5 Things to Know About Venue Sourcing Today

In the ever-changing realm of event planning, venue sourcing has gained fresh significance amid evolving global dynamics. In this article, Venue Sourcing Consultant, Jamie Oakley, unveils five pivotal insights into the intricacies of contemporary venue sourcing. From geopolitical impacts to revamped spaces, read up on essential considerations that will redefine your event planning approach and will equip you with the knowledge to craft remarkable event experiences.

5 things to know about venue sourcing today

1. Regional conflicts and issues

Of course, with any global shift comes global turmoil. The pandemic has brought out the good, the bad, and the ugly.  Internationally, there are many countries dealing with hiring issues, riots, safety concerns, and even all-out war, as we have seen in Ukraine. The situation with Russia across many European countries may be uneasy, but make sure to focus on your governmental travel warnings and review if the destinations that are having these issues are the right fit when venue sourcing for your meetings and events. It is always good to know how the regional conflicts will affect your decisions and the execution of the meeting itself, as well as the safety of all involved.

2. Relationships still matter

The global workforce is shifting due to everything that has happened in recent years. Some countries and locations are faring better than others. As the world continues to open back up and move toward what we call “normal”, know that many venues take a lot longer to respond to event requests. Some will take weeks depending on what country you are looking at. It is always good to work with your Global Sales Representatives or National Sales Representatives to assist in getting the responses needed in a timely manner. Once the contract is signed, be open with the hotel and destinations about your staffing expectations for the event. Some regions have very different ideas of what is “acceptable” during this time.

3. Rates and concessions

Due to the compression of business and the rebooking of past canceled programs, event spaces and dates are scarce and the rates are rising. The backlog of events that need venue sourcing is creating a nightmare for some planners. Try to be as flexible as possible as destinations play Tetris with their meetings and events spaces. See if you can be flexible with your dates to fit the spaces available, or ask the destination what they could provide within your requirements.

4. Time is of the essence

Destinations around the globe have changed what is acceptable during the contracting process. Due to the constraints of the market, they are less likely to hold onto rates and space for long periods of time while internal executives make decisions. The market moves quickly and so does the space. Be prepared to make decisions and sign contracts quicker than usual, or you may find yourself missing out.

5. Fresh new looks

Despite being shut down throughout the pandemic, many suppliers saw it as an opportunity. It’s not easy to undergo a full renovation without disrupting your customer base, so many businesses took the time to ensure they had a fresh new look, ready for when they re-open. Destinations, venues, and hotels spent millions of dollars renovating their rooms and spaces with soft and hard goods. When venue sourcing, take the time to see which spaces have been renovated and be open to reviewing old ones. You may find that the hotel you once turned down may be better than expected.

Whilst the industry continues to restabilize, one thing remains clear for meeting & event planners and suppliers: adaptability is key. Our industry’s strength lies in our shared resilience and commitment to progress. By embracing change and working together we will be better positioned to secure the perfect space for each event and to execute our business successfully.