We’re always trying to get our heads around how the minds of our contemporaries work – what are event planners looking for from a venue? What do exhibitors consider the most important outcome of an event? What is it that engages consumers and potential clients?
Luckily there’s plenty of research available on all the above, providing useful insights into the events industry and the professionals involved in it. One of the more recent surveys we came across was from Cvent and it provides details on meetings organisers and their preferences when it comes to planning events.
The report, titled: ‘2015 Planner Sourcing Report’, questioned 800 professionals and one of the key take-aways from the report was the huge role price continues to play in the organisation of meetings. It found that 40% of event planners would switch their choice of venue if their second option offered a 10% reduction on the price. With 25% of the professionals asked stating price to be their top consideration when decision-making, it may come as little shock that so many opted to switch when offered a discount.
Of the remaining 60%, over half (51%) said a 10% discount would definitely sway their decision, and only the final 9% said such a discount would not change their minds.
This flexibility amongst meeting organisers was picked up on in the survey; 63% said they were ‘open to exploring a number of venues’ and only 7% said they were always ‘extremely certain’ of their venue choice for specific events.
Millennial event planners were well represented in the survey, accounting for 41% of the responses gathered. This may have affected some of the stats, as millennials represent the newest generation of workers in the industry and are due to represent the majority of workers in only a few short years. Half of these millennials, for example, were more likely to be influenced by social media compared to their older co-workers, and over a third were less likely to source a venue directly compared to older generations of events professionals.
Are you surprised at how many of the professionals questioned would happily switch venue for a 10% discount? Do you think this price-sensitivity extends across the whole events industry – for example would event planners switch their production company or catering provider for a 10% discount?
This is an interesting trend to us because we believe the events industry is all about people, connections and trust. Our prices are incredibly competitive, but it’s our service levels which differentiate us from our competitors; our clients select us and come back to us time and time again because they trust that we’ll deliver. They also come to us for ideas on how to help them stand out and make an impact. With an event, you don’t get a second chance to make a first impression and the venue is clearly a major factor in the kind of experience being delivered. Is this price sensitivity a trait of the millennial generation? We’ve written about how they will change the event landscape before: what do you think?