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.
A software purchase is a big decision. And when it comes to finding one to handle all the pieces of event management, it can become even more complicated.
Looking beyond the priorities and features specific to the system, here are 11 questions to consider when making a new software purchase.
Last month, I wrote about three of the biggest impacts a conference department can have on its campus. I firmly believe in those three ideas, but how do you prove it? It is one thing to detail what the impact is, but it also needs to be demonstrated for others to buy in to the concepts.
Think you know Linked Rooms? Well, for Kx2014 our development team did a rework of how this features works and relates to events.
Grab a cup of coffee while we take a quick look at the top changes and what they mean.
Trainer Tips: Drag and Drop
With the release in Kx2014, Drag and Drop was added to the Conference Room Plan as a quick way to move bookings from one conference room to another.
Below are some common points to remember when using Drag and Drop.
The ability to reserve overnight accommodations, down to the specific room, is a feature that makes Kx great while importing rooming lists is a quick and easy task.
Both save time and help you understand your available resources... until they don't work for you.
Nine times out of 10 the calls that come in about a problem in one of these areas is usually a quick fix, if you know what to check.
Below we have listed the most common answers to the two most common calls we receive about bedroom allocation and rooming lists.
At this year's ACCED-I conference, several conference center directors spoke about their journey with evaluating and setting rates for their conference departments.
Following along from a recent post of ours on complete meeting packages, we asked one of the directors to share her story and tips as her department went through the process.
Suzanne Shaw with Yale Conference and Events (YC&E) is our guest blogger. She has shared the process YC&E recently went through to organize and re-evaluate their pricing structure for conferences and events.
Grab your cup of Joe and read on for her tips.
Does this sound familiar?
What is the price for X? Does that price include Y and Z? Well... it depends on if you do A, B, or C.
Do you not have a package rate? Oh sure! We take the total cost of all items you reserve and divide it by the number of people you expect.
Say what? So what if my final count is lower? Or higher? How is that a package rate?