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What is a ´low cost´ event?

What is a ´low cost´ event?

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 The low-cost concept is here to stay and not only in the segment of airlines, hotels and retail. The MICE sector has adopted a new model of event in which costs are reduced to fully optimize profitability. But what is really a low-cost event? Is it low-cost anytime that costs are lowered? Does cutting expenses also mean cutting back on quality?

Events profs gathered with these issues in mind at a seminar jointly organized by the iberian chapters of ICCA and MPI on the occasion of the EIBTM . Fever to reduce costs seems to be reaching a point of insanity and with the pun ” Are low-cost ? ” the session intended to analyze the concept and differentiate it from other unfair strategies currently causing much harm to the market.

This roundtable discussed the concept is negatively assimilated, perhaps due to non positive examples such as Ryanair, which have made us associate low – cost products with poor quality. However, the term should refer to the optimization of resources and processes that lead to cost reduction, offering competitive prices without sacrificing quality .

What is the formula to achieve this?

Offering tailor-made events to each client. The new market conditions and budgetary pressures lead to adapt fully to the particular time and the needs of the brand. No offer is worth the same as before but at a lower price. The low-cost is not achieved by shifting facing pressure from suppliers, is to reinvent the philosophy of optimization in your DNA.

Focusing on what really adds value to events and implementing austerity measures more superfluous items. The event or the meeting itself become more important -and attracts all budgetary efforts- whereas social or recreational aspects as galas and coffees play a role just as an accessory item to the main character of the event itself.

It seems that this approach to what really adds value to the event will stay in the sector, so maybe it is low-cost or rather “added value” but as organizers is a concept that we have to adopt.

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