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Attention hoteliers and venue owners - if you're not familiar with the following statistics, it's time to get informed.
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 concerning their many moving parts — but event clients 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 event planners and groups can be a lofty courtship.
Here are 10 key statistics that every hotelier and venue owner should know. These stats provide valuable insights into the current trends and opportunities in the hospitality industry, helping you to better understand and cater to the needs of event planners and attendees.
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 MeetingsThroughout 2016, a staggering 1.9 million meetings took place, equating to over 5,200 gatherings daily. These numbers encompass events with a minimum of 10 attendees, spanning at least four hours in a designated venue. What does this signify for you? The demand for venue spaces is on the rise. |
3. Modern Marketing is in Your Favour
Most marketers (41%) believe 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 up for grabs.
4. Find Success in SimplicityThe theme of this year? Do more with less. Recent studies show that companies using multiple event software solutions have twice as much trouble demonstrating an event's return on investment 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 for hoteliers or venues to invest in venue management software 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 (like PMS systems) than underperforming businesses in this sector.
6. There’s Big Business in Business EventsRecent 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 hoteliers’ 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 SuccessEvent 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 - 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 ProcessReports show that the most important success factors for those in the event planning industry are: the 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 event 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?
