Embracing Digital Transformation in Venue Management
At the FVW Congress in Cologne, Germany, Joonas Ahola, CEO of MeetingPackage, shared his invaluable insights on setting up online sales for meeting and event facilities. His approach emphasises the critical role of digital transformation in modern venue management. Here’s a closer look at his methodology and the actionable strategies venues can use to elevate their online meeting room sales.
The Traditional Approach to Booking Meeting Rooms
Booking a meeting room has traditionally been a tedious and manual process. As Joonas Ahola explained, "A salesperson in a hotel or venue contacts the potential customer, or the potential customer sends an RFP through email." This method is time-consuming and rife with inefficiencies, often resulting in lost business opportunities.
Challenges with the Traditional System
Complex Booking Forms
Ahola highlighted that "webforms on hotel websites are long and time-consuming to fill out." This complexity can frustrate potential clients and lead to a high rate of abandoned inquiries.
Inefficient Response Times
Speed is essential in securing bookings. Ahola stressed, "If it takes more than four hours to respond to the client, the conversion drops nearly 50% right away."
Lost Opportunities
The lag between a customer's meeting booking request and a hotel representative's response can be significant. Ahola said, "There might be more than 80 hours of lead time," which can result in lost bookings as clients move on to other options.
MeetingPackage: Streamlining the Process
MeetingPackage tackles these challenges head-on with its comprehensive booking platform. By integrating with existing Property Management Systems (PMS) and Sales and Catering (S&C) software, MeetingPackage provides real-time availability and pricing, significantly improving the customer experience and operational efficiency.
Key Features
API and White Label Solutions
"For bigger brands and corporates, we offer a customised solution through APIs or a white-label approach," explained Ahola. This flexibility allows larger venues to maintain their brand identity while leveraging MeetingPackage's robust capabilities.
Global Distribution Control
Venues can manage their content across all channels from a single platform. "We enable hotels and venues to control the distribution strategy of their meeting and event room inventory," Ahola said.
Real-Time Updates
All systems instantly reflect changes so clients and staff can access current information. This real-time synchronisation is crucial for maintaining booking accuracy and overall venue management.
Harnessing Technology for Improved Efficiency
Technology is indispensable in modern venue management. Here are three key ways venues can leverage technology to optimise their processes:
Integrated Systems
Joonas Ahola highlighted, "We have over 70 integrations today with different software like payment gateways, property management software, and revenue management software." These systems automate administrative tasks, reduce manual errors, and save valuable time.
Centralised Management
Centralised management allows venues to update content across multiple channels simultaneously, keeping all promotional materials current and aligned with the brand’s message. This adds to the brand’s reliability. Learn more about Venue Sales Management.
Advanced Integrations
Integrating advanced systems like Customer Relationship Management (CRM) and online payment solutions streamlines the booking process and provides knowledge of customer preferences and behaviour. These integrations help venues personalise the customer experience and manage bookings.
Ahola emphasised the importance of such technology, noting that integrating MeetingPackage with systems like OPERA Sales and Event Management (OSEM) allows venues to fully automate their booking processes and reduce the time spent on manual tasks.
Data-Driven Strategies for Venue Management
Understanding and improving venue performance hinges on monitoring key performance indicators (KPIs). These metrics help venues optimise their operations and enhance customer satisfaction. Here are some KPIs to track:
Occupancy Rates
This metric helps you understand demand patterns, allowing you to adjust pricing and availability accordingly. High occupancy rates indicate effective marketing and pricing strategies, while lower rates may signal a need for promotional efforts or pricing adjustments.
Customer Satisfaction
Regularly soliciting and analysing feedback helps you understand client needs and expectations to better service and increase customer loyalty, which was highlighted in the blog post Leading a Sales Team - Sales Insights.
Revenue Per Booking
Understanding the financial impact of each booking is essential for setting realistic goals and developing effective strategies. Tracking revenue per booking can identify opportunities for upselling and cross-selling, thereby maximising your revenue potential. This metric also helps assess the profitability of different events and bookings.
Lead Conversion Rates
Analysing how many inquiries turn into confirmed bookings reveals the effectiveness of your sales process. A high conversion rate indicates a strong sales strategy and efficient follow-up processes, while a low rate may highlight the need for better sales techniques or faster response times.
For more information on these KPIs, check out Analytics & Reporting.
Future of Meeting Room Sales
The future of meeting room sales lies in embracing digital transformation. By leveraging platforms like MeetingPackage and integrating advanced technologies, venues can boost operations and customer satisfaction. Joonas Ahola adds, "We help venues and hotels to increase sales revenue from their channels and decrease costs with integrations." Adopting these solutions ensures a competitive edge in the evolving hospitality industry.
Explore how MeetingPackage is revolutionising the hospitality industry in the Best Venue Booking Platform blog post.
