Hotel revenue generation typically revolves around familiar metrics such as occupancy, Average Daily Rate (ADR) and RevPAR meeting revenue targets. These key performance indicators (KPIs) have long been the gold standard for measuring success. However, many hoteliers may be overlooking a hidden treasure trove of additional revenue — the thriving market of meetings and events. In fact, without a clear focus on optimising meetings and events business, many properties are inadvertently leaving money on the table and missing out on a vital revenue stream that can also act as a feeder for larger accommodation blocks.
Unlocking the Hidden Potential of Meetings & Events
Neglecting your meetings and events business means missing out on more than just the revenue these events generate. These events often come with large group bookings which when managed well, can significantly boost occupancy over need periods. But how can you tap into this potential? The key lies in a customer-centric approach that elevates your property’s value proposition and ensures your events offering aligns with the needs of your clients.
Questions Every Hotelier Should Ask About Their Meetings & Events Business
To truly unlock the potential of business events, hoteliers must evaluate their current approach and review how they stack up against both competitors and stand-alone venues:
How customer-centric is your offering?
Are you creating an experience that resonates with your clients’ needs and expectations? A truly customer-centric offering means understanding the pain points of event organisers and offering solutions that make their jobs easier while delivering seamless experiences for their attendees.
Do customers understand your value proposition?
Your value proposition is the core of your business. Are you clearly communicating the unique advantages of hosting events at your property? This extends beyond amenities and facilities; it’s about demonstrating how you can add real value to the client’s event experience.
How are you addressing customer "pains" and creating "gains"?
Event planners are often dealing with tight schedules, budgets, and high expectations. Your property needs to make their lives easier by offering solutions that solve problems (like tech support, catering flexibility, or room block management) and create value (through unique event spaces, top-tier service, or convenient add-ons).
How does your offering compare with stand-alone event spaces?
In today’s event market, hotel venues often face off against stand-alone event spaces, such as convention centers, purpose-built event and unique venues like galleries or museums. While hotels offer many advantages — such as the convenience of accommodations and dining — it’s essential to understand how your offering stacks up against these specialised venues and what sets you apart.
Does your sales team understand the cyclical nature of the MICE business?
The Meetings, Incentives, Conferences, and Exhibitions (MICE) market has distinct patterns and trends that your sales team needs to recognise. Are they prepared to play in the right space, at the right time? Understanding seasonality, event booking windows, and cyclical demand will help you capture more business at the right moments.
Are your terms and conditions aligned with the current environment?
In today’s environment, flexibility is key. Are your terms and conditions designed to protect your business while still offering flexibility to clients who need to adapt quickly in response to changing circumstances?
Is your sales force as effective as it could be?
The sales process for events requires an exceptional level of personalisation. Does your sales team take the time to understand each organiser's unique needs, tailor proposals, and ensure that preferred dates and spaces are secured? Are they nurturing long-term relationships to encourage repeat business?
Do your brand and marketing efforts align with your value proposition?
Marketing plays a crucial role in event bookings, yet it must be aligned with the unique strengths of your property. Is your marketing strategy showcasing the things that make your event spaces truly stand out? Additionally, are you utilising SEO best practices to ensure potential clients find you when they’re searching for event venues?
Are you leveraging digital marketing for event business?
Traditional methods such as business development calls and cold outreach still have their place, but the digital world has brought new opportunities to the table. Are you utilising digital marketing to attract warm leads — potential clients who are already showing interest in your venue through online searches and engagement? SEO, targeted ads, and content marketing can be a powerful tool for generating inbound interest from event organisers.
Don’t Let Your Meetings & Event Business Fail to Launch
Meetings and Events business can be a game-changer for hotels, but only if you’re truly dedicated to understanding your clients’ needs and adapting to the changing market. By asking the right questions and ensuring your property is aligned with your customers’ expectations, you can unlock a significant new stream of revenue, build lasting relationships, and attract more business than you ever thought possible.
If you're ready to take your events business to the next level, it’s time to reimagine your approach. Invest in your sales team’s effectiveness, fine-tune your marketing strategies, and focus on becoming the venue of choice for event organisers in your area. Because, when done right, business events can be a launchpad for long-term success and profitability.
If you’re looking for expert guidance on how to grow your conference and events business, reach out to Revstar Group. We specialise in helping hoteliers unlock the full potential of their event offerings, driving both revenue and lasting success. Let us help you take your business to the next level.
Unlock your potential with expert Meetings and Events resource solutions today.
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