Cvent Delivers $3.4 Billion in Meetings Business to Hotels through First Half of 2012
Cvent on Track to Grow from $60 Million in Meetings Business Sourced in 2008 to $7 Billion of Meetings Business in 2012, a 100-Fold Increase
July 23, 2012 – NEW YORK and MCLEAN, VA – Cvent operates the number one marketplace for group meetings business in the world and has driven $3.4 billion in meetings spend through the Cvent Supplier Network through the first half of 2012 – a 50% increase over 2011. Nearly one-fourth of this spend came from international bookings outside of North America. Planners at 8,100 organizations have sourced 47,000 meetings through the first half of the year – a 42% increase in meetings volume over the same period last year.
"Thanks to the tens of thousands of planners and hotels that are part of the Cvent Supplier Network, every participant can increasingly benefit from the most dynamic meetings ecosystem in the industry," said Bharet Malhotra, Vice President of Sales for the Cvent Supplier Network. "Buyers can create specific requests and target the right locations quickly and competitively. Suppliers can efficiently evaluate leads and win more business. By bringing all market participants together, Cvent is continuing to improve the sourcing process and deliver value for everyone involved."
The Cvent Supplier Network creates value for planners and suppliers. It includes more than 200,000 hotels and special event venues worldwide, providing one-stop shopping for meetings buyers and sourcing professionals. Additionally, the Cvent Supplier Network extends suppliers' reach to new customers among its more than 160,000 planners, helping hotels maximize their existing sales and marketing resources and increasing their opportunities overall.
Complementing the Supplier Network, Cvent's recently re-launched Destination Guide now covers more than 1,000 destinations, helping meeting professionals find the right destination while supporting suppliers in building awareness of what's available in their markets. With more than 20,000 searchable pages of content on meeting destinations and over 1,000 featured hotels and CVBs, it is the most comprehensive meetings guide on the market for meeting professionals, used by over 100,000 planners every month.
"Keeping the Supplier Network in balance is extremely important to create value for all participants," added Malhotra. "This means listening to the marketplace and responding quickly to its feedback. For example, we've invested heavily in technology revisions and trained tens of thousands of hoteliers, with a goal of making the process of responding to RFPs very manageable – something that can be done in just minutes. This allows hotels to work more efficiently and effectively as they compete for meetings business."
Cvent has developed a platform hotels can use to increase the ease of managing RFPs that meeting planners send through its system. The technology helps hotels develop response templates to provide faster answers to planners, allowing hotels to pre-populate RFPs with basic information and clone responses to common requests. The technology also proactively guides planners, helping them create better RFPs by, for example, sending a warning prompt when a venue cannot satisfy a request such as number of sleeping rooms.
Founded in 1999, Cvent is the world's largest meetings and event management technology company and has 1,400+ employees worldwide. Cvent offers web-based software for online event registration, meeting site selection, event management, mobile apps for events, e-mail marketing and web surveys, and helps more than 10,000 clients in 90 countries manage hundreds of thousands of events, surveys and e-mail campaigns. Cvent's client base includes corporations from every major industry, associations, universities, and non-profit organizations. For more information, please visit www.cvent.com, or connect with us on Facebook, Twitter or LinkedIn.