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.
Ready to learn more?
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 alone, 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?
Want to learn more about integrating your event and venue management processes? Click here.