This week I’ll be writing about prices. And I know many of you have become conscious of the additions to our budgets during the last months. Petrol and diesel are at an all-time high, and the cost of living has risen by 15%. And this is why our slight price increase for 2023 only realigns with the price reduction made after the lockdown.
Ian and I are very conscious of the additional expenses involved when standing at events. And there looks to be no respite in the increases. This means we have continued to keep prices as low as possible and not compromise on quality. And do not forget this aspect also affects our Visitors. They need to see the best value for their entrance fees. Quality and a good range of services are essential.
By continuing to operate a no deposit bookings system, we support the Community. And payments become due 30 days before the show. No business should expect proforma or long-term upfront payments for any service. Would you pay a supermarket three months ahead for your groceries? Or pay for a meal out weeks before the occasion? Or pay in total for a plumber two months before he arrives to service your boiler? As the economy becomes more expensive, we are aware that Community Members have to have a decent cash flow. Therefore, our policy is no deposit and no long-term upfront total table fees.
We have to make sure every aspect of the show maintains the exceptional standards Visitors have come to expect of the Well Being Brand. Do not forget that they have to travel, which means they are making a significant commitment to attend. Ian and I respect this aspect of the Visitor’s bond with the Well Being brand. Therefore post such as this one says, ‘We thank you for following the shows and Community.’
Money matters, and over the coming year we have to demonstrate that we care for the Community and our Visitors. I cannot see a let-up in the present state of affairs, and it is imperative to be financially flexible and demonstrate the best possible business ethic. We will always watch the economic aspects of the Well Being Showa and try to provide the best possible return on investment for everyone who places their trust in The Well Being Brand.
MD LizianEvents Ltd
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A timely piece.
There are few advantages in growing older, but one is of having seen economic cycles before, particularly rising inflation. Its effect can be unpredictable and corrosive. As a young civil servant in the late 70’s I went on strike for a 23% wage increase, and was successful. That was not unusual.
An event promoter, like all stall holders must make a profit to survive. The lesson of the past is that the strong survive, and those who make poor decisions do not.
An imperative for the community is that the most attractive possible shows are put on and promoted as widely as possible. Visitor numbers, duration of stay, and spend define success. New visitors also have to be found as other diverse events and festivals vie for the publics attention and spend. What the shows are, their frequency, and location are the pivotal calls for all promotors. Those calls are being made now in the broader MBS event marketplace by others.
The big threat is a price arms race. Venue holders increase their prices, promotors put up their prices and stallholders increase the prices resulting in fewer visitors spending less with fewer service/ goods providers. That requires careful and deft management . t is easy for events to enter into a death spin before those involved are aware of their predicament.
As a community we are fortunate in having Lizian who are already making the big calls. New locations in Liverpool Newcastle on tyne and Cambridgeshire have already been identified, as have smaller venues and one day rather than two day events are being explored.
Some time ago Ian told us that he had conducted a series of vox pops with visitors with surprising and unexpected responses. I think that we would all like to know what those were.
An studious and excellent comment Gary