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The Buying Power of Multi-Year Contracts

Posted by: Michelle Olewinski, Sofitel Chicago Magnificent Mile on Tuesday, June 12, 2018 at 12:00:00 am

What is the benefit of a multiyear contract? Multiyear contracts present convenience for a group hosting a conference in the same city year after year and can save planners and organization time, reduce required negotiation, create cost savings, increase data collection and build great relationships.

Time: Securing 2 or more years will save an organization time, money and peace of mind. By doing this, you eliminate the need to do site visits and RFP gathering again next year.

Negotiation: Planners can gather information on the facility once and focus on strategic negotiating, which translates to consistent concessions and commissions with minimal increases in rates/pricing annually. 

Cost Savings: Event budgets can be determined early, giving the planner more time to focus on the important things like planning for the success of the event. And, if you have done all of this well in the beginning, you will have the peace of mind to know that you are well prepared for those unexpected surprises that inevitably come along with every meeting.

Data: Multiyear contracts are also important in data collecting. You can partner with a hotel/conference center and truly learn about the attendee experience. You can watch the behavior of attendees in regards to sleeping rooms, food and beverage, registration etc. and use these for future negotiations.

Relationships: Most importantly, multiyear contracts require a partnership. Planners and venues can create a strategic plan to build the event and their services. Entering into a contract is a major decision in the ever changing marketplace and with the ever-changing world of hospitality, a high level of service and convenience remain constant.   Hotels are sought after for hosting conferences and special events for these specific reasons. It’s convenient to have guestrooms, meeting space and meals under one roof, complimented by an eager staff that is equipped to handle any request that comes their way.

Next time you have concern on the risk of multiyear contracts, remember with risk comes great reward.


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