What is an event preferred supplier list?
The difference between a PSL that works and one that gathers dust is governance and adoption — not the list itself.
Step 1 — Decide the categories
Use spend analysis to identify which venue and supplier categories the PSL should cover, prioritising high-spend, high-frequency areas.
Step 2 — Select and vet
Run structured selection — often through an event RFP — scoring candidates on capability, service, compliance and price using a consistent scorecard.
Step 3 — Agree terms
Negotiate rates, service levels and commercial terms through contract negotiation, using the volume the PSL represents as leverage.
Step 4 — Drive adoption
Make the PSL the easiest option and communicate it well. A list no one knows about becomes maverick spend, as we explore in the hidden cost of maverick event spend.
Step 5 — Govern and refresh
Review supplier performance, benchmark rates at least annually, and refresh categories so the list stays competitive. This ongoing work is event supplier management.