Cheryl Hawksworth, managing director, EMEA new business at IDeaS Revenue Solutions, looks at how venues and event planners can succeed in 2023.
Human connection is a universal need. Whilst the last few years have shown the ability of technology to unite humans around the world, the easing of travel restrictions in 2022 proved a boom for in-person meetings. But what does 2023 hold?
Despite the industry being challenged by staff shortages and rising costs, there are reasons to hope 2023 will continue the upward trend for in-person conferences and events. Venues which offer quality service, provide value for the money spent, and align with event planners’ desires for flexibility and sustainability will be the winners.
Providing value
There’s no doubt in-person events are in demand; virtual connections, while effective, miss a more personal connection. Because of this, 2023 will be the year of shorter and smaller meetings, providing venues and event planners an opportunity to cement their reputation for value.
According to the BCD 2023 Meetings and Events Trends report, “cost is top of mind in the UK.” To combat rising prices, planners are shortening the duration of some events.
With 38% of the UK workforce working from home (24% hybrid and 14% exclusively from home, according to ONS data), ‘virtual fatigue’ has set in. A Zoom meeting is no longer a novelty. The desire to meet in-person is real and it’s a cornerstone of the value conferences and meetings offer.
Now is also an opportune time to explore technology offerings that will enhance the efficiency and profitability of your M&E operation in aid of your recovery efforts.
Providing value doesn’t mean you need to drop rates or supersize delegate packages. It means you need to discover your ‘sweet spot’, a way of meeting the market’s needs and optimising the space you have for maximum profitability.
Tackling staff shortages
For many venues, the on-site experience is a key selling point. But with a record 174,000 jobs unfilled in hospitality – and the Financial Times reporting a need for over 250,000 seasonal workers this festive season – providing exceptional service is increasingly challenging.
The impact on the events industry will likely be felt through increased labour and production costs, as well as decreased services. Companies are investing more in meetings and events. The Amex report also found 65% of companies noticed M&E spend is increasing. When they’ve booked a meeting, they expect it to run smoothly – and that’s where staff shortages are being most felt.
The Amex report further revealed a “unanimous desire among clients, meeting planners, and suppliers to simplify and streamline the planning process.” Everyone is at capacity and searching for time efficiencies. One of the best ways to boost efficiencies in staff is to provide them with data at their fingertips to make better decisions.
Get smart with your space
For conference venues and event planners alike, it’s about getting smart with your space. As live events are expected to grow in 2023 – even with costs increasing – it’s important to visualise better revenue for your space.
In hotels, M&E business can be up to 60% of overall revenue. Whether you are a standalone conference venue or a hotel, it’s essential to have a robust strategy in place for your event space and understand how to achieve total property profitability.
The ability to strategise and optimise is essential for success in today’s rapidly changing environment. Solutions such IDeaS SmartSpace provides critical business data, helping you increase revenue from underutilised space.
A strategic approach to revenue management is the must-have for 2023 and beyond for venues looking to optimise the profitability of each group and event.
