70%of revenue through automated online sales
1/3Of bookings received after office hours
"It was quite a nice one. I would say two parts. One is to use MeetingPackage to be our inventory management system. Which we don't have it so we can utilise the system for our internal use. And secondly, we have put a link on our official website as well as on Finavia's website. So the B2C customer can actually go and click on the link so they can set the meeting request to us to help us both with B2B and B2C."
Do you track and mark any additional services purchased by clients during their visit to your lounge in your system, or is it handled solely through the cash register system?
We offer two options for clients to purchase additional services during their visit to our lounge. Firstly, we have included our standard or premium coffee break as an add-on when booking meeting rooms, which will be reflected in the system. Alternatively, clients can order these services on the spot, which may not be recorded in the system.
Based on our analysis, we have found that your meeting facilities and base price are relatively low, suggesting that clients may not be inclined to purchase additional services such as F&B during the booking process. However, there is a possibility that they may opt for these services on-site.
Although the meeting facilities and base price may seem relatively low, it's important to note that the average hourly rate for the bigger meeting pod is only 60 euros. This is due to the location inside the terminal, which limits the ability to price up too high. However, it's worth noting that the average booking duration is more than two hours, making it a cost-effective solution for clients.
Our analysis shows that the single venue booking engine generates 70% of revenue through automated online sales, with the remaining 30% being manually inputted through the calendar system. Interestingly, a significant portion of the bookings, around one-third, occurs outside of regular office hours. So, between six in the evening and eight in the morning.
Our location is unique, operating almost around the clock. This means that our booking hours are not restricted by typical office hours. However, in today's fast-paced world, lead times are shorter than ever. But the good thing is we have Staff on duty from 6 pm onwards, so the booking can be handled efficiently.
At the moment, do you have instant booking turned off entirely?
At present, we haven't enabled instant bookings as we haven't yet connected to Stripe. Additionally, we've decided to keep meeting room bookings on a request basis, as managing back-to-back meetings can be challenging. Furthermore, for example, it's not uncommon for Finavia to randomly ask for meeting rooms, so we prefer to handle requests on an individual request basis.
Upon analysis of the booking process, it was discovered that the average response time to requests is two days. This can be improved in order to secure more business faster, especially if the instant booking is enabled, as the average reply time is zero. It is important to note that within four hours, the business is typically confirmed elsewhere, resulting in missed opportunities if the response time is delayed.
Considering the unique location of the lounge and the lack of competitors at the airport, it is unlikely that clients would opt for hotel meeting rooms, especially after working hours. Additionally, even in the city center, quick responses may not be guaranteed. This makes our meeting facilities a practical and convenient solution for small groups of two or four people.
Enabling instant booking could potentially increase business, especially if resources and manpower are limited. It's a popular and effective solution that has worked well for other partners. Once implemented, we anticipate a significant increase in bookings.
That's right. I will definitely address this with the team to ensure that the process is expedited.
Are there any areas where you believe our solution could be enhanced to further drive business growth?
Actually, I think we spoke about that last year. It is the dynamic pricing. For example, we rent the meeting pods at 60 euros per hour for the first hour, and we wanted to do the following hours at half price e.g. 30, so it's not possible with the current pricing setup in your system.
An alternative solution that could be considered is creating bundled packages that offer discounts for longer booking durations. This would allow for more flexible pricing options and potentially attract more clients looking for cost-effective solutions for their meetings.
It is possible, but then we would need to create packages for 2 hours, 3 hours, 4 hours, and so on…that'll be too much if the customer comes and see these on the page, that would look rather messy, I would say. However, we do add half-day rental and full-day rental, but of course, it is a better price if you calculate on an hourly basis. This is something we have done to tackle this, and It doesn't have to be like the guest booking three hours, and then they leave; they can book up to four hours if their time is more flexible.
What kind of feedback do you have for this meeting package booking engine solution, as well as for the meeting package support staff? Do you receive timely answers and help whenever you need it?
While we may not operate as a professional hotel, we have found that our meeting facility solution suits our clients' needs perfectly. We have received excellent support from the business support team, who have promptly addressed any concerns and provided valuable advice. We have implemented their recommendations, such as adding links to our website and offering half-day and full-day rental packages, which have resulted in increased bookings. Overall, we are satisfied with the level of support we have received.
Well, it was a pleasure to speak with you. Thank you for giving time from your busy schedule.