As we find ourselves swiftly moving through 2024, event planners are undoubtedly feeling the heat. With packed schedules and endless to-do lists, it's an exciting yet challenging time for those in the industry.
We surveyed 400+ event professionals for the March and May editions of the Northstar/Cvent Meetings Industry PULSE Survey to understand the trending strategies and pain points within the industry.
Whether you're a seasoned pro or just starting out, this blog post will provide valuable nuggets of wisdom and inspiration to fuel your event-planning endeavors.
Events remain strong and steady, with 72% of planners actively sourcing or booking new events, and attendance levels will rise as the volume of in-person meetings increases. With this robust pipeline of new events, planners are investing more in event technology.
Let’s dive into the latest survey report and uncover some key takeaways we’ve identified to help event professionals like you continue to strategize and adjust your total event programs. Whether you're planning a corporate conference or a small social gathering, read on for inspiration that will help you create a memorable event.
The Value of In-Person Events Is Undeniable
The value of in-person events has undeniably risen, with 65% of planners believing their events are perceived as more valuable to stakeholders compared to 2019. Clearly, the global pandemic has taught us not to take in-person experiences for granted.
This increase in perceived event value has also led to a surge in optimism in 2024. According to our March report, 47% of event professionals are looking toward a bright future for meetings and events, feeling more optimistic than they were in January.
This trend reinforces the enduring significance of events, emphasizing their ability to create lasting connections and make a profound impact on attendees.
Venues Struggle to Decrease RFP Response Times
Picture this: event planners on a never-ending quest for that elusive perfect venue. It's like trying to find a unicorn in a haystack. As space and dates become scarcer than ever, planners are forced to book their events way in advance. We're talking 6 months to a year in advance, folks. Talk about planning ahead!
The stakes are high, and the pressure is on. But, while planners are dreaming of lightning-fast responses to their RFPs, venues are struggling to make that a reality. In a turn of events from the first quarter of 2024, our March Pulse report showed a promising trend: RFP response times were looking better and better, with 50% of planners reporting hotels were responding to RFPs in four days or less.
Unfortunately, that trend didn’t hold up as well as planners would like. In our May report, only 41% of planners said they’re receiving responses in four days or less, while the majority are waiting at least five days, and 22% are waiting more than eight days for a response.
Tips to Improve Event RFP Response Times
If you’re looking to improve RFP response times from suppliers and venues, consider these strategies:
- Use a centralized venue sourcing platform to connect with the right global hotels and venues that match the size, scope, and goals of their events.
- When sending out your RFPs, consider reaching out to multiple venues at once to increase the chances of receiving a timely response (and so you can make a decision quickly once you have your RFP responses in hand). To make this even simpler, send all your RFPs from one platform so you can compare and choose the best option!
- Provide specific details about your event in each RFP, such as the date(s) and time(s), number of attendees, room types needed, and any special requirements or preferences. This helps venues understand your needs and respond quickly with options that meet your criteria. Including more details in your RFP from the start will also help you spend less time going back and forth to make sure you’ve addressed everything you need.
- Rebuild and foster relationships with venue contacts to establish a rapport and streamline future communication. You and your partners are in it together, so try to have empathy and spend time nurturing the relationship, and you’ll increase your chances of securing a timely response.
Budgets Accommodate Increased Event Technology Spend
In a world where events hosted per year are multiplying at an unprecedented rate, event planners find themselves facing a daunting task. Sourcing the perfect venues and managing the surge has become an uphill battle. However, they are now turning to technology as their secret weapon.
According to our latest research, a remarkable 42% of planners have increased their spending on meetings/event tech and tech support this year, and 45% reported working with the same budget as last year. Only 10% of planners reported a decrease in their budget. These statistics speak volumes about the recognition of technology as a powerful tool across event programs.
From the very beginning of planning an event to the event evaluation and reporting stage, event tech can simplify a planner’s job and save money along the way.
For instance, by utilizing free-to-use venue-sourcing software, planners can take full control of the entire sourcing process for events of any size, in any location. Additionally, with event technology like free-to-use diagramming software, planners can further enhance event design and attendee management capabilities.
In this ever-evolving landscape, embracing technology and leveraging the right tools and resources is crucial. With the right technology at their disposal, event planners can navigate the complexities of event management and ensure the success of their meetings and events.
Cost Savings Remain Top of Mind
There’s no doubt cost savings have become a top priority for event planners (and everyone else) in the current economic climate for the last few years, which is why event technology makes all the difference.
The latest PULSE survey highlights the persistent challenge of higher costs, with planners rating concerns over rising expenses of goods and services at an alarming 4.36 out of 5 (up from 4.25 in March). Budget constraints and airline pricing remain the second and third-highest concerns, while other worries, such as staffing and logistics, have taken a back seat.
Cost Savings Tips for Venue Sourcing
If cost savings are high on your list of priorities, here are a few tips to help you cut costs on your venue:
- If your ideal destination is outside your budget, consider looking beyond popular locations and explore emerging or up-and-coming locations to find less expensive (though still exciting) destinations. These destinations may offer lower prices for venues and accommodations while still providing a unique and attractive experience for attendees. Working with a DMO can help you find the ideal location for your event, and when in doubt, a destination management company (DMC) can help you identify and manage attractions at a destination that’s new to you!
- To find lower-priced venues, think about non-traditional event spaces such as community centers, public parks, and cultural institutions. These spaces often have lower rental fees than hotels and convention centers and can provide a unique and memorable experience for attendees.
- Site visits can quickly eat up your venue budget. To help save time and money, consider taking a virtual tour of any venue in the world with the help of Photo-Realistic 3D Technology. Explore unique spaces from outdoor beaches to grand ballrooms, and easily check out a venue’s profile, view their 3D floorplans, and even send RFPs when you’ve found venues of interest.
While cost savings remain mission-critical, it is possible to cut venue costs with the right strategies and tools. By exploring alternative locations, considering unique event spaces, and utilizing technology for virtual tours, event planners can find cost-effective solutions without compromising on the quality of the event.
Venue Bookings See Longer Lead Times
Interestingly, we found that more and more planners are booking venues farther out from their event dates. In the May report, 55% of planners said they’re booking new business more than one year in advance, and 46% said they’re booking 9-12 months out. The percentage of planners booking with less than nine months of lead time dropped significantly since January.
This presents an interesting challenge for hotels and venues, as these longer lead times give planners ample time to research, compare, and negotiate before choosing a venue. This means planners are no longer booking the first available hotel—they can be pickier with their selections.
Of course, simple meetings shouldn’t be so complex to book or manage, and planners shouldn’t need to plan so far in advance. To simplify the booking process, consider using an Instant Book tool, which offers live inventory, filtered searches, room rates, and meeting packages without needing an RFP.
Q2 Meetings Industry Wrap-Up
The future looks bright for the events industry, with optimism levels on the rise! There's something magical about being in the same room, sharing ideas, and building connections, and as in-person meetings gain momentum, attendance is expected to rise.
To wrap up our findings, let’s take a glance at the trends we’re seeing in our latest reports.
From our March PULSE Report:
- The perceived value of in-person events continues to grow.
- Networking and education are the most important factors driving demand for in-person events.
- Sustainability policies still need a lot of work, particularly in North America.
From our May PULSE Report:
- Issues related to food and beverage services are gradually diminishing, creating smoother experiences at events.
- Event technology investments are on the rise despite the continued importance of cost savings.
- Expected in-person attendance is up, with the majority of planners anticipating 90% attendance rates or higher.
- While RFP response rates showed improvement in March, our May report suggests planners are once again waiting too long for responses.
As we look ahead to a continued optimistic outlook in 2024, our aim is to assist you in navigating these waters and strategizing your best total event program strategies. By working smarter, not harder, Cvent can help you save time and effort, ensuring your events are a resounding success.
Want a closer look at these trends? Check out the latest Northstar/Cvent Meetings Industry PULSE Survey, and stay tuned for our next PULSE Survey recap!
