Leading Meeting Professionals

Professional Convention Management Association

June 01 2015

3 Simple Facts About The Future Of Venue Sourcing

By David McMillin

The convention industry is very focused on the behaviors and expectations of Millennial attendees. Now, what about Millennial planners?

As Millennials climb the ranks to leadership positions in meetings and events departments, Cvent worked to understand how these young planners approach venue sourcing and what motivates their decisions. With more than 800 responses from planners across the generational spectrum, Cvent’s findings highlight that Millennials are redefining venue sourcing. Here’s a look at three key takeaways from the research.

1) The price tag is becoming the most powerful ingredient.

While Generation X and Baby Boomer meeting planners prioritize a venue’s customer service department in their sourcing decisions, Millennial planners are all about the costs. The study revealed that a venue’s overall cost is the most influential factor for Millennial meeting planners. In fact, a discount between three and five percent would convince 17 percent of Millennials to select their second-choice venue over their first.

SEE ALSO: The Newest Venues In The Convention Industry

2) Technology drives the transaction.

Phone calls and face-to-face discussions are critical for business relationships, but many Millennials prefer to limit those conversations in favor of event management platforms. Thirty-seven percent indicate that they are less likely to source directly through a venue, and 25 percent of this young generation of planners are more likely than older generations to indicate that negotiations are the most difficult part of sourcing a venue.

SEE ALSO: 4 Tips For Effective Hotel Contract Negotiations

3) Sourcing relies on social buzz.

Millennials already trust Yelp for restaurant recommendations and TripAdvisor for hotel tips, so it makes sense that this generation is turning to online reviews to collect and compare information on venues. Cvent’s research revealed that Millennial planners are 50 percent more likely than older generations to use social media and blogs when they evaluate venues.

SEE ALSO: Best Examples Of Social Media At Meetings

How do you expect the venue sourcing process to evolve in the future? Share your thoughts in the comments section below. Is it different today than it was five years ago?

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