In a candid and insightful conversation with SMEStreet, Harsh Baid, Co-founder of BookEventz emphasized on this magical industry of event management and also he spoke about what ambitions he has as a young entrepreneur.
What are the key trends you observe in the event management space?
These days, information easily available so people are not going through event planners and saving on their fee. However for destination weddings- people are still relying on event planners to manage everything. Over a period of time, the industry is becoming more competitive with more supply (of Hotels, Party plots) coming up and also easy access to information for customers.
More and more people looking to do something different in their events. Birthday, cocktail parties have themes with props
On the other hand, corporate meetings are also becoming very strong. Nowadays corporate organizations also prefer doing their team meetings in a casual environment like Lounges rather than having it in a conference room.
How the consumer behavior is evolving in this domain? what are the new elements you are observing in the event industry?
With Internet and mobile penetration, we are seeing a shift in whole event booking space. Now people especially in 15-40 age bracket (with more nuclear families and both members of the family working) are looking for convenience. So lot of them now look online for Venue related options.
Search and shortlisting them are happening online and then they would go and visit the venue for Food tasting and final negotiations. For lot of smaller events (<100 people), people are not even visiting the venues, they get negotiated rates online for standard packages and book it online.
People are also looking at removing Event planners/ managers from the picture and try to save their fee, which sometimes goes as high as 10-15% of the overall budget. Instead they are going for online media, which is more convenient and transparent from cost point of view.
On the other hand, Venues have also realized the importance of online channel for promotions, they are also reaching out to Online Websites to get access to a different generation of people.
What are the key priorities of Bookeventz for next one year?
Our key priorities are as follows:
- Our focus will be on penetrating further in 5-6 key cities/regions- Mum, Delhi-NCR, Pune, Gujarat, Bangalore
- Aggregating Venues on a single platform which will give clients access to real time availability and quotations quickly
- We don’t want to just stop at helping clients Booking their venue but also help them in managing their event.
What are the key drivers of your business?
We all like to celebrate different occasions throughout our lives right from our birth ceremony to birthday parties to graduation parties, Marriage, Anniversary, Team parties and the list goes on.
Our objective is to make booking process for these events seamless. For this, our focus is on following things
- Tying up with lot of Vendors so that users have ample options to choose from. The list includes not just Venues but other ancillary services required for their event
- Backward integration with our vendors to give real time information to the users
- Corporate- Big client segment and they are looking for a convenient solution to manage all their bookings
- Good customer facing product which will act as a booking engine for the customers
Please share about some glimpse about your core business strategy and market footprint?
Unlike other players in this space who are focusing only on Weddings, we are catering to all types of Events. Because when a customer is looking for a bday party, the same customer after sometime will also look for a team party or for a wedding or anniversary. Because of this we get lot of repeat customer enquiries. Our cost of acquiring a customer goes down drastically.
Also from the Vendor side, a property can have a venue which can be used for a wedding function or for a big get-together so we are to give them more enquiries throughout the year and not just few enquiries for the wedding season.
Current Stat- On a monthly basis we are serving over 2500 customers enquiries and doing bookings worth over 1.5Crs for our Vendors. Our target is to serve 5000 customers in 3 months time and 15000+ by Dec 16.
Currently our focus has been to go deeper in Mumbai, Delhi and Pune, having said that we are present in 11 cities mainly to cater our tied-up Corporate requirements who have their presence in multiple cities.