Why Hosted Buyer Programs Are a Win-Win Idea
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.
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.
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.
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.
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.