Multi-year contracts can be a great option for organizations looking to secure future meeting locations. While they aren’t always the right fit for each meeting, they can be a complementary solution for planners and destination partners. Considering a multi-year partnership? Here are some thoughts to contemplate:
- Multi-Year Contracts Save Time:
Planners can save time negotiating future contracts and conducting site inspections by returning to the same venues.
- Achieve Deeper Concessions:
Destination partners often offer enticements above and beyond standard booking concessions. Additional discounts on food and beverage, A/V and complimentary room nights are popular inclusions with multi-year bookings.
- Smoother Information Transfers:
As relationships develop, planning and communication between planners and venues becomes easier – and faster. The hand-off of post-event information is often smoother since venues can transmit the data internally or via other already-established channels.
- Familiarity or Fatigue?
Some attendees will appreciate having advance knowledge of a property or brand prior to their return. Others, however, may experience venue fatigue and tire of a repeat visit to the same brand or venue year after year.
There are many pros and cons to such a major decision. Good luck with finding the fit that’s right for your next meeting!