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New Report Reveals Good News for Meetings Industry

New Report Reveals Good News for Meetings Industry

Cvent’s fourth annual Global Planner Sourcing Report is out and it reflects good news all around for planners and suppliers. Gathered from a survey of 3,000 global, corporate meeting planners, it explored decision-making influences that go into the vendor selection process.

Patrick Smith, Chief Marketing Officer for Cvent sums up the study this way, “While more spend on meetings and events is great news for the travel and hospitality industry, venues and destinations cannot fully reap those benefits until they can deeply understand what makes a meeting and event planner tick.”

Key Report Findings and What They Mean

  • 97% stated they are staging the same or more events in 2019.
  • 28% are organizing six to ten off-site meetings this year.
  • 13% said they are only planning one or two meetings per year.
  • 71% said they are extremely or very certain about their meeting spend.
  • 52% of event budgets increased in 2018 over the previous year.
  • 3% is the average increase in budget.

With a full 59% of organizers planning more than ten meetings this year, these results point to a healthy events industry. After years of smaller or decreasing number meetings and stagnant budgets, this is welcome news.

  • 43% said live music or entertainment creates memorable attendee experiences.

Many venues may offer live music or know of reasonably priced local talent. Ask what choices are available when you conduct a site visit.

  • 35% said they would move to their second venue choice if offered more than a 10% cost savings.
  • 21% cited outside activities as a top influence in venue selection.
  • 16% are extremely certain of their venue when they begin the sourcing process.

This shows a lot of opportunity for venues to win new business by selling planners on their property and the amenities around them. The interesting thing about these results are planners are not as price sensitive or as loyal to a brand as they once were.

Factors that Influence Sourcing Decision

According to the report, here are the four elements that impact a sourcing decision:

  • Peer Recommendations
  • Robust Digital Presence
  • Engaging Social Posts
  • Being Responsive to Online Feedback

Suppliers should be active with local and national meeting planning organizations, have consistent social media messaging and respond to reviews on a timely basis.

Technology Uses

Planners are using the following tools to deliver a compelling event experience.

  • 36% are using social media displays or commonly referred to as video wall rentals
  • 29% are sourcing mobile event apps to run on smartphones
  • 25% are making use of interactive polling
  • 17% are bringing into play Virtual Reality rentals or Augmented Reality
  • 15% are tapping mobile gamification

Ready to Rent Technology?

Are you interested in rentals for your event but don’t know where to begin? We’d be happy to share with you great ideas to make your meeting a huge success. Give Hartford Technology Rental a call today at 888-520-5667.