London venues are changing the way they operate as lead times aren’t as long as they used to be
Venues across London are reporting stable figures generally, but there are some who are posting record numbers. However, the key trend that has emerged over the last year is that lead times have come down, with more and more clients booking conferences and meeting space at short notice.
Liz Young, head of events, Historic Royal Palaces says: “The Historic Royal Palaces events team experienced record achievements in its 2016/2017 financial year and expects more of the same as it continues to manage high-profile events for internationally recognised brands.
“The events department for the independent charity, which cares for six palaces across London and Northern Ireland, generated a 17% uplift in income from events in 2016/17, providing vital funds which are reinvested back into conserving and caring for these nationally important buildings.
“In the last year we’ve recognised a huge shift to very short lead times, which while providing us with the opportunity to host some fantastic events has made forecasting quite tricky. It also appears that more money is being invested in event budgets compared to previous years as clients place an even greater emphasis on providing a memorable delegate experience.”
Moya Maxwell, head of venues at RIBA, points out that her venue has seen an increase in short notice bookings. She says: “We have noticed a significant increase in short lead bookings at RIBA, particularly over the last 12 months. Traditionally if a venue did not have a calendar full of long-lead bookings, with clients who were booking months and months in advance, you’d be inclined to think you had missed the boat and your target for that quarter. However, in recent years, we have found clients booking their conferences and meetings a month or even just a couple of weeks ahead.
“Although it is important that London’s venues proactively push for big events to contract in advance, it is equally important that sales teams are prepared to deal with the increasing number of more short-lead bookings. At 66 Portland Place [one of RIBA’s venues], we have changed our team structure to ensure that we are equipped to contract, plan and deliver events with a much shorter lead-time. We have staff focussed solely on dealing with these short lead-time enquiries. This has greatly improved our conversion rate.”
In response to the trend of short lead times, Tobacco Dock has introduced two new packages to meet increasing demand for easy-to-book event spaces that cater for a smaller number of delegates.
Jonathan Read, commercial director at Tobacco Dock, comments: “Having received an increasing number of enquiries for smaller conferences, Tobacco Dock is responding to client needs by developing these two new packaged products for those that want a ready made solution in our creative, unique architectural spaces. We are excited to show organisers that, while Tobacco Dock is a truly expansive venue, the versatility of our spaces can cater for all event types both small and large”.
