Your Corporate Event RFP Process: Friend or Saboteur?
In the year 2020, there is no shortage of event service or creative agencies. In many cases, both may be offered under the same roof. So, finding the right partner for your next corporate event should be extremely easy, right?
Well, it all depends on what you are looking to accomplish.
In my experience, I have found that some view corporate events as a necessary evil. It's something that must happen every year. Why? Because - well, it just does.
Pretty inspiring, right? No, but it's true.
Some don't look deeply into the reason for their corporate event and prefer to put forth minimal effort in finding the right partner to ensure its success.
So, with this knowledge, how might such a process appear? Perhaps something like this.
The procurement division works to find candidates that meet their demands for pricing.
The marketing team (the division varies within corporations) is tasked with issuing an RFP for event services.
A list of necessary criteria is developed by committee.
Rules are established for the RFP in the hope of limiting the time and scope of the process.
Invitations are distributed to those deemed worthy of participation.
Conference calls between the client and all potential event agencies may occur during this time in order to answer all questions in a more public forum while leveling the playing field.
Creative concepts are hurriedly compiled and made ready for review.
Once the best candidate for the job has been decided, a contract is awarded.
We will assume that, upon completion of such a search, a qualified candidate was selected.
Now, many may find satisfaction merely in "getting through" another annual event. Others are left with the sense that it lacked the needed impact on the audience. Yes, the videos played. Yes, the audio was clear, and the lighting was nicely orchestrated to ensure a picturesque environment. Yet, there was no "wow factor."
So, what's the problem?
The problem is quite simple. It all goes back to the moment the decision was made to issue an RFP. The search process was designed to create a cattle call of event companies – all of which were mostly interchangeable. Perhaps their ideas may vary, but there seems to be little that differentiates the top 2-3.
In order to find your ideal partner, you must have conversations with prospectives long before the RFP process begins. The knowledge you gain from interviewing companies will allow for a much more focused effort when deciding on the select few you ultimately invite.
Lastly, you must decide if an RFP is essential.
While it is understood there are many companies that must issue RFPs to satisfy corporate procurement policies, those very policies may ultimately be the root cause for a less-than-ideal result in corporate event services.
Many event agencies are eager to participate in the proposal process and will gladly jump at the opportunity. Others are in high-demand and are hesitant to participate in a process that will require the resources which could risk diminished capacity for their existing clients.
Which of the two options do you prefer to consider?
The next time you issue your RFP, ask your team if it will result in revealing the best of the industry or merely limit the pool of talent to those with excess capacity for proposals.