The first step in tapping into the SMERF market would – of course – be understanding exactly what the SMERF market is. This particular travel, meeting and event market consists of social, military, education, religious and fraternal organizations, hence the SMERF acronym. This growing market of potential clients is the bread and butter of some event planners who have chosen to specialize in organizing events and meetings for these particular groups, and with good reason.

Most corporate meeting and event planners who do not have experience with the SMERF market do not realize that their needs and wants vary greatly from corporate clients, which makes many planners ill-equipped to meet the unique challenges associated with SMERF event planning. This has opened the way for savvy planners who are well-versed in working with SMERF clients to tap into this lucrative market and make a name for themselves as an expert in this niche.

At first glance, it may appear that there is less money to be made when working with SMERF clients. It is true that these groups may not have the per person spending power of profitable corporations, and it is also true that events for these groups can be absolutely huge, including such challenges as booking 1,000 rooms for a single event. However, SMERF groups also tend to have a higher level of loyalty than corporate clients, which means that putting together a single successful event for a SMERF client could result in repeat business from a loyal client for life.

 It seems that everyone is trying to cut costs today. This is true of many meeting planners, as well their corporate clients. Whether the impetus comes from the need to decrease expenses to stay within a new, lower budget or to maintain a responsible appearance to members of the public that keep a watchful eye on big business spending, the simple truth is that everyone is more concerned about cost these days. This can often place meeting planners in a difficult position where clients are demanding the same level of quality for a lower price.

There is only so much you can trim off of your fees and still continue to make payroll and a profit; however, there are other ways to trim expenses while pleasing your clients and not selling yourself short.

If you do not already bargain and barter with your vendors, now is the time to start. With a recession in full swing and folks becoming increasingly aware of every penny they spend, bargaining and bartering have become quite common and are an excellent way for both parties to benefit from the relationship and meet their goals.

You have a valuable service that you can trade for the products and services you need. Alternatively, do not be afraid to ask for lower prices and to bargain your way to better deals for you and your clients.