The Venue Perspective

Nicki Moss-Glover – Business Development Manager, Ashridge House

1. What advantages does a joint first option arrangement offer your venue compared to traditional first and second option basis?

We don’t currently offer joint first options or provisionally hold dates on a second option at Ashridge House, we work with one provisional enquiry at a time. As the home of Hult International Business School, we share our venue occupancy diary with their team, so multiple options could cause complications.

For all first options offered on available dates, clients are informed their provisional booking will be held for up to two weeks. After that initial period, if we receive additional enquiries for a held date, we’ll contact the client on first option and ask them to confirm their booking or release the date.

If we were to start offering joint first options, I think potential advantages would be less wasted time with dates being held indefinitely before being released. Clients would likely prioritise attending site visits sooner, knowing that there was a first come first served incentive to secure the date by moving to contract stage. Agents might only put forward a venue if they can offer the client a first option, so this could maximise the likelihood of being shortlisted and selected, increasing conversion rates.

However, it also comes with certain risks, such as damaging relationships with existing clients, particularly those who return to us every year. It could ultimately mean we lose out on bookings, if clients don’t wish to share the first option and therefore rule us out at enquiry stage.

2. How does having joint first options help you manage your calendar and maximise occupancy?

As we don’t currently offer this, we will always try to explore other possible date options or offer clients alternative rooms within the venue. The sheer wealth of event spaces available at Ashridge House means we can offer considerable flexibility and create multiple options for maximising occupancy across the whole venue.

3. How do joint options influence negotiations or flexibility with rates or packages?

While joint first options can create a sense of urgency to confirm dates, there is more likely to be demand for this during peak days/weeks/months of the year. Knowing there is competition for a particular date might reduce the likelihood of clients asking for a rate reduction, which we’d be less inclined to offer during busy peaks anyway. When negotiating rates and packages at any time, we always look at the value we can add with the range of features available to enhance events at Ashridge House.

4. How do you prioritise between the two parties when both express interest at the same time?

In this scenario we would have open and transparent communication with both clients. We’d enquire how many venues are being put forward in the first instance and then prioritise relationships with the agent or client first and foremost. Are they long-standing, loyal customers, and what would bring the most overall value to the business.

Having spoken to several other venues, we’re aware that joint first options seem to be a rising demand within the sector. While it’s something that may be better suited to hotels and dedicated conference centres or exhibition halls, unique venues may also need to adapt to going forward. It’s something we’re open to exploring further, we’d just need to consider how this could work in conjunction with our business school team.

The Agency Perspective

Niki Rule – Managing Director, The Conference People

1. How does having joint first option status benefit your clients when booking meeting venues? 

The only benefit is that they realise that the space is not secured at all until they ask for contract and they need to make a fast decision. Otherwise for us it can be challenging as quite often the booker is not the sole decision maker and this is more of a collaborative process which can take time, especially on larger high spend events. The venue availability changes so fast on joint first that sometimes venues are gone even before our clients can discuss the shortlisted ones with their stakeholders.

2. How do you manage the communication with clients and the venue when a joint option is in place? 

We do ask the venues to keep us updated, sadly the only update we often receive is that the space is gone and not available for us anymore. We don’t always receive that notification so only aware once we contact them. Clients do sometimes struggle to understand how joint works and are frustrated when space is gone as they are in the decision-making process with their teams.

3. Are there situations where joint first options complicate your booking process? If so, how do you navigate them? 

As above for us we are not especially keen on joint first options, especially on larger flagship or key events. We would need to know the entire background of who we were on joint with – i.e. are they repeat? Have they been to site visit? Have they given you a timeline for their decision? Dependent on the answers to these questions we would decide whether to put the venue forward or not.

4. How do you ensure clarity and fairness in cases where multiple agents/clients are interested in the same date/venue under a joint option? 

For us it goes back to transparency and good communication. Ultimately, we all want to convert event/conference business, both the venues and the agents. We want to make sure our clients are happy. If a venue has a preferable piece of business, talk to us let’s see what we can do to move the client dates/requirements together.

I think the issue with joint first option is that it is purely worked on timings, who gets there first and sometimes clients can take longer as they have to battle with Procurement/senior management on decisions and we could be damaging long term relationships by not allowing them the time to do this. I do realise that some clients/agents take so long to come back it no longer becomes viable and venues are for sure keen to contract and secure business as quickly as possible.

Me personally, I prefer first and second option with a clear deadline process for larger events in particular as everyone is clear where they stand and what is expected of them.