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 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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