Financial Services Company

Aligned meetings strategy with business goals to save $450K in year one

A global financial services client asked BCD M&E to help align meetings strategy with business goals resulting in $450,000+ savings in year one

Client Stats

  • Financial services company
  • New meetings department
  • New meetings stakeholders
  • Needed meetings strategy overhaul

Need to Know

  • Provided industry benchmarking
  • Analyzed legacy vendors
  • Designed sourcing strategy
  • Introduced 15 new destinations
  • Saved $450,000+ in year one

The Brief

A global financial services client recently experienced a change in the alignment of its meetings department, as well as a change in meeting stakeholders. They approached us for assistance to overhaul their meetings strategy, deploy best practices and align meetings with business goals.

The Solution

We began by analyzing the spend of all the legacy support suppliers. Then we provided industry benchmarks as well as competitive pricing for services such as speakers, gifts, entertainment and production. Next, we designed a sourcing strategy that leveraged our industry knowledge and buying power. We adjusted our strategy to accommodate sourcing earlier in the process and with multiple properties in locations vetted for air lift and infrastructure. We also included approximately 15 destinations previously not considered. We’re currently in the process of analyzing the structure and content of meetings to ensure they both meet the attendees’ needs and reinforce business goals.

The Results

This client saved more than $450,000 in the first year as a direct result of our spend analysis and industry benchmarking. Our leadership and guidance resulted in improvements such as outside the-box content delivery methods, destination showcases during evening events, unique attendee experiences, community outreach opportunities and the use of mobile apps.