Whitepaper on How Dynamic Housing Models Work for Meetings and Events Industry Released
May 8, 2015
Experient and MGM Resorts International, in partnership with The Association of Equipment Manufacturers have released the whitepaper explaining why dynamic housing models work for the meetings and events industry.
The whitepaper, “Modernize Your Room Block Pricing Model,” can be downloaded for free at http://info.experient-inc.com/modernize-room-block-pricing.
The challenge for all meeting planners and event organizers is to sell the right rooms to the right customer at the right time for the right price. Planners and organizers need to obtain as many rooms as possible for the lowest rate in order to fill room blocks, while hotels need to ensure they are at the highest occupancy at the highest possible rate.
The whitepaper explains how utilizing a dynamic flex pricing model, or rate yielding, is the best way to bridge this gap.
AEM’s CONEXPO-CON/AGG 2014, the largest show in North America for the construction industries, proved that a win-win can be achieved through the use of dynamic flex pricing.
The results for AEM included greater revenue that could be used for show services, more inventory for longer time frames, additional inventory access, lower entry rates contributed to earlier bookings and increased traffic for the event website.
“The whitepaper captures the positive experience we had working with Experient’s Housing team to implement a dynamic flex pricing model,” said Dana Wuesthoff, AEM’s Director of Event Registration and Housing. “After seeing such positive results for our attendees, we’re believers that this model is the way to go to help us offer improved service to show participants.”
For the major entertainment company, MGM Resorts International, results included room block growth beyond the original contracted block, leverage to gain additional inventory for the next event based on stronger pick-up history, additional room nights, competitive rates and increased credibility with attendees finding the best rates available.
The implementation of the dynamic flex pricing model increased credibility for the show organizer, hotel partner and the hotels, according to MGM officials.
According to Deanna Burgess, director of Citywide Corporate Hotel Sales for MGM Resorts International, “We saw room block growth in 13 hotels by more than 15 percent from the original contracted block at lower-than-market rates. That’s something we’ve never seen before.”
The whitepaper, downloadable http://info.experient-inc.com/modernize-room-block-pricing, explains how dynamic flex pricing, or rate yielding, works when there is a need to increase existing room blocks during the booking process and there is flexibility to adjust rates based on demand.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
Add new comment