Recent research suggests that people making retail purchases are examining their expenditure more closely before making decisions. In other words, there is a lot less of the willy-nilly cash throwing that the upper-middle class to the wealthy had been guilty of for so many years during the height of their prosperity. Now these same people are looking for better value and asking themselves if they really need this or that. And now, this research shows, they are happier as well.
What this means to meeting planners and their business is not so much that you will have less of it–although that could happen and may be happening now–but that you will have to focus your attention on value as well. This focus will, of course, be on the client’s behalf, so you may end up working a little harder to bring home your bacon.
However, it also means that you should be aping the behavior of the people you’re serving. If you watch your own excesses, you will have a leaner machine. It will run on less fuel and leave behind less waste.
Also listen to the trends of what your clients are telling you. If more than one of them asks for a cutback somewhere, consider suggesting it to other clients, letting them know that it could be a money-saving trend. For instance, if Companies A and B want to book their corporate travel closer to home this year, suggest it to Company C as well. You will gain loyalty out of one simple suggestion.
This may also apply to you. Consider narrowing your own business travel or cut out the extras when you do travel extensively. In other words, mindless luxury has finally been replaced by reason. Adopt it in your own practices across the board.
August 3rd, 2009 at 8:22 pm
Meeting planners are doing an excellent job of making sure their clients are getting the best value for their overall meeting spend. There is no doubt that meeting planners are working overtime to make sure their clients are taken care of and protected within the confines of their hotel agreements.