eye on Budgets
Correct pricing is the key to successful events and good profits. Some experts talk about the budget for events such as weddings or dealer conferences
Budgeting for an event isn’t easy. The costs includes the price of venues, catering, entertainment, besides other things. So there is always a scramble to save or minimise contingency pay-outs among other things. To make a profitable and successful event, careful and calculated planning is a must. Getting the budget right could make it a stress-free event, say experts. Talking about the budgets needed for making a successful event, some experts also share which destinations are good and why. Excerpts:
Business development manager Warq events, Barcelona
Demand for incentives
Being an Indo-Spanish DMC, we focus on Spain and Portugal for the Indian travellers. Two years back we were doing just one or two big incentives (which involve more than 100 people) but now its one per month. With typical incentives for three-four nights in one city, all Indian meals, the organisers are more demanding and asking for new things, combining tier II cities, trying local meals, new activities like scuba diving, go karting. October and November is a good time to plan your budget and incentive travel.
For the agents
We try and promote a lot of packages to agents and get deals from them on the basis of the requirements from the corporates. This time we have come up with a unique package of clubbing Ibiza with Barcelona. We provide out-ofthe-box activities like experiencing the culture instead of going for local lunch prepare your local lunch and do a show of cooking paella in Spain, driving local jeeps to a winery.
Dubai, Singapore, Eastern Europe (Prague, Budapest), Malaysia and Spain. In India, a one week stay is needed to cover the golden triangle of Delhi-Agra-Jaipur. Not all corporates have the budget to visit all the states. Luckily India is not that expensive and there are options between luxury hospitality and affordable stays. But India has to grow and adapt a little more to a different market.
The main factor for deciding a destination for the India market is whether the destination is happening or not, as Indians are interested in photo-ops and shopping. The cost is equally important as the destination has to be value for money. In the beginning we used to get queries for typical incentives for three to four nights in one city, with all Indian meals. There has been a change in the trend though. The corporates have moved from the very average kind of thinking to looking for new experiences.