The ability to convert is based on your ability to tailor the suitable solutions. Be giving to establish a relationship.
Understanding the strengths and weaknesses of competitors is the key to successful negotiations. Negotiators from the sellers’ side must take keen interest in knowing what is happening in the industry through visiting news channels and frequent networking with key contacts. Equipping ourselves with knowledge will empower us to be more open during negotiations.
Knowing the buyers’ needs and what is important to them allow the negotiators to tailor the correct propositions. Every buyer has a reason to negotiate so utilise your listening skills. Knowing their reason for shortlisting your venue will give you some bargaining power. Empathising with their needs may improve your relationship with the negotiating buyer.
Even the buyers have their customers – their audience and participants. Align yourself with the customer by understanding the experience that the buyers are creating and their event objectives. No buyer would want to compromise the experience and they know that there is only so much cost they can cut before it affects the experience.
Negotiation is not about pricing. It is more about seeing value. Start the win-win negotiation process by respecting the buyer’s responsibility to negotiate for their business interest. After seeking understanding on why the buyer is negotiating, be open to explaining your pricing structure, constraints and how you can value add to their event. Knowing the information mentioned in the above points will empower you to do the right thing by the customer and your venue. Although it is easier said than done, always try to remain calm and professional during negotiations. Losing a deal is better than losing your energy and reputation.
Trust and respect are two elements in relationship money can’t buy. To gain these, one must know how to break the ice when establishing relationships. Find out what matters to the client - what makes them tick, what upsets them. Get to know the client through “small talks” when meeting with them.
Never undermine any relationship especially when working with event agencies. Agencies should be treated like the extension of your sales team. Remember that one agency has access to numerous end-user clients. Event agencies are an integral part of the event puzzle as they offer services that a venue cannot offer.
The Ritz-Carlton, Millenia Singapore is giving events a refreshed platform with its new 15,000 sq ft (1,393.5 sq m) transparent overwater pool cover.(read more)
The Rezidor Hotel Group (Rezidor) and Carlson Hotels, Inc. (Carlson Hotels) have announced that they will create a Global Steering Committee to foster greater collaboration and maximise value across both businesses.(read more)
Ramesh Ganeson has been appointed general manager to manage Element Kuala Lumpur, the first Element Hotels in Southeast Asia.(read more)
Singapore – Nu Skin Japan brought 250 of its regional sales leaders for a well-deserved travel incentive to Singapore(read more)
Direct from IMEX America 2016 in Las Vegas –Timo Kiuru, CEO of The Unthinkable, started the knowledge session with a statement, “Welcome to the death of event experiential marketing.” Kiuru, recognised by Connect Corporate Magazine as...(read more)
You might be doing it wrongly if you have been offering product details that fail to go beyond venue spaces and capabilities. (read more)
Singapore – Set to open in the second quarter of 2017, the 222-room Sofitel Singapore City Centre has announced the appointment of Freddy See as Director of Sales & Marketing. (read more)
What do Malaysia and Singapore have in common in the way they market themselves and stay ahead as business event destinations?
Singapore – October is set to be the busiest business events month as Marina Bay Sands welcomes the highest number of major events in a single month since its opening in 2010.(read more)
Singapore – A new Helsinki-based “hotel without bedrooms” event venue concept has made its way into Singapore. Here’s a sneak peek inside Huone Events Hotel before its February 23 opening and why it is bound to disrupt the local meetings industry.(read more)
Singapore – HotelAsia, one of Food&HotelAsia’s pioneer specialised trade shows will feature an impressive host of brands, showcase new equipment and technology and unveil a Singapore Pavilion for the first time. (read more)
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