Groupize Blog

Supplier Optimization Best Practices that will Define the Success of Your Meetings

Sep 2, 2020 11:45:39 AM / by Madison Harris

 

Although event venues and locations tend to be ad-hoc decisions, there is a significant savings opportunity to leverage your existing transient traveler program and supplier relationships and integrate this into your meeting program.

While some larger events may be held in locations that are outside your normal travel locations, the majority of your simple events probably overlap with your transient travel pattern. Utilizing these same properties for transient and group business has the dual impact of increasing the volume for your transient program as well as leveraging the existing relationships for your group events. This is true at the property as well as the brand/chain level. Here is what we recommend:

  • Highlight your existing negotiated transient rate when planners and admins are shopping, so they have an instant benchmark price on the specific dates they are considering.
  • Highlight if you have negotiated any special meeting packages with your preferred properties. This is especially true for properties where you may have recurring events like training or recruiting or monthly sales meetings. It can be a simple offer of a discounted room rate and a package deal for the meeting space with F&B and Audio-Visual packages pre negotiated with basic terms. Then the process shifts from an RFP to a simple check for availability, negotiation, signature, and management.
  • Highlight any re-sell opportunities of canceled or postponed events. In many cases, you can use up the canceled space from a previous event by booking smaller groups that consume an equivalent amount of revenue for the property. This, of course, needs to be stated in your contract, which is why it is so important to have a solid contract review process.
  • Ensure that your Global and National Sales reps are associated to all bids you submit so they can support your larger brand/chain relationship down to the property level, especially if you’re working with a property for the first time.

With a curated hotel program that is communicated company-wide, even organizers can steer my meeting('s') towards preferred hotels and track and try to re-use unused inventory internally.

These are unprecedented times, and we can expect some sea-change impacts on business, behaviors, and expectations. Everyone will be required to respond and modify their business models for the new post-crisis ecosystem. How we plan, how we communicate and collaborate, and how we interact is all going to change. That being said, those who are quick to adjust will lead the way for the industry to follow. While so many may be taking things day-by-day, it’s critical to look to the future to determine the best course of action moving forward.

Now more than ever, corporations are looking for easier, more efficient, and cost-effective meetings management strategies to navigate through this period of uncertainty and into the future.

It’s important to recognize those trends which have been accelerated by the pandemic in your planning for the next year. Download our complimentary eBook titled, 6 Meetings Trends Accelerated By the Pandemic, to help you prepare for today and get ready for the future of meeting and event management.

To learn more about other best practices that will help define the success of your meetings, check out more of our blog posts on best practices for meetings success:

To learn more about the new normal and how to prepare for the changes in travel, meetings, and events worldwide, download the complimentary titled, Prepare for a Changed World, which delivers timely peer to peer advice from leading travel managers, meeting planners, procurement, TMCs, and industry partners.


To learn more about how Groupize helps organizations simplify meeting management, please visit www.groupize.com or call +1-508-232-7719.

Tags: Meetings and Events, Experts, Success, Best Practices, supplier, optimization

Madison Harris

Written by Madison Harris

Marketing Associate for Groupize