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CIC’s Economics Significance of Meetings to the US Economy revealed in 2011, that over $1.8 million meetings were held and collectively supported 1.7 million jobs, $263 billion in spending, and $11.3 billion in state and local tax revenue. The next question you might have is…how valuable is my meeting and what kind of a negotiation’s position am I in? While it’s true the best negotiations are collaborative, they also require a certain amount of preplanning to understand your own desired outcomes, as well as, thoroughly understanding the concerns and the unique perspective of the person with whom you are negotiating. In this session you will learn: • How to size up your meeting’s 5 desirability factors, • How your meeting’s post event report specifically factors into the negotiation of your meeting, • How to enlist CVB partners to gain your post event report information and make meeting negotiations both hassle and stress free.
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Understanding the Value of Your Meeting:5 Factors That Boost Your Negotiation Power
Terri RobertsDMAI’s empowerMINT.com
Graeme HughesDirector of Convention Sales
Metro Tucson CVB
Christine “Shimo” Shimasaki, CDME, CMPManaging Director
empowerMINT.com & Event Impact Calculator
DMAI
Your Meeting’sDESIRABILITY????
The Desirability ContinuumAll meetings are NOT created equal.
Higher Negotiation
Leverage
Lower Negotiation
Leverage
Convene July 2012 ePanel Survey
Factor 1:Meetings Rooms to Guest Room Ratio
“Space Hog”Lots of meeting space
v. guest rooms
Lots of guest rooms v. meeting space
“Opportunity Creator”
Higher Negotiation Leverage
Lower Negotiation Leverage
Factor 2:History of Guest Room Pick-up
“Attrition Attractor”History of low pick-up
compared to block
History of high pick-up compared to block“Just Plain Attractive”
Higher Negotiation Leverage
Lower Negotiation Leverage
Factor 3:Time of the Year
“Amongst the Many”Meeting dates over times
of historical high occupancy
Meeting dates over times of historical low occupancy
“Need Period”
Higher Negotiation Leverage
Lower Negotiation Leverage
Factor 4:Arrival patterns
“The Blocker”Arriving on Monday
or Tuesday
Arriving on Sunday or Wednesday
“Conventional”
Higher Negotiation Leverage
Lower Negotiation Leverage
Factor 5:Total revenue potential
“That’s all she wrote”Limited or low
ancillary revenue
Lot’s of ancillary revenue
“Kitchen Sink?”
Higher Negotiation Leverage
Lower Negotiation Leverage
Accessing Your P.E.R.
1. Register at www.empowerMINT.com2. Access Your Profile3. View and/or Discuss Your PER
• The EIC measures the economic value of an event in terms of spending, jobs, wages, taxes, and ROI
® Flexible® Localized® Comprehensive
Funded by the Destination and Travel Foundation
Screen shot of economic impact results
Screen shot of economic impact results
Why do CVBs make perfect meeting planning partners?
• They are the best first call to help you FIND the right fit for any size meeting
– Comprehensive view of the destination– Local expertise– Extensive in-market relationships– And they’re FREE…to YOU!!!
CMP CREDIT
• This session has been verified by CIC to qualify for continuing education credit. towards the CMP certification.
• Participation has earned you .50 Clock Hours (30 minutes) for CMP-IS Domain: B Project Management
• We will send you an email following the webinar that will give you a link to print proof of your participation
• Simply list the course on your year-end detail.
• Thank you for participating!
