In the world of hospitality, effectively managing and marketing your hotel or venue space is no small task. Not only are events complex in nature with respect to their many moving parts - but guests and attendees are continuously raising the bar on their expectations. Whether you’re hoping to tap into large-scale events, leverage your small meeting space, or cater to modern planning booking preferences, attracting planners and groups can be a lofty courtship.
Today I'm going to share with you 10 stats every hotelier and venue owner should know, right now.
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Let's dive in!
1. Growth is on the Horizon
The projected growth for meeting, convention and event planners is expected to increase 11% in the USA between 2016-2026. This marks a promising trend for hoteliers hoping to increase their occupancy and optimize their revenue, especially across shoulder seasons. This trend applies, especially, to the corporate realm with 93% of more than 700 business executives stating their organizations place a priority on hosting events, including 57% who give it a high priority. Even further, 84% of leadership (execs) believe in-person events are a critical component of their company’s success.
2. Meetings, Meetings and More Meetings
In 2016 alone, there were 1.9 million meetings across the year—more than 5,200 every single day. This figure only includes gatherings of 10 or more people, for a minimum of four hours in a contracted venue.
3. Modern Marketing is in Your Favor
Most marketers (41%) believe that events are the single-most effective marketing channel over digital advertising, email marketing and content marketing. This reflects a 32% increase since 2017. Millennial consumers, specifically, are notably influenced by ‘FOMO’ (fear of missing out) which makes memorable events and activations an especially effective marketing tool. For hoteliers and venue owners, this means more business is up for grabs.
4. Find Success in Simplicity
The theme of this year? Do more with less. Recent studies show that companies using multiple event software solutions have 2x more trouble demonstrating event ROI than those with one integrated event software solution.
5. Don’t Underestimate the Value of Easy Integration
Taking this a step further, it’s also important to invest in an event software solution that readily integrates with your property’s existing infrastructure. Reports indicate that over-performing businesses are 1.5x more likely to use event software that integrates with other core business platforms than underperforming businesses in this sector.
6. There’s Big Business in Business Events
Recent reports reveal that 49% of businesses are spending 21% or more of their total events budget on hosting events, while 30% of businesses are spending 21% or more of their total events budget on sponsoring and exhibiting at events. Further, 96% of small business owners think in-person meetings are worth the investment. Once again, this is music to hotelier’s ears as we anticipate a steady influx in corporate events and meetings.
7. It’s Time to Invest in Event Technology
Unsurprisingly, modern planners and attendees are especially interested in venue space which boasts the capacity for modern event technology and tech-centric conveniences. In fact, $7,500 is the median increase in event technology budget for 2019. 83% of event creators use an event app and 87% of event creators planned to use augmented reality (AR) in 2018. Further, 5-year trends reveal a strong push towards the increased use of technology in this industry, with business operators needing to learn to use and develop mobile platforms, social media, and webinars to enhance the client experience.
8. No, Really — Event Technology Could be the Key to Your Success
Event management/event automation software was ranked as the most important technology to achieving a successful outcome from events, followed by registration management and event & session check-in. Further, the event management software industry is valued at $28 billion and is projected to have a CAGR (compound annual growth rate) of 3.3% moving forward.
9. Leverage the Social ‘Wow Factor’
On average, Americans take 21 pictures during live events and share them on social media On that note, 54.7% of event organizers are aware of photobooth & photosharing apps and 45.3% use them, while 54% are aware of social walls and interactive displays and 46% use them. Not only that, but 63% of event creators use influencer marketing as part of their social strategy. Hoteliers and venue owners can use the influence of social media and ‘share-ability’ to effectively market their venue space.
10. Establishing a Better Process
Reports show that the most important success factors for those in the event planning industry are: maintenance of excellent customer relations, management of seasonal production, effective cost controls and the ability to manage external (outsourcing) contracts. By leveraging modern venue technology, hoteliers are better equipped to cater to the needs of the modern planner, while establishing a memorable, positive working relationship.
Are you leveraging these key trends and themes dominating the events and meeting sector this year to drive your property’s revenue potential and long-term success? If not, what’s stopping you?
About the Author
Lauren Hall is the award-winning Founder and Chief Executive Officer of iVvy. Lauren is a passionate entrepreneur with more than 25 years' business management experience at Executive and Board level, successfully building multiple companies from startup to strategic and financial exit. With a background in programming, accounting and marketing, Lauren’s expertise spans manufacturing, retail, advertising and technology industries in both South Africa and Australia.
She co-founded iVvy in 2009, overseeing our growth to 1,000 clients in 13 countries and expansion to New Zealand, Asia, Europe and North America.
Ernst & Young recognized Lauren as a future global leader of industry through the EY Entrepreneurial Winning Women Asia-Pacific program for 2016. Lauren won three International Silver Stevie Awards for Entrepreneur of the Year Globally 2016, Innovator of the Year 2016 and Entrepreneur of the Year Asia Pacific 2016 and recently was named Gold Coast Business Woman of the Year 2016.
iVvy offers meeting planners the ability to search, compare, book and pay for function space, catering and group accommodations online, 24/7. By providing conference centers, hotels, restaurants and cruise lines with an integrated revenue management and distribution platform, iVvy equips Venue Operators with the tools they need to manage inquiries on any device, anywhere. With enhanced reporting and analytics, Venues are provided with greater visibility over their business so they can yield their meetings & event spaces to maximize revenue.
With offices in 5 countries and a global team providing support 24 hours a day, iVvy’s groundbreaking, cloud-based software offers scalable solutions that tackle core issues faced by the travel, MICE and events industry, and continues to service the world’s leading hospitality groups, major corporations, travel companies, government offices, associations, universities and nonprofits.
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