September 17, 2015
Generating incremental revenue is vital for event organizers to sustain a healthy business model. Generally speaking, event costs are offset through ticket sales/registration fees and sponsorship opportunities. Why not explore a new venue – hotel lodging surrounding your event? I’d like to dig a little deeper into how event organizers can earn incremental revenue through a new source….a Hotels for Hope booking portal.
Here are four ways event organizers can increase their margins and net revenues…
1. Reduce overhead costs.
Event organizers cringe when it comes to managing hotel inventory (at least the ones I know do). While this is a vital component to an event, it’s often handed off to an admin or marketing department. And in most cases, they are better suited to manage other components of the business. Therefore, we suggest allocating internal time and resources to other ventures while letting someone else handle the hotel integration. The easiest way to do this is to partner with a company who specializes in lodging management. Hotels for Hope will manage all the stuff that gives you a headache…like brokering rooms, managing rooming lists, allocating resources for a call center and all the other checks and balances surrounding an organization’s hotel stay.
2. Extend digital advertising.
Your booking portal serves as an extension to your event’s eco-system. Attendees trust your brand; therefore, we should offer them discounted hotel rates…within your site. At H4H, we provide multiple areas for ad-units (landing page, search throbber, confirmation page and email(s)). This is the perfect opportunity to extend current advertisers, or find new ones, that want increased impressions. We track and report on an ad-units overall impressions and clicks.
3. Provide sponsors with new properties.
Sponsorship is rapidly changing – the industry once solely focused on placing a brand in front of the maximum number of eyeballs. Today, brands are getting smarter; which means they care about the value of each impression. By partnering with Hotels for Hope, we capture customer data and properly identify where guests stay. Using a cross platform approach, we turn this data into new sponsorship opportunities. Utilizing a hotel’s pre-existing assets (front drive, lobby, meeting space, elevators, rooms, etc…) we place brands in front of guests at unique moments. Ask us about “Hotel Takeovers” and we will tell you a multitude of ways to generate incremental revenue.
4. Evaluate transactional fees.
On average, Hotels for Hope saves guests 25.4% off Best Available Rates (when contracting group inventory). Keeping that in mind, clients occasionally charge fees to access those discounted rates. Utilizing this model, event organizers generate new revenue, or offset costs, based on every reservation booked. H4H’s goal is to provide the best rates possible; therefore, transactional fees do not always make good business sense. We assess this revenue stream with a strategic vision to ensure its viable for everyone involved.
In general, our value proposition includes new incremental revenue with no inventory risk. Interested? We’d love to chat…