The research and negotiation involved in planning a corporate event can be a daunting process for planners, especially if the event is complicated and large in size. When hotel bids are coming from all directions and your ultimate goal is to offer a consistently successful outcome for both your attendees and your boss, it can be difficult to ensure quality and value. Which brings me to the topic at hand: capitalizing on a multi-year contract.
A multi-year contract (or multi-month, for that matter) is appropriate to consider if you are planning to host the same program in the same location year after year. While sales agreements will vary in content, the general idea is the same. Below are three reasons why committing to a multi-year contract is advantageous.
1. It will save administrative time
Gathering information from potential venues is time-consuming and challenging when each venue is competing for your business. From comparing bids and pricing to siting each venue, this is easily a full-time job. Eliminate the stress and investment of precious time by comitting to a venue that you intend on utilizing for 2+ years. Rest easy knowing that the process won't need to be repeated for years to come!
2. Flexible cancellation or deposits
Hotels and other venues alike are more likely to bend on their policies if you are willing to commit to 2+ years rendering their services.
There is something to be said for consistent service: you know exactly what to expect. Have peace-of-mind knowing that you will return to a venue and receive the same quality of service as you have in the past.
4. Preferred dates
Spend less time fighting for the perfect pattern for your event and win your first-choice set of dates! Knowing that you are a repeat client, venues will be more willing to offer your preferred dates for future programs. Plus, you'll be booking so far in advance that you may be awarded an otherwise declined set of dates.
While the multi-year contract process isn't fullproof, it's certainly worth asking the question! Submit an RFP for your next multi-year program on the Cvent Supplier Network.