Think back to some of the truly great events you have attended. Perhaps it was a preview night for a huge trade show, or a client after-party, or a great conference. Chances are what you remember is the enjoyable experience, the way things seamlessly came together, and the feeling you got from being a part of it. And that’s exactly what an event planning and management agency provides.
Planning events involves a lot of moving pieces, and the goal of a reputable and experienced event planner or event management firm is to keep the “backstage” elements of the event planning process hidden from view. That allows everyone involved to enjoy a well-executed day of the event, without even noticing the tremendous work that went into the process.
Whether you’re planning a trade show presence, a networking event for clients and prospective clients, a product launch, or any other type of event for your company, hiring an event planning agency or event management firm is almost always the ideal way to go.
Here we’ll take a look at just what an event-planning agency does, some examples of the specific tasks they take care of and skills they offer, the benefits for your business, and the costs associated with hiring an event management firm.
What is an Event Planning and Management Agency?
Put in the simplest terms, an event planning agency or event management agency is often a group of people who apply project management principles, calendar management, scheduling, event budgeting, promotion (often including social media management), and much more to execute a client’s vision for any type of event. Corporate events, fundraising events, nonprofit networking – there are a number of professional event planners who are well versed and experienced in putting together the best event possible for your business and for your guests.
Event planning and management agencies will often bring together people with different backgrounds and skillsets in event planning, from wedding planners to marketing strategy experts, event budget management specialists, and many others. The combination of skills and certifications helps to ensure that an event planning firm can help you execute a successful event no matter what industry you are in or what your goals may be.
What are the Different Types of Event Planning and Management Services?
We touched on some examples of event planning services above, but there are many others. For instance, some event management firms either have full-time staff or relationships with agencies to handle social media messaging for the event, day-of-event staffing, phone calls, and other outreach communications and more.
If your company needs more, there are of course event management agencies that also have in-house graphic design and branding experts, content creators, video production teams, and so on. This way, if you also need a logo for your event, or if you have plans for video content that needs to be developed, they can also help to execute your vision.
Why Do I Need to Invest in Event Planning and Management for My Business?
Many companies have at least a couple of full-time staff in their organization who may be able to handle some of the event-planning duties we mentioned. For example, you may already have a designer or two on staff, or perhaps you have an event planner already as part of your marketing department. So why invest in event planning or event management services for your corporate event?
Here are just four of the many strong reasons why working with an event planning agency is a great choice for you and your business.
Resources
An established event management company will have not only the professional event planners we mentioned above, but will also have event-specific and project management tools, as well as an extensive list of trusted vendors, contractors, and staffing firms that they trust.
Experience
From large-scale events to exclusive special events and more, an event management firm will not only have answers for your questions, but they will be used to asking the right questions to help you and your stakeholders envision and execute a spectacular event that exceeds your expectations (while staying within budget).
Pricing
Not only do event agencies have trusted partners and vendors that they work with, but those relationships may also mean priority service AND favorable rates or discounts that wouldn’t otherwise be available to your business.
Peace of mind
This benefit may be worth the price alone. Because of the huge number of considerations and decisions involved in hosting a successful event, working with event planners frees you to make big choices and decisions without getting lost in the weeds of the process. Additionally, the experience that a firm offers comes with problem-solving skills that help them foresee potential issues and address them before the event even takes place. That’s some significant peace of mind.
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Should I Hire an Event Planning and Management Agency or a Freelancer?
Bringing new services and talent to bear on your small business always means making a big decision first; should you go with an agency, or find a great freelancer to work with? And choosing event planning and event management services is no different.
As with every business decision, there are positives and downsides to both paths. Here let’s take a quick look at some of the benefits and drawbacks of working both with event planning firms and with freelance event planners.
Positives and Negatives of Working With an Agency
We looked at just a few of the benefits of working with an event planning agency above. Those include their available resources, connections, existing relationships, and experience. In addition to those factors, working with event planning firms offers other benefits, including:
Time savings
Event planning agencies know who to call, they know how to build a plan, and they know how to execute it (and do so quickly). That means less time you’ll have to spend getting your ducks in a row.
Flexibility
Especially when it comes to costs. Event planning firms know how to make the most of any budget, and ensure that your event looks and feels like a big production (even if it’s not).
Advice
Wondering how to choose the right venue, or how to generate buzz about your event? An event planning firm will absolutely have the knowledge to guide you and answer any questions you might have.
So there are quite a few great reasons for choosing an agency, but what about potential drawbacks?
Cost
Yes, there’s going to be a price tag that comes with hiring an agency. It will likely still be an affordable option, especially compared to hiring in-house staff for example. But depending on your needs, the expense can be a hurdle.
Who’s running the show?
Although rare, you can run into agencies that may take over a bit too much on the event. Make sure to choose an agency that keeps you in the driver’s seat.
Communication
Most event management companies are great about project management and keeping you informed and involved every step of the way. But communication issues can arise and are something to keep in mind as you shop for an event planning agency to work with.
Positives and Negatives of Freelancers
Hiring a freelance event coordinator or professional event planner also has some positives for your business, as well as a few important factors that might be considered downsides.
First off, some of the benefits of working with a freelance event planner include:
Lower costs
Choosing to work with a freelance event expert or meeting planner may be a more affordable option for your company, as their rates are generally 25%-30% less than some agencies.
Availability
It may be easier to get onto a freelance event manager’s calendar, and they may be able to begin your project immediately.
Knowing who to call
With just one contact (the freelancer), it can be easier to get a hold of them and get answers to any questions you have, or to communicate changes that need to be made.
On the other side of the coin, some of the potential downsides of choosing to work with a freelance event specialist can include:
Availability
This one is a double-edged sword. You may have an easier time finding a freelancer to work with for your event, but you may also have difficulty reaching an agreement on a timeline. If they’re spread between multiple clients, it can actually be harder to get a hold of them depending on workload.
Knowledge base
A freelance event planner might have an extensive background in certain areas of event management, but may also be lacking in areas that will be necessary or beneficial for your event.
Playing catch up
Any freelancer you choose may also not be as familiar with your business, your industry, your audience, or the type of event you want to hold. That can mean more time spent to get them up to speed as compared to an established event management agency.
Why You Should Hire an Event Planning and Management Agency
Given all of the pros and cons of each option, more often than not the best choice is to hire an event planning agency for your needs. Between the breadth and depth of their experience, the resources and contacts they have, and their ability to focus on a client’s specific needs, hiring an event management agency is one of the best ways to ensure that both you and your clients or guests have a terrific time being a part of the proceedings.
How Much Does It Cost to Hire an Event Planning and Management Agency?
Price is almost always the first question, and it’s an important one. Of course, the size and scope of your event will inevitably impact the overall price tag. From venue fees to food and beverage, technology/equipment needs, and so on, there are a lot of factors that influence the final bill.
For instance, a venue rental for a few-hours-long networking event can vary, but generally falls between $1000 and $2500. You may find that certain restaurants, bars, or lounges offer rates below this, as they know they will also benefit from food and beverage sales.
Speaking of food and beverages, here you can get a good idea of the cost by using an average per-attendee estimate. For a networking or departmental happy hour, drinks and appetizers will usually fall in the range of $55-$75 per person. For larger or longer events with full-meal service, that number can easily double.
Many event management agencies will structure their rates as a percentage of the overall event costs. This means that smaller events will cost less, and bigger events can be assembled and managed at a rate that is still reasonable. There are also agencies and companies that charge flat rates (often for a standard event such as networking lunch or cocktail party, etc.), as well as agencies that bill based on hourly rates.
In general, you can expect percentage-based event management to be in the range of 12%-20% of the total expenses for the event. So, if you are planning approximately $50,000 for your event expenses, your agency fee would likely fall between $6,000 and $10,000.
Finding a Reputable Event Planning and Management Agency
Just like shopping for a new car or a new computer, doing your research is key before hiring an event management company or event planning agency. And, just like with many of the purchases or services you already make, some of the best information you can find is readily available online.
Take a look at feedback for that agency’s events from any sites where people provide reviews (e.g. Google, Facebook, etc.). Simply searching for the firm’s name may bring up a number of reviews, and those can provide you with more information about the types of events they manage and how satisfied their clients have been. Even better, reputable B2B marketplace sites like UpCity aggregate trusted providers and provide in-depth information for you – including reviews.
Many firms will also provide testimonials on their websites, and perhaps even case studies about larger events they have been a part of. All of this information will also help you to understand how they work, what types of events they excel at, and whether you feel they would be a good fit for your business.
Questions to Ask an Event Planning and Management Agency
There are several questions you can choose to ask a prospective event planner or event manager before signing on the dotted line. Some of them are practical and process-specific, while others are about the firm’s experience and philosophy. To get you started on your own list, here are just a few examples:
- Do you specialize in any particular types of events or industries?
- What services are included in the total price tag?
- What is your required timeline for planning an event of this scope?
- Will we have a dedicated project manager?
- How can we best stay in communication through the planning process?
- What do you think is the most important factor for a successful event?
What to Expect After Hiring an Event Planning Agency
Once you’ve chosen an event planning and management agency to work with, you can and should expect expert service, answers to your questions, and clear lines of communication at every step of the process.
Additionally, if it was included in the list of services, you should expect your chosen agency to follow up with attendees for their feedback, great quotes about the event and their experience, and areas for improvement. This information is a treasure trove as you look ahead to planning future events, and will benefit both you and your agency.
Setting You Up for Event Success
With some careful consideration and the information provided here, you should feel confident in choosing a great event management agency as a partner. From internal events to virtual events to huge conferences and beyond, having a dedicated event planning and management agency in your corner ensures the best results for your business.