Continuing our “Buyer Q&A” series, Meeting Spotlight reached out to Nikki McLain, CMP, director, account management for meeting solutions and venue search for BCD Meetings & Events, to learn about the latest trends, business operations and more in the MICE industry. Top of mind for McLain is the limited availability at desired hotels and venues, as well as the need to increase event budgets in order to keep pace with the marketplace.
What are some trends in the meeting & incentive industry that you have seen in recent months? Do you think these trends will last? How are you adjusting to those trends?
Small meeting are surging. I don’t know a single client who has a strategy to manage these appropriately. Another trend we’re seeing is a “race for space.” The clients who can make decisions, sign the contract and pay quickest are winning the business and the space they want at desired hotels and venues. Gone are the days of being slow to make a decision. Clients must be more decisive and give in on their 60- to 90-day payment terms to get the space and hotels they want.
How are you structuring your meeting strategy moving forward in terms of virtual events vs. in person events? Are hybrid events here to stay?
None of our clients are asking for virtual meetings anymore, and not really hybrid [either]. Everything is coming back to in-person events. I do not believe hybrid events are here to stay: They’re too costly, too time-consuming to plan and most clients are asking to be in person, for face-to-face events.
As the global hospitality industry bounces back, there are lasting impacts, including hiring challenges, closures within destinations and service-level changes. Are these challenges still affecting your sourcing needs? If so, how are you handling this with your teams?
Staffing and service continue to be challenges we see within the hotels, suppliers and vendors we’re using. We have adjusted client SLAs and KPIs and continue to educate the clients on what we can expect and what they should expect from us.
Do you foresee your event budget increasing or decreasing moving forward?
Event budgets have to increase; if they do not, they won’t fit within the marketplace.
What are the top three most important elements you look for when securing a supplier or venue?
Flexibility, accountability and innovation.
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