Four Essential Questions to Ask Your Corporate Event Planner
June 08, 2023
In the interconnected world of commerce and trade, the prowess of orchestrating successful corporate events is of paramount importance. These events not only serve as a platform for networking and business expansion but also shape the brand image. A potent corporate event planner is, therefore, a key player in any organization's growth strategy. However, not all gold glitters. To distinguish the adept from the merely ostentatious, certain pertinent questions need to be addressed.
One must start by interrogating the event planner's familiarity with the organization's core business. This goes beyond a cursory understanding of the industry. A proficient planner would delve into the specifics of the company, the competitive landscape it operates in, its ethos, and its long and short term goals. The planner's approach should closely mirror the principles of the Theory of the Firm, a microeconomic concept that attempts to explain why a company exists, what it does, and how it contributes to societal welfare.
The second question focuses on the planner's experience and past performance. Similar to the Black-Scholes model, widely used in options pricing, past performance is a crucial determinant of future success. A planner with a track record of delivering successful events, managing budgets efficiently, and resolving crises deftly stands high chances of replicating such feats. In assessing past performance, it's useful to consider the concept of statistical significance, to determine whether the planner's achievements are a result of skill or mere luck.
The third inquiry pertains to the planner's network and connections within the industry. As per the principles of Network Theory, the strength of a planner lies not merely in the number of contacts, but in the quality and relevance of those contacts to your industry. Top-notch planners often have a robust ecosystem of vendors, suppliers, and entertainers, which can be leveraged to ensure smooth execution and perhaps, even cost efficiency.
Finally, and perhaps most importantly, one must investigate the planner's contingency preparedness. On the backdrop of the Black Swan Theory proposed by Nassim Nicholas Taleb, it is crucial to note that highly improbable events do happen and they carry massive impact. This theory suggests that what we don't know is often much more relevant than what we do know. Hence, a competent planner must not only have contingency plans but should be adept at managing unexpected crises.
In essence, an organization entrusting its event planning to an external agency is much akin to a principal-agent problem, widely studied in the field of economics. The agency (event planner) is expected to act in the best interests of the principal (organization), but without the right amount of questioning, scrutiny, and control, the agency might pursue its own interests, leading to a divergence from the principal's objectives.
The universe of corporate event planning is characterized by intense competition, unpredictable challenges, and the relentless pursuit of perfection. It is a realm where mathematical forecasting models meet with a dash of creative inspiration, where logistic regressions shake hands with aesthetic sensibilities. Steering through this labyrinth requires an event planner who can marry the science of management with the art of hospitality, and hence asking the right questions is not just beneficial, but essential!