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.
Kinetic Software and Sodexo’s Campus Conferencing entered into a preferred vendor agreement last week, making Kinetic Software the exclusive software provider for Sodexo’s Campus Conferencing.
We seem to have a love/hate relationship with quotes, or requests for proposals (RFPs); their value has often been debated. Best practices and new trends, such as how do you showcase your venue while meeting the planner’s need for concise reporting, are always a hot topic.
There is a lot out there about the relationship between a business and its clients. No surprise as it is an important topic; a business is not a business without its clients.
“Generally speaking, investing in yourself is the best thing you can do. Anything that improves your own talents; nobody can tax it or take it away from you. They can run up huge deficits and the dollar can become worth far less. You can have all kinds of things happen. But if … you’ve maximized your talent, you’ve got a tremendous asset that can return ten-fold. ‘Invest in yourself’ might mean taking a continuing education class or simply spending your time improving your skills. Become a lifelong learner and your life will be wealthier, perhaps in more ways than one.” Warren Buffet
The Meeting and Events Industry is ever-changing and you need systems, standards, and practices in place to meet increasing demands and changes. Up-to-date information is imperative and customer service and price value are demanded.
Why should you care about bedroom management?
A Unique Webinar Series Presenting Real-World Perspectives to Empower Conference Professionals
The mantra of "doing more with less" is repeated daily across venues. Whether being asked to create additional revenue from renting facilities or increase cost, resource and communications transparency related to internal events, the insights of the industry-at-large are instrumental in creating the competitive advantage your venues needs.
This FREE series explores the best principles of the half-a-trillion dollar North American meetings and events industry, and how these principles can be applied in the conference and events sector.
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Each webinar will feature guest presenters from diverse backgrounds in the hospitality industry who have had extensive experience managing the kinds of challenges conference professionals face every day.
Click on the webinar date to learn more about each session and speaker. You can also register online for any or all of these free webinar opportunities.