Meeting News - February 25, 2008 - (Page 30)

MN Webcast Report Smart supplier negotiation tactics in a seller’s market I t’s a tricky market now for planners to negotiate in, but tricky doesn’t mean impossible. During a Virtual Meeting World panel, experts discussed “Smart Supplier Negotiating Tactics in a Seller’s Market,” offering their takes on how planners can strike good deals while maintaining strong relationships with industry partners. Vincent Alonzo,editor-in-chief of sister publication Successful Meetings, started the discussion by describing how to become a “ninja negotiator.” He recommended bringing an agenda to the negotiation that both parties can use—a strategy that subtly gives you control over the meeting.Ask your counterpart,“Does this include everything we need?” This not only ensures that both of you are on the same page,but also that the counterpart has to negotiate to get anything that’s missing onto the agenda, explained Alonzo. Bring a list of bargaining “currencies”—a list of items, beyond money, that can be negotiated, such as support and service required, the number of guest rooms needed, or even the time of year for the meeting. Alonzo added that negotiators should always let their counterparts have the last word because you never know what’s going to come out of their mouths—they might be willing to negotiate something unexpected. “Know what you need versus what you would like, and understand the difference,”added Christy Lamagna, president and chief strategist of Strategic Meetings and Events. Be prepared to explain and defend anything you’re asking for, because if people understand why you need something, they are more likely to give it to you or come up with a great alternative. Lamagna also reminded planners that the market swings both ways. If you are always fair, build solid relationships, and establish a sound reputation, you will have the tools required to take you through both buyer’s and seller’s markets. Different vendors value different things, Lamagna continued, so working with what is important to the vendor gives you a stronger position. For hotels, the room block is king, but for a promotional-items vendor, repeat business is valuable. Photographers or trip directors may prefer an extra day or two to enjoy the area, a small-business owner may offer concessions in return for prompt payment, and a speaker may relish the opportunity to sell his book in a tasteful, nonintrusive way. Bonnie Wallsh, principal of Bonnie Wallsh Associates LLC, added that a speaker may also be willing to negotiate if the meeting is in a destination where she has family or a vacation home, or if she is already planning to be in that location for another engagement. In the end, both parties need to walk away with an answer to the “What’s in it for me?” question, Lamagna advised. Both Lamagna and Wallsh provided lists of possible concessions, which can be heard, along with the full set of Virtual Meeting World webcasts, at www.virtualmeetingworld.com. r —Kinley Levack Luxury accommodations with 276 guestrooms and suites, 76,000 square feet of flexible indoor and outdoor meeting space including two state of the art amphitheatres, professional experienced confere n c e m anagem ent t eam , tu rn k ey in h ou s e c reat ive design, 18 hole championship Donald Ross Golf Course, 12,000 sq foot world class spa and fitness center, tennis courts, highly acclaimed and award winning dinning. Biltmore aw aits to plan you r event or m eet ing Call us today (800) 456-1926, (305) 913-3100 sales @b iltmorehotel.com G O L F / S PA / T E N N I S / F I T N E S S / F I N E D I N I N G 1200 Anastasia Avenue, Coral Gables, Florida 33134 1.800.727.1926 BiltmoreHotel.com 30 MeetingNews February 25, 2008 www.meetingnews.com http://www.mimegasite.com/mimegasite/events/webcasts.jsp http://www.virtualmeetingworld.com http://www.virtualmeetingworld.com http://www.biltmorehotel.com http://www.meetingnews.com

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Meeting News - February 25, 2008

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