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Grow meeting revenue for your business – see these 7 tips for nailing venue management

Home Our Blog Hospitality Grow meeting revenue for your business – see these 7 tips for nailing venue management
venue management, Grow meeting revenue for your business – see these 7 tips for nailing venue management, NFS Technology

Is it really possible that not too long ago, business experts were predicting the end of meetings?

They couldn’t have been more wrong; a survey last year showed that British workers spend more than 10 hours every week taking part in more than four meetings each. That’s a lot of meeting space needed…

So it’s really no surprise that venues across the UK are reporting a boom in meeting bookings, particularly for small or urgent last-minute meetings.

And as many companies downsize their premises in response to more agile working, this demand is likely to grow, too.

But is your venue well-placed to take advantage of this growing revenue opportunity?

For venues looking to make the most of this trend, the keyword is ‘urgent’. Fulfilling those got-to-get-together-somewhere-fast needs is a cut-throat business where only the quickest and most efficient win.

So how can your venue satisfy this urgent need – and also deliver the kind of superb meeting experience that will bring repeat business and a continuing revenue stream?

The answer lies in digital technology, which is now being adopted by many venues across the country.

Because of the complex nature of their businesses, meeting venues require huge flexibility in any technology systems they deploy – and a recent survey showed that many are anxious about getting what they need (you can download the survey results here.

Fortunately, venue management software has evolved hugely in recent years, and the best digital technology can now transform the way a venue turns meetings and events into cash.

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Here are 7 tips for nailing your meeting venue management with the help of digital technology.

  1. Use automation to streamline your operations: With the help of venue management software you can automate many tasks. This saves time and reduces costs because it improves efficiency.
  2. Go 24/7: sensitively used, digital technology provides customers with a facility to enquire about selected meeting and event spaces online 24/7.  Venue management software means they can be presented with selected spaces available for rent, rather than having to view a full inventory of larger spaces.
  3. Simplify sales and enquiry handling: Choosing a management system with an easy-to-understand user interface makes data entry far more efficient than using a static Excel file. You can add reminders easily and action them in a single process, while follow-up actions can be added rapidly.
  4. Free up staff: Venue management software takes the grind of many manual tasks away, leaving your staff more time to do what they do best – interacting with customers.
  5. Improve the customer experience: Customers want an easy life – giving them a simple way to find the space they need, enquire or even book creates a satisfying and easy guest experience.
  6. Take payment: Providing the ability to pay for a space online – even at the time of booking – is appreciated by busy customers and improves your cash flow. Technology also makes sure billing is accurate and effortlessly handled.
  7. Bring them back again: With an easy and excellent customer experience behind them, your clients will definitely be more likely to make a further booking.

With venue management software that captures important data, your venue can control rates and availability, creating attractive special offers when you need to.

For instance, regular guests can be given their own login that entitles them to special rates – see how multi-million-pound conference centre CEME does it.

Be perfectly positioned

As CEME can confirm, reports of the demise of meetings were way, way premature…and that’s good news for venues.

We’re confident that this valuable extra income stream will continue to help venues maintain healthy profits – as long as they are well-positioned by technology to give customers what they want when they want it.

How will venue management software make a difference to your business?

Read more now!

Luis De Souza
Luis De Souza Chief Executive Officer Posted on: February 6, 2019
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