pricing or discounts to offset the rising costs of hosting events.
Navigating Venue Challenges for 2023
As of April 2023, McKinsey shared that 87% of hotels remained understaffed. Despite the challenge, there is optimism, with McKinsey suggesting that creative staffing solutions mean that event spaces booked now for the future will not face a similar shortage. This forward-thinking approach isn’t just about venues – it’s impacting the entire planning process.
Staffing Solutions and Optimism in the Industry
Corporate event organizers are also thinking further ahead about their event plans, which translates into longer booking timelines for professional speakers, too. Research by my company revealed a similar trend. Nearly half of the event planners who responded (46%) said that they plan to start looking to book in-person speakers at least six months in advance, a six-point increase from our 2022 findings.
Outlook for Corporate Events in 2023
Despite budget and economic challenges, many event organizers and keynote speakers are optimistic about the success of 2023 events. While focusing on demonstrating value, corporate events in 2023 are on pace to have their biggest year since the pandemic. Making smart decisions, planning ahead, and leveraging strategic vendor partnerships can make all the difference in the success of your next corporate event.
