A creative negotiation strategy formed the foundation for this project and ultimately helped us to increase contract flexibility, add concessions and save the client US$78,000.
A large online retailer planned to send delegates to a major technology conference and sought accommodation that adjoined the convention center. The company was unhappy with the service agreement initially offered by the target property. It, therefore, sought an agency that could secure better rates as well as negotiate flexible, penalty-free policies.
The team infused creativity into its negotiating strategy to get the client the best rates. It benchmarked the hotel’s offer against comparable properties and leveraged this information in negotiations. CWT Meetings & Events also focused on additional savings and adding value via complimentary sleeping rooms, suite upgrades, meeting rooms and internet access.
The company’s historical data helped more accurately estimate the size of the room block mitigating the risk of attrition and cancellation.
CWT Meetings & Events obtained concessions, including staff room rates, internet, suites, and complimentary sleeping and meeting rooms. Moreover, the team secured 10 percent commissionable rates, which—thanks to a shared commission agreement—also benefitted the client. In total, CWT Meetings & Events saved the global online retailer more than US$78,000.
The client also measured success through the high additional value that CWT Meetings & Events brought to the negotiations. Attendees scored the program 8 out of 10 on a satisfaction survey.
LOCATION: Las Vegas
SERVICE: Venue sourcing
EVENT BUDGET: US$430,000
RESULTS AT A GLANCE
Saved the client US$78,000 or 18 percent over the hotel’s initial proposal
Obtained 10 percent commissionable room rates, which contributed to the client’s savings