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
One of the most iconic names on the Las Vegas Strip just got an upgrade. Mandalay Bay has everything that your business needs from a refreshed convention space designed to inspire productivity and creativity, to an impressive selection of world-class restaurants and amenities. If you're looking for a venue that's both inviting and innovative, you have to be here.
New Wave Experiences
Mandalay Bay continues to invest in a new wave of enhancements both in the convention space and within the resort as a whole. New restaurant openings including Orla by Michael Mina, drawing inspiration from the award-winning chef’s childhood in Egypt and with flavors and décor inspired by the spices found in markets common to coastal Mediterranean towns, as well as Caramá by Wolfgang Puck, bringing the essence of Italy and spirit of Wolfgang into one concept, are recent additions. The Four Seasons Hotel Las Vegas also experienced a recent remodel of all 424 rooms. Swingers, a high-end, adults-only golf and entertainment concept will debut in Fall 2024.
Enhanced Technology
Creating a truly effective conference venue requires careful thought into what a business needs: the right technology, capacity, and inspiration to bring ideas to the next level. As part of the resort’s refresh, Mandalay Bay implemented state-of-the-art technology upgrades, installing cutting-edge Cat6A Ethernet cabling throughout the convention center. This advancement doubles the frequency of data transmission, enabling lightning-fast speeds up to 9400% faster. The convention center now boasts 11 dynamic digital walls, spanning up to 24' x 13', strategically positioned for brand placements, sponsorships and targeted event messaging. Additionally, attendees can benefit from 20 double-sided 55" mobile flexible display units, facilitating effortless navigation to meeting rooms and events. RFID locks were installed on all meeting room doors, and over 200 motion detection cameras have been placed throughout the space.
Refreshing New Design & Fine Art
The newly remodeled convention space provides a bright and vibrant atmosphere that complements Mandalay Bay's tropical-inspired brand. Featuring white-washed walls and ceilings adorned with bold floral patterns in cerulean and coral tones, the space is complemented by warm walnut accent walls. In addition to the redesign of all pre-function spaces, meeting rooms and ballrooms, Mandalay Bay's 1 million square feet of exhibit space has undergone a rejuvenation, including new paint, covered pillars and relocated strobe lights.
Sustainable Spectacles
Mandalay Bay is committed to Focused on What Matters and creating more responsible meetings. Refillable water stations all available around the resort, cutting unnecessary plastic usage from single-use bottles.
The Mandalay Bay campus’ recent upgrades represent a bold step forward in redefining the Las Vegas experience. With a focus on innovation, sustainability, and unparalleled service, Mandalay Bay sets a new standard for excellence in business hospitality. Whether you're seeking cutting-edge conference facilities, world-class dining options, or simply a luxurious retreat, an unparalleled meeting experience awaits.
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