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.
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.
Imagine you have been tasked with planning a conference for an organization for which you volunteer.
The committee looks at you and naturally, with your conference management experience, want you to handle arranging all the logistics. First, you have to find a venue. You start making phone calls to various venues to find out if they have availability.