More Corporate Events Means More Hotel Revenue: 6 Ways to Make it Happen

The U.S. corporate meeting industry generates billions of dollars, get in on it by leveraging your event space.

In today’s fast-paced business world, corporate meetings and events remain a staple for companies worldwide. This offers a great opportunity to tap into a lucrative market and gain new, substantial streams of income by leveraging your hotel’s event spaces effectively.

Even though businesses are relying on evolving technology, in-person events offer unique opportunities for networking and group brainstorming, as well as holiday celebrations. Businesses often look for venues to host their conferences, seminars, workshops, and corporate gatherings.

According to the hospitality research group and database Kilibri, the U.S. meetings industry generates $30 billion, equivalent to about $1 in every $5 of total hotel room revenue. That comes with an additional $110 billion in revenue from guests spending on ancillary services like food, equipment rentals, etc.

Drawing in businesses doing out-of-state conventions is amazing, attracting local businesses is especially vital. Showing local groups that you’re able to provide a quality meeting space means they’re more likely to continue using your hotel in the future.

Here are some brief steps to take so you can make that happen.

1. Top-notch catering

Develop a diverse menu of catering options that can accommodate a variety of dietary preferences and budgets. High-quality food can be a significant selling point. Looking at a plate of thin ham sandwiches, small-portioned salads, or other subpar food options can push potential repeat customers away, especially after they’ve poured plenty of money into your services.

2. Customizable packages

You can develop a range of customizable event packages to accommodate different types of corporate gatherings and budgets. Offer different room sizes and layouts to match the size of the event, from intimate board meetings to large conferences. Clearly outline the pricing structure for each package, breaking down costs per person or per event. Be transparent about what’s included in the package and any potential extra charges.

3. High-quality spaces and amenities

Make sure that your event spaces are well-maintained, versatile, and equipped with up-to-date technology. High-quality audio or visual equipment, comfortable seating, and reliable Wi-Fi are essential. Regularly inspect the rooms, furniture, and equipment so you can address any wear and tear. You should also make sure that event spaces are accessible for everyone, including those with disabilities. This includes wheelchair ramps, accessible restrooms, and clear signage.

4. Maintain your online presence

Maintain an up-to-date and easy-to-use website with detailed information about your event spaces, including photos, layouts, and virtual tours. Be sure to promote your event spaces through different marketing channels like social media, email marketing, and partnerships with any event planning platforms.

5. Incentivizing programs and promotions

Implement loyalty or incentive programs for recurring clients. Discounts, complimentary upgrades, or additional services for repeat business can be attractive to corporate customers. You can also periodically offer special promotions or discounts for off-peak times or last-minute bookings.

6. Properly train staff

Assisting with an event can be abnormal compared to the typical day-to-day responsibilities your staff is used to – and an unprepared staff can make you seem less professional to your customers. You’ll want to provide the best customer service possible at every stage, from the initial inquiry to the event’s conclusion. Responsive and organized communication can make a lasting impression. Make sure your staff understands customers’ needs as well as where to find and operate essential equipment.