Communicating Your Value Proposition as an Event Professional with Howard Givner—Part 2 ECEO049
When Marriott abruptly reduced their commission from 10% to 7% last year, it rocked the events industry. Third-party players who relied on commissions for the majority of their revenue were hit especially hard. It is unlikely that commissions will rebound anytime soon, so it is up to event planners and venue-sourcing companies to clearly communicate their value proposition to clients up front and put a price tag on their services.
With 25 years of experience in the events industry, Howard Givner is a respected thought leader, innovator, educator and consultant. He serves as Executive Director of the Event Leadership Institute, an elite education and training platform for professional event management and hospitality. Prior to ELI, Howard was President of award-winning event agency Paint the Town Red and CEO of Global Events Group (North America). In addition, he designed the Super Planner mobile app and co-created the Event Innovation Forum, a TED-style conference for industry leaders. Currently, Howard works primarily as a consultant for agency owners, in-house event teams and tech companies in the events industry.
Today, Howard joins Rebecca Linder to discuss the future of commissions, sharing his take on how they may eventually shift to a sliding scale based on demand. He explains the gap between who’s receiving value and how it’s monetized in the commission model as well as the distinction between a commission and a kickback in terms of disclosure. Howard also addresses the significance of being upfront with clients regarding any commissions you might receive. Listen in for insight around selling your competitive advantage and communicating your value proposition to your clients!
- How Marriott’s significant commission reduction rocked the industry
- The importance of establishing a price for what your service is worth
- Howard’s insight on how commissions may shift to a sliding scale
- The gap between who’s receiving value and how it’s monetized
- Communicating your value prop to the client and agreeing on price
- How disclosure distinguishes a commission from a kickback
- Why it’s important to be upfront with clients about commissions
- How the individual earning a commission is taking on significant risk
- The myriad of payment structures an event professional might use
- Selling your competitive advantage to charge what you’re worth
- Why the events industry should worry less about payment models
Mentioned in this podcast:
With over 25 years of industry experience, Howard Givner is an event industry business and thought leader, innovator, educator & consultant.
Howard is the Founder of the Event Leadership Institute (ELI), which provides online and in-person training and education for event & hospitality professionals
Prior to starting ELI, he was the founder of award winning event agency Paint The Town Red, Inc., and the former CEO of North America for Global Events Group, which acquired the company. Howard is the creator of the award-winning mobile app Super Planner, and the co-creator of the Event Innovation Forum, a TED style conference for industry leaders.
He has taught, written and spoken on a wide range of topics, including innovation, entrepreneurship, negotiations, sales & business development. He currently consults for agency owners, in-house event teams, and tech companies in the events industry.
Howard on twitter: @hgivner