As the famous Alexander Graham Bell quote says: “When one door closes another door opens, but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us.”
After a few years of uncertainty, corporate event planners are opening the door to booking business with venues like yours. Are you ready to welcome them?
There is a positive outlook for work events
As more corporations nationwide are bringing back their in-office workforce, more in-person events are being booked for previously postponed meetings and conferences. We love witnessing more face-to-face and more corporate events via venues, restaurants, hotels, or using catering for an in-office gathering.
According to April 2022 Global Business Travel Association poll results, companies expect business travel to recover 79% of the spending prior to the pandemic this year. This aligns with additional poll results showing that larger events and conferences could take more time to recover fully. Additionally, most companies say they will leverage travel by scheduling more meetings during each trip. This favorable progression in the event industry is something you need to plan for now.
It’s about evaluating risk versus reward
On an individual basis, the ramifications of COVID have had a profound effect on work/life balance. We see value in face-to-face conversations with colleagues and industry leaders at meetings and conferences. (Let’s admit it — we all have Zoom fatigue.) We benefit through knowledge, networking, and collaboration. But, safety continues to be a top priority and affects our choices in live business meetings.
Organizations are balancing safety precautions with business goals and retaining their staff. They are taking a closer look at the value an in-person meeting holds while trying to entice attendance through a bit of fun mixed in. They are asking, “Does the face-to-face corporate event provide enough value to warrant meeting in person?” As an event venue, you have the ability to make it easy for companies to fulfill their business needs and offer ways to entice attendees.
Why there’s nothing else like a face-to-face corporate event
While content can be replicated pretty well in virtual format, personal engagement cannot. There’s something about an in-person work event that has such palpable energy. And while some may argue that work is only work, people value their livelihood and want to advance in their careers. Truly, meeting in person cannot be replaced by tech for every business and personal career growth opportunity.
Is the future of corporate events in danger?
No, corporate events are not going away. In-person meetings continue to grow in numbers while both organizations and venues alike are working to align value. We are witnessing small- to mid-size corporate group gatherings including:
- Team building events
- Strategy retreats
- Appreciation dinners
- Sales and product kickoffs
- Onsite catered training
- Marketing brainstorms
- Board and shareholder meetings
- Destination trips
Large-scale and mega-events are happening in person today — think hotel and conference center trade shows and seminars. Virtual events were necessitated by the pandemic but despite better circumstances, virtual meetings will continue to be a component, especially with these large live events.
Additionally, we are seeing in lieu of large-scale conferences, several smaller ones held separately targeting sales, marketing, or other business topics. If you happen to be one of the larger-sized venues, consider ways to create some smaller spaces with new floor plans so that you are able to capitalize on these lower-numbered attendee events. Regardless of the format, we are confident that as venues and organizations adjust a bit, bookings of larger events will increase as well.
What do you do to increase bookings?
In order to attract as many work-related group sales as possible, take proactive steps to reevaluate your value proposition while remaining flexible in an evolving circumstance. Here are the top areas to prioritize that will boost the near-term and longer-term future of work event attendance.
1. Do your research
Look into both the local corporations and the potential attendees so that you can determine what they value. Know your own business and ways to evolve to market what makes you unique. Look into ways to provide customization options. Research your competition to differentiate. Network with local vendors so that you can be as easy as possible to work with.
2. Emphasize quality not quantity
We see evidence that corporate spending per in-person meeting, event, or conference has increased above pre-pandemic levels. In other words, it’s quality over quantity. Corporations and their workers prefer to attend fewer events but will spend more per event. Make sure you look at your assets and price your events with customized add-ons. Consider a balance between what you offer to accommodate work goals with ways to make the experience unique and fun too. What can you do to make your events bring corporate groups together and leave an amazing and lasting impression?
3. Leverage technology
According to Forbes, “This adaptability of technology is paving the way for recovery and growth in 2022.” Here at Tripleseat, we know that with the right software tools, you will gain more bookings. Look into your venue’s technology options to make sure your events are easy to capture leads and manage the operations as easily as possible. Learn from your events so that you’ll be able to adapt to event demand.
What are you doing to open your door to more bookings?
Make sure you are ready to provide a great event value for corporate events. If you’re not a Tripleseat customer and you’re interested in learning more about Tripleseat’s event management tools and CRM features, schedule a demo at your convenience to take a closer look.