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.
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.
During the annual ACCED-I conference in Portland, OR, we had a survey in our booth. We asked folks which took them longer: creating a rooming list, generating a final invoice, creating a complete BEO, or brewing a cup of coffee?
The winner? Generating a final invoice, by a large margin.
Why is this?
While you drink that cup of coffee, let’s talk about invoicing and highlighting areas you are probably seeing lost revenue and a lack of accountability. Or download our worksheet to start your self assessment now.