Managing your company’s event portfolio is trickier now than it has been before. If you are a corporate or association meeting planner, I see the stress and exhaustion that comes from conditions that are out of your control, when planning events for your organization. Additionally, let’s not forget pressure from meeting internal deadlines, tracking budgets, managing registrations, and attendees, planning visits to hotels for future meetings, worrying about how to stay within the budget and deliver a WOW experience, and how to plan run-of-show that makes sense not only for attendees but for demand gen team, making sure you crossed your “t”s and dotted your “i”s.. the list goes on and on.
Every few years there is a new set of issues that comes up and gives a new twist to planning an organization’s meetings and incentives.
Recently, that issue has been COMPRESSION in the market that venues nationwide are experiencing. It happens every time demand exceeds supply in the market.
Meetings from 2020 got rebooked to 2021 and then those got rebooked to 2022. Then those from 2022 got pushed to 2023.. 2023 to 2024.. and so on. This, of course, is valid for large events – don’t count on a hotel booking 50 rooms on peak night for the year 2025 right now. Those usually have a shorter booking window of 45-90 days – although I am pretty sure if you can find availability for 2022 and the property can offer a contract – BOOK IT right now.
With demand for in-person meetings for future years being at an all-time high, and overflowing into years ahead of us, the issue of compression is not going away anytime soon. Although your organization may be focusing on virtual events until the end of 2021, make a plan NOW on how you will adjust when you are ready for planning in-person events.
A professional service provider like a procurement agency can help you in the following scenarios:
1. You are unable to get what you want for your organization’s meetings on your own (more buying power is needed)
2. You are unable to get responses and get your meeting problems solved with speed (strategic partnerships are needed)
3. You need a proven system of someone who has been already working in the transformed meetings and events landscape, knows how to avoid failing, and can provide you with solutions fast (expertise gained through what has worked and what did not)
In success, Magdalena