Based on our own research, repeat business bookings for summer conferences typically range between 70-80% from year to year. With many conference departments operating as self-sustaining, that figure represents a significant amount of annual revenue on which the department is dependent. Therefore, it is paramount to monitor rebooking activity year on year.
Find out more about the financial integrations with Kx systems in our free ebook.
The finance department is a huge part of every university (and every business for that matter). Rarely do they just report numbers but often are a key stakeholder in any decision-making process. However, we know that the finance team can often get bogged down with the time-consuming admin work which impacts their ability to really add value to the business and help drive overall growth.
To find out more about the software integrations with Kx sytems download our free ebook.
Universities are constantly facing decisions over whether to invest into new technologies. On average, companies use 7 to 10 applications for various business purposes. The usual path would be buying several cheaper licences from various software companies as it seems like you are spending less of that precious budget. And there is nothing wrong with this strategy, short term. However, long term, your company will get to the point where you have various pieces of software that are not even necessarily talking to each other.
We all know that conference operations play a large role in both helping to fund the academic programme of a university and, importantly, introducing potential new students to the institution. We also know that they are all looking at ways to increase revenue. Raising rates and offering new services are the most common means of increasing the bottom line, but perhaps not the most effective.
Increasing Conferencing Revenue
Most conference operations are looking for ways to increase their revenue. Offering new services, or raising rates tend to be the most common means of growing the bottom line. However, there is one activity everyone should be doing that can positively affect revenue streams: inquiry tracking. There are a surprising number of conference operations who do not track incoming inquiries or sales leads.
The clock is ticking and May 25th is now less than a month away…are you GDPR ready? If you read my blog post last year about GDPR, then you should already be familiar with this new legislation. But have you prepared? The two-year grace period is almost over, and with steep penalties for compliance, if you haven’t prepared yet, you still have time.
A recent study revealed that the average person spends 90 mins per day on their phone. Now initially this figure may not sound like a lot, but that adds up to around 23 days a year. Take this one step further and it is estimated that 3.9 years of the average person’s life is spent staring at their phone screen. I would suspect that most of that time is not exactly what you would call…productive.
In our last post, we looked at what should be happening before you attend your next trade show. Now, let’s look at what you should focus on during and after the show.
It’s that time of year. Time to gear up for trade shows. Some of the best time to showcase who you are and what you can offer.
Let's face it. Many times, those of us in conference services find ourselves fighting for any number of items: additional staff, software, access to buildings, the right to exist on campus.
There is a way to make your case in an effective way, but what are some tools you can use to justify your purchases?