Why Hosted Buyer Programs Are a Win-Win Idea
April 11, 2017
A Hosted Buyers Program (HBP) brings together qualified buyers for brief one-to-one meetings with multiple suppliers in a given vertical. HBPs are becoming increasingly popular as supplementary as well as complementary events to trade shows because they provide a winning formula for delivering tangible and measurable success to all parties involved.
For Suppliers
The key premise of a genuine HBP is that it brings pre-qualified buyers to meet with the suppliers. The vetted process is usually based on key parameters such as a buyer’s primary business or professional role, buying authority, organization size and more. This ensures that suppliers do not have to sift through long lists of leads from an organization, trying to single out genuine decision-makers from casual booth visitors.
Whether providers are trying to explore new verticals or to expand their business in an existing market, HBPs can be a great opportunity to connect with established players who could potentially benefit from their products and services. Since a set number of appointments are guaranteed to suppliers at a hosted buyer event, they can expect exceptionally high returns with lower risk even if the initial investment is on the higher side.
For Buyers
Buyers get an opportunity to meet with a wide range of suppliers who can potentially help them with new innovations, cutting costs and expanding their operations. Usually, each meeting lasts only 10-15 minutes and buyers are not expected to commit any additional time, leaving them free to further explore only the most promising pitches.
In addition, travel and accommodation expenses for Buyers participating in an HBP are covered by the organizers, often partially funded by suppliers. Many event organizers also bundle registration to exhibit floors and education programs into the hosted buyers experience, thus making the investment of their time in the program even more worthwhile.
For Organizers
By bringing the procurers and suppliers together at a venue, organizers help all parties involved drastically cut down on their year-round business travel and marketing expenses. HBPs provide suppliers an opportunity to drive innovation in the industry by exposing buyers to unexplored opportunities which they may miss otherwise. This in turn, helps the HBP organizers strengthen the influence of their event’s brand in the industry, making it a must-attend event for both established as well as upcoming players in their space.
Finally, in the last few years, the availability of smart matchmaking and networking technology platforms that can also automate the process of generating appointments based on complex business logic, has taken the pain out of organizing and managing hosted buyer programs. Now the HBP organizers can focus completely on providing a superlative experience to buyers and suppliers onsite without getting bogged down by cumbersome logistical operations.
Partner Voices
MGM Resorts is renowned for its exceptional service and diverse venue options across Las Vegas, Detroit, Springfield, National Harbor, Biloxi, and Atlantic City, providing flexible spaces for meetings of any size. Beyond these offerings, MGM Resorts distinguishes itself through a strong commitment to social responsibility and sustainability, making it an ideal choice for your next meeting.
At the core of MGM Resorts' company values is its platform, "Focused on What Matters," dedicated to meeting customer needs while advancing socially responsible practices. This commitment is evident in several key areas:
Protecting Natural Resources
MGM Resorts is home to industry-leading recycling, renewable electricity and water conservation programs. Some highlights include a cogeneration power plant at ARIA, producing ultra-efficient electricity; one of America’s largest contiguous rooftop solar arrays atop the convention center at Mandalay Bay; and onsite wells that provide water for the celebrated Fountains of Bellagio, avoiding reliance on precious Colorado River water. These efforts and many more save on natural resources while boosting attendee satisfaction.
Committed to Community
Always striving to be good neighbors, MGM Resorts works to avoid food waste and combat food insecurity with the Feeding Forward program. In partnership with local food banks, they safely divert unserved food to food insecure members of the community. Since 2016, over 5 million meals have been provided, highlighting MGM Resorts' commitment to minimizing food waste and addressing community needs.
MGM Resorts supports clients in their responsible-meetings efforts, not only with efficient venues but also waste-reducing décor and signage; sustainable food and beverage options; and outreach to help planners communicate sustainability efforts to attendees. What’s more, they offer a Mindful Meetings series that puts attendee wellness first—through fitness and mindfulness activities, and in give-back events with local charity organizations.
Fostering Diversity & Inclusion
To MGM Resorts, a diverse and talented workforce is essential to success. By cultivating innovative strategies that consider multiple perspectives and viewpoints, the company creates an inclusive workplace culture that benefits its employees and community. MGM Resorts takes pride in being a welcoming home for veterans, individuals with disabilities, people from diverse backgrounds, LGBTQ+ community members, and more. This commitment to inclusion is reflected in the company's recruitment and hiring practices and its social responsibility initiatives. From the workplace to the community, MGM Resorts' commitment to diversity, equity and inclusion remains unwavering, and its efforts continue to create a more equitable and sustainable world for all.
MGM Resorts offers unparalleled service and venue options while standing out for its proactive approach to sustainability and community engagement. Choosing MGM Resorts for your next meeting means aligning with a company that values social responsibility, efficiency, and attendee satisfaction, ensuring a meaningful and impactful event experience.
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