4 reasons to make Meetings & Events revenue optimisation your new year’s resolution
With December well started and the holidays right around the corner I can almost smell the new year. Traditionally this means it’s time to start thinking about new year’s resolutions. Apart from drinking more water (or less coffee) and engaging in more physical activities you could add a professional resolution to your list.
Professionally, I suggest we make 2020 the year of Meetings & Events revenue optimisation!
What do you think?
Keep reading for 4 good reasons to do so.
Meetings & Events: the most profitable revenue stream
Hoteliers love Meetings & Events as it is a highly profitable revenue stream. A Meetings & Events request is likely to also have hotel rooms linked to it which makes it a double win for total revenue. Apart from that ancillary services and F&B are often requested.
The business comes in directly, through strong partnerships with companies and meeting planners or at low commission rates. In a world dominated by OTA’s and their unpopular commissions this is something to appreciate!
Robust industry in economic uncertain times
2020 marks a year where economic uncertainty is predicted to continue. With global trade embargo’s and the outcome of current (geo)political struggles still unclear the impact on the hotel sector is hard to predict.
The mark of strong and successful leadership is the ability to navigate uncertainty with a creative approach and “yes we can” mentality. It’s time to break silo’s and look at the hotel as a whole when setting strategies for optimisation.
During the 2020 Meetings & Events forecast at IBTM delivered by Patrick Rush from American Express Meetings & Events I learned moderate growth in all regions is still expected for this particular part of the business. The industry has grown robust enough to withstand tough circumstances. It appears people need to keep meeting anyway. Especially smaller Meetings & Events are expected to increase in number. It’s time to broaden your focus and unlock the hidden potential in Meetings & Events.
Small changes, big impact
As Meetings & Events inquiries are coming in with large revenues attached to them the impact of small changes in strategy have a big impact on revenue.
Imagine switching from a first-come-first-serve approach when handling and accepting inquiries to a data-driven approach where you actively use lead time to decide whether or not it’s a good time to sell or to hold inventory. You’ll save yourself that “shit, no space left”-feeling when receiving a great inquiry two days after accepting a less interesting one and make the Meetings & Events department more profitable than ever.
Yield management has had big impact on room revenue optimisation. Why not introduce flexible pricing for your daily delegate packages as well? These are just two examples of things you could do. The sky is the limit!
The technology to support you is here
Meetings & Events is a highly profitable revenue stream. On the other hand, it’s quite complex as there’s a wide variety of parameters to take into account when taking decisions.
Strategies build on thin air are in no way favourable and will lead nowhere. On the other hand, you could get lost building and updating Excel files for every thinkable KPI or parameter. At Get Into MoRe we believe your time is too valuable to be wasted inputting data in Excel files. We also know you can’t optimise business unless you have a deep understanding of it. That’s why we offer a solution that takes away the need for reporting on Meetings, Events and Group Business and will simultaneously help you optimise.
Researchers at Strava discovered the 12th January is a faithful day for new year’s resolutions. Most resolutions are left that day to reappear the next year. Let’s stick with this one and start this exciting journey towards optimised Meetings & Events revenue in 2020.