New Study Reveals Planners Want Speed and Accuracy in RFP Responses
Transparency on pricing the driving concern
LONDON - Cvent, the market leader in meetings, events, and hospitality technology, today announced the results of a survey it conducted on more than 1,200 planners worldwide, including nearly 300 planners in the UK. The study entitled the 2017 Global Planner Sourcing Report, was conducted April – June 2017, surveyed event planners in the UK working for corporations, associations and other organisations. More than half of those (54%) who responded were Millennials (18-34%) with nearly four in ten (38%) aged between 35-521.
The study revealed that the planners cite poor transparency and accuracy over pricing, along with lack of clarity and poor response rates, as their main pain point with venue selection.
"Not surprisingly, location and cost continue to be the key factors that planners look for when selecting a venue," said Stacey Fontenot, VP of Marketing for Cvent. "Event planners have made it clear there are certain frustrations, including accuracy in pricing and response time to RFPs, they have during the RFP process, that venues can work to address to generate more events and business."
Highlights of the survey include:
- Four in ten planners revealed that venues could improve chances of getting business by providing answers to all of their questions to request for proposals (RFPs), nearly a quarter (24%) stated accurate pricing quotes would improve chances of winning the RFP, whilst nearly a fifth (19%) said more should meet the response deadlines to win more business.
- Location, venue cost, and availability of preferred dates are the top features that influence a planner's decision to book a specific venue. Event planners also said the comparing different price structures, negotiating with the venue and researching venues caused the most challenges during the sourcing process
- 6% of planners surveyed are not certain about the destination or their budget in the early stages of planning their event, while in contrast only a fifth were extremely or very certain about the event venue.
- 30% of overall respondents use a standard chain hotel for events, whilst nearly the same (29%) opt for cultural venues such as museums, 21% prefer hotels with unique meeting spaces. 16% prefer independent or boutique hotels.
- Event planners still rely heavily on word of mouth, citing peer recommendations as the top influence for sourcing venues (28%) followed by the venue's corporate website (20%) and Google search engines (19%).
About Cvent, Inc.
Cvent, Inc. is a leading cloud-based enterprise event management company, with tens of thousands of customers and more than 2,700 employees worldwide. Cvent offers software solutions to event planners for online event registration, venue selection, event management, mobile apps for events, email marketing, and web surveys. Cvent provides hoteliers with an integrated platform, enabling properties to increase group business demand through targeted advertising and improve conversion through proprietary demand management and business intelligence solutions. Cvent solutions optimize the entire event management value chain and have enabled clients around the world to manage hundreds of thousands of meetings and events. For more information, please visit Cvent.com, or connect with us on Facebook, Twitter or LinkedIn.
Notes to Editors
Link to download the report:
Verbatim responses regarding issues included: "Some costs are not included in the original cost", "Lots of additional costs being added in at the last minute" , "Continually changing pricing and add ons", "Poor communication- we constantly have to chase", "Venues not filling in the correct information", "Delays in responses –48 hours is not acceptable", "I have to wait too long for a quote and then they never answer my questions", "Not negotiating", "They don't want to mention the price, even though it's the most important information", "Unwillingness to negotiate reasonably to our needs", "Price fluctuations during the negotiating process", "Was too slow to respond –if a venue isn't hungry for my business." .
1Nearly a half (48%) organised more than 10 meetings a year â 32% of respondents organised 20+ events. 40% of the events organised are conferences, followed by seminars (17%), awards and gala events (15%) and fundraisers (15%). Nearly half of events planners (48%) are organising events for 100-500 people with a further 36% organising smaller events between 21-100%.