Cvent has released the results of its first-ever Australian edition of the annual Cvent Planner Sourcing Report.
The report outlines the results of a survey among planners from more than 100 organisations and explores how meeting planners source venues and what influences their decision-making.
This is the fifth year that Cvent has delivered the report, but it is the first year the company has unveiled a report exclusive to the Australian market.
“This is the first time we’ve released an Australia Edition of the Cvent Planner Sourcing Report, which highlights the growing impact that business events have in the region,” said Chris McAndrews, vice president of marketing for Cvent Hospitality Cloud.
“The results from this year’s report help to uncover important factors that influence the venue sourcing process. For example, while event budgets are not increasing for Australian event organisers, expectations are higher than ever for them to deliver an impactful experience. The hoteliers who are able to take these insights and apply the findings to their MICE sales and marketing strategies are the ones who will reap the benefits.”
In the report, event planners revealed how they allocate their event budgets, with 96 per cent of planners spending a majority of their budgets on sourcing quality venues, while 76 per cent and 68 per cent spend on providing better onsite experiences – including food and beverage and promoting their event through digital marketing campaigns, respectively.
Planners also revealed that while their budgets have not increased significantly year-over-year, event attendance has, meaning planners are under added pressure to create compelling, tightly managed, and financially successful event experiences.
Additional findings from the report include a move toward digital venue sourcing. Half of respondents said that corporate websites, search engines, and online sourcing tools influence their sourcing decisions, while 30 per cent utilise smartphones and tablets to source venues.
Though planners remain sensitive to costs, other factors including space layout, location, and brand reputation are important. More than two thirds (71 per cent) of planners expect cost savings of at least 6 per cent before considering a switch to their second-choice venue. Nearly half expect a cost-savings of at least 10 per cent before considering a switch to their second-choice venue.
Event professionals are also planning more events than ever before. Over 70 per cent of respondents say they organise more than eleven events each year, while 10 per cent said they organise more than fifty events a year. Nearly half (45 per cent) of respondents said attendance has increased at most of their primary meeting types.