Event Production Best Practice: Competitive Bidding
While experience and expertise are invaluable resources in event production, competitive bidding can often be the game-changer brands are looking for. From our experience, 30% of brands don’t take time to pursue a variety of bids for events and experiential. Competitive bidding, however, ensures the best value for your investment is delivered, while also maintaining high standards of quality and efficiency.
Why Competitive Bidding Matters
Competitive bidding involves soliciting multiple bids from different vendors or partners for a project. This process not only helps in identifying the most cost-effective option but also encourages transparency and accountability. By comparing bids, you can evaluate the strengths and weaknesses of each proposal, ensuring the best partner is selected, given the KPIs of a project.
Best Practices
- Cost Efficiency: By obtaining multiple bids, you can compare prices and negotiate better deals. This helps in keeping the project within budget without compromising on quality. “APR data shows an average savings of 15-20% and as high as 40% savings when supporting bidding of 3rd party vendors,” notes Matt Hintze, APR’s Managing Advisor for Experiential.
- Quality Assurance: Competitive bidding encourages vendors to put their best foot forward, showcasing their expertise and capabilities. This ensures that you receive high-quality services and products.
- Transparency: The bidding process promotes transparency, as all parties are aware of the criteria and requirements. This reduces the risk of hidden costs and ensures that the project is executed as planned.
- Influencer Marketing Innovation: Different vendors bring unique perspectives and solutions to the table. Competitive bidding allows you to explore innovative approaches and select the one that aligns best with your goals.
Statistics on Bidding Success
According to a recent report by APR, projects that utilized competitive bidding saw a significant increase in success rates. Specifically, events produced through competitive bidding were 25% more likely to stay within budget and 30% more likely to meet or exceed client expectations. Additionally, these projects experienced a 20% reduction in overall production time, highlighting the efficiency gained through this practice.
The Benefits
- Define Clear Requirements: Clearly outline your project requirements, objectives, and expectations. This helps vendors understand your needs and submit accurate bids.
- Evaluate Proposals Thoroughly: Assess each bid based on criteria such as cost, quality, experience, and references. Consider conducting interviews or site visits to gain a better understanding of the vendor’s capabilities.
- Insist on Transparency: Ensure that all bids are submitted in a transparent manner, with detailed cost breakdowns and timelines. This helps in making informed decisions and avoiding any surprises later on.
- Foster Collaboration: While competitive bidding is essential, fostering a collaborative relationship with your chosen vendor is equally important. Open communication and mutual respect can lead to successful project execution.
Our experience shows that competitive bidding is a key strategy to elevating event production and optimizing marketing investment. With strategic bids, brands can achieve cost efficiency, quality assurance, transparency, and innovation, ensuring that all levels of an event are a resounding success.
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