Bizly’s Ron Shah said:
- Bizly integration into Cvent’s marketplace
- Indirect and Direct Cost Saving Tactics
- AI platform of the future
Meeting technology provider Bizly recently became the first small meeting planning app to be listed on meeting technology giant Cvent’s App Marketplace. With that data integration complete, Bizly is now looking to AI as the company’s next frontier, said founder and CEO Ron Shah. Shah spoke to BTN’s Elizabeth West and Angelique Platas about the company’s next steps, his model of business, technological innovations, and corporate event trends. An edited excerpt follows.
by the way: Bizly recently announced that it will be integrated into the Cvent marketplace. What was the process there? Is it a new strategy or has it been in the works for some time?
Ron Shah: Especially for Cvent, we all recognize [announced] Acquired by Blackstone, they are giants in their field. All of our customers have been using his Bizly and Cvent since we started doing business in the enterprise space.we kind of set up a way [integrate] before this announcement. People used Cvent and then punched out to Bizly and we kind of had a data connection. But when the opportunity arose to make it official and make it even easier and seamless, it was an opportunity we couldn’t give up.
Cvent has its own simple small meeting solution, but I think most customers have found it to be under-developed and under-appreciated. So we felt that this might be the perfect opportunity to work together.
by the way: Tell us a little more about the dichotomy between large meetings and centralized planning with event tools. What are those different needs?
Shah: After the pandemic, we entered a new world. The idea that Bizly launched was whether the whole process of building a meeting could be democratized. The biggest lesson he learned in his first two years was that this problem cannot be solved by just procuring venues. If participants are attending virtually or in person, there must be some way to understand them and their needs, and to register them. … so I learned early on that I needed to do some simple attendance management.
What I think has changed is that even before the pandemic, small, simple meetings were considered 50-60% of total volume. That number has increased significantly, especially in situations where teams and employees are distributed. So we really stuck to what we do best is helping individuals do this. I need a way to be able to do my job, but I still want to see the data.”
The biggest lesson this year is about how corporate managers are trying to optimize their entire worldview. It’s not just about what’s the best product.There is pressure to cut costs [and] Integrate. The lesson is [driving] How do you streamline a total solution that reduces program costs? Connectivity makes sense because you can have this home base. [Cvent meeting request] Fill out the form and punch out to Bizly. And because all your data is interconnected, you get the best of both worlds. There is centralized programming, centralized visibility, and decentralized usage and functionality. That’s the hybrid world we create.
by the way: Do you think the recent move to bring employees back to the office will curb these internal meetings that have flourished?
Shah: There are direct costs and indirect costs.we were the first platform [to market] This allowed us to actually put an office location on the platform and use that office location as the venue. We did it before the pandemic and strengthened our capacity. There is a big push to use offices that are not being used as venues so people don’t book offsite. This is one area of direct cost avoidance.
The second is program centralization and connecting the dots. Take advantage of priority venue programs and priority rates. So, this kind of program actually cuts your costs by around 20%. So these are the areas of direct savings. There are also indirect savings. We’re finding out how people have to staff Cvent products. [full-time employees] Support it. They have in-house, sometimes FTE. [travel management companies] Used for staffing. With the Bizly solution you can actually reduce that. There is an optional Support Plus that does some of the human touchpoints, such as reviewing and negotiating contracts, routing for signatures, ensuring proper payments are applied, and capturing final spend. …these are all things we are adding to the mix now to help drive an overall reduction in direct and indirect spending.
That last part is something new. Commissions are collected as part of Support Plus. Many of these smaller meetings come with blocks of rooms that can be commissioned. Customers are often surprised to learn that many of the things they do come with a commission.even if they [ARC-accredited Corporate Travel Department] We’ll have a third party do it, but there’s a way to put this all together and make it cost-neutral. We have customers who are completely cost-neutral across the program. Everything is covered by commission recovery. That is the total solution.
We’ve had a lot of product innovation, but there’s also a business model innovation. [about] We actually put all the pieces together to drive overall cost savings. That’s where I think we are very unique and have deep insight. [led us to] Put all the pieces together and help people cut costs. Onsite Venue Use, Preferred Venue Use, Reduced FTE Requirements, and Commission Collection: These are the four pillars driving cost savings.
Before the pandemic, small, simple meetings were thought to represent 50-60% of total volume. Their numbers have increased significantly, especially as teams and employees are distributed. “
by the way: Did you go in the direction of support plus due to the lack of manpower? Was there a void that you could fill with services you already had and build on top of it?
Shah: We actually started with a complete concierge before we had a fully developed product [offering]After that, we built a self-service feature and stopped offering it. Recently, there was a voice that there was a shortage of workers, so we decided to revive the concierge. [Support Plus] Help customers with issues they face around staff.
by the way: As for such a commission-based business model, is it still viable?
Shah: For now, yes. The hotel still has something to offer. I think they’ve made a big attempt at Groups360 to be frankly no commission. increase. And while the game is still played on commission, there is a huge ecosystem of companies living by that model. I don’t think it will go away any time soon. It may be so at some point. But I think at that point we will also have AI to help us set the right price.
by the way: Can you elaborate on Bizly’s focus and investments this year?
Shah: We have some big investments and optimizations this year. Our reach has become more global.now we have [Europe, the Middle East, and Africa] And Asia Pacific, it’s a fully global platform. We also added language translations for 8 languages. Mainly European languages, but multiple clients expanding into his EMEA and other regions.
Another part of this year’s big story is how to connect the dots to reduce costs and actually move the ball forward as an innovator, like business model innovation. It will also be the first platform on the market with full AI capabilities. That will hopefully come out this quarter.
by the way: Are there any other trends you see among your corporate customers?
Shah: I would say that onsite meetings are a big part of what our customers have been asking for. The bar has been raised. I think it’s software. We all use ChatGPT. we see the power. Now we want to provide a very easy experience for our users. We are always on the cutting edge. Many customers will say, “Hey, I don’t really care about cost.” I just want the best user experience. Create a great employee experience. I think that is what many customers want. But on top of that, there are also pressures on the business model. That’s why we’ve been innovating in terms of business models.
Dollars and cents in the ROI model, No. 1 is visibility. 60-70% of small, simple meetings are fraudulent activity. People are just doing their own thing. Second, we are leveraging our Preferred Venues program. Even if you only have a temporary program for your business, you can take advantage of it and apply those rates to get a 20% savings. 30% cost avoidance with FTE staffing.
