The building blocks of trust

With planners facing greater pressure for delivering ROO and ROI on their meetings and events, they need to take stock of their supplier relations and redefine expectations. 

It is even more pivotal now to work with the right ones that understand the needs of specific target groups in industries and how to customise their offerings to offer planners better value – and not just by throwing in a bunch of freebies. The needs of individual sectors must be recognised and understood.

The ‘buffet spread’ may have worked in the past, but with C-Suites now casting a finer eye over the details before signing off on meetings & events programmes, the ‘gourmet dishes’ have to be served. Companies have also put in place new preferred programmes in order to streamline suppliers.

Echoing this point, Emma Chamberlain, Global Supplier Management of CWT Meetings & Events said, "Corporates are increasingly measuring ROO around health and well-being. They are focusing on how attendees feel, what they eat, and what they contribute during a meeting or event. Suppliers that combine these elements into their MICE offering and support customers’ health and safety objectives are becoming more attractive."

Chamberlain added that C-Suites seek high levels of engagement, and morale-boosting ideas; therefore, solutions or ideas to keep delegates motivated using technology — or, simply, creativity at a venue—will be very important."

The supply chain is undergoing an evaluation overhaul, and planners are selecting a trusted circle of suppliers that delivers top-notch service. The ones that meet the mark will also likely be the ones that planners have worked with in the past.

According to BCD Meeting Trends Report 2022, “global firms are engaging in cross-company collaboration on supplier lists, consolidating and/or leveraging those buys through connecting the dots where they were disparate before. Tech tools are a critical piece of this work for developing preferred lists across company divisions”.

The report’s Asia Pacific insights showed that suppliers still standing strong in the post-pandemic landscape will be evaluated primarily from a safety and security standpoint.

Risk mitigation is key, and most suppliers will take responsibility within their control. It is also worth noting that suppliers who are able to maintain cancellation and attrition flexibility, and be adaptable to event requirements will be preferred by corporate planners, said Chamberlain.

Hotels and venues have so far proven their adaptability with hybrid showcases, demonstrating to planners how changes will impact future events as well as highlight safety measures. This continues to be a key criteria moving forward.

Another topic in the spotlight is that of CSR and sustainability, which still play an important role. Supporting local supply chains and CSR organisations will remain an ongoing agenda.