The Big Budget Debate
Our own Ross Thompson joined the panel for the Strata, Big Budget debate.
Are budget efficiencies killing creativity within global events?
About the event
Global economic shifts, marketplace tensions and uncertainty are all driving the reduction or freeze of global budgets across the board. The need to implement effective strategies, deliver ROI, make spend work harder and overcome budgetary obstacles has never been more important.
Strata brought together Events, Marketing, Communications and Procurement leaders to discover and debate how to navigate current challenges, strategies, and solutions in the global events space.
We heard from Chief Economist at Diageo, who offered an insight into the current economic landscape and what the next few months have in store. We then hear practical solutions from SAP, Sky and Proctimise, who debated the crowd-sourced challenges from the morning’s session.
The Topics covered :
· Managing Budgets in Times of Uncertainty
· How do you deliver the same, or better results with decreased headcount and budget constraints?
· With a greater reliance on procurement, how do you balance creative and commercial KPI’s?
· How can we continue to deliver internal events that are seen as cost effective for shareholders and staff alike?
· How can we demonstrate ROI for in-person events in comparison to virtual and hybrid events?
· How can emerging technologies like AI deliver efficiencies and save costs?
· How can we ensure we get the most impact and engagement from the creative design of events and experiences?
In a world of ever-present uncertainty, one recurring theme shines through these key takeaways - the vital importance of relationships.
In the event industry, the value of relationships is evident as we navigate budget constraints, with collaboration, trust, and partnership at the forefront. Balancing creativity with commercial objectives relies on building strong ties with partners. Demonstrating ROI, whether for in-person, virtual, or hybrid events, hinges on engagement, audience relationships, and setting clear objectives. Emerging technologies like AI become powerful tools when they fit seamlessly into the organisation's existing tech ecosystem, highlighting the importance of cohesive relationships between technologies. And, in the creative realm, relationships foster collaboration, innovative ideas, and brand consistency, ultimately delivering maximum impact and engagement. In a world driven by change, one constant remains - the strength of our relationships shapes our ability to succeed in truly making moments that matter.
Visit https://www.stratacreate-events.com/the-big-budget-debate-takeaways for more info and all of the insights from the event!
