Traditionally meetings and events are booked much further in advance as compared to the average guest room. However, with the latest event tech, meeting planners are executing and promoting more events at a faster rate than ever before. In a recent Social Tables survey 65% of event planners reported that their budgets – and as a result the number of events they'll manage – are on the rise.

The way smartphones and social networks have made it easy for people to organize is nothing short of revolutionary. Properties that don't have a plan for booking new business within a 48- hour period risk missing out on a new category of group revenue. Faster turnaround times come with their own set of problems, but they can also make up for lost opportunity in the following scenarios:

  1. An event cancels at the last minute, leaving you with unoccupied room blocks and unsold function space.
  2. You have available guest rooms but a local association has booked up ALL of your event space.
  3. You have available function space but NO available guest rooms for a small to mid-sized group.

So how do you get out of pickles like these? Bringing automation to group sales will help, but in the meantime you can unlock new revenue by reaching out to strategic partners.

Utilize an "OTA" Model for Function Space

One of the biggest mistakes revenue managers make is not working with Online Travel Associations. At this stage there's no excuse to not to negotiate rates with Expedia, Booking.com and the like. Regardless of how big your hotel is there will always be a time when you'll need a boost in guest-room occupancy.

But what do you do if you're less than 30 days out and still have available meeting and ballrooms? Call it a loss? At this stage sales reps typically are better off looking a few months into the future and closing larger groups deals (the kind that actually do need more lead time). It's just not worth the people-hours to prospect groups this close given the tight a deadline. That's why hoteliers are looking to automation and an online marketplace to make up for the lost opportunity.

A recent Social Tables study showed that the average meeting and event professional spends over 100 hours each year, just on site visits. Planners don't have that kind of time anymore, especially as they're being asked to take responsibility for more events. Additionally they're more comfortable researching event space online than ever before. Already 50% of meeting planners say the web is their primary channel for discovering venues. By being more transparent on pricing, amenities, and available accommodations, hoteliers can capture modern planners and drive this new category of group revenue.

Today, Kimpton Hotel and Restaurants give planners the option to book venues and catering online, even if the deadline is just five days out. It's a great first step toward an automated solution where planners can price match and comparison shop. It means you'll have the opportunity to accommodate more groups, and as a result boost RevPAR by filling more guest rooms.

Partner with Flexible Meeting Spaces

Most hoteliers prioritize corporate groups over local associations. Associations don't typically need guest-room accommodation and are less likely to ask for catered services. Beyond just booking a low value client type like this, no sales manager wants to be in a situation where selling out to a local association means having to turn down higher value corporate deals.

The good news is that today, hoteliers can offer more flexibility by artificially bringing more function space online. New co-working and temporary event spaces are coming online faster than ever before. Services including We Work and Convene are all capable of accommodating last minute events for small and mid-sized groups. Consider a partnership where they manage overflow by hosting events booked at the last minute. Odds are that the group submitted an RFP to your hotel first. Even if you can't play host to the event itself, you still have the opportunity to sell your available guest-rooms.

Use Guest Rooms As Leverage

Guest room availability can affect the overall value of a group deal, or even determine if the contract closes at all. You might find yourself in a situation where you lose out on a group (with potential to repeat) because too many guest rooms are already occupied.

So how can you make more rooms available? In the coming years you'll see that revenue growth will increasingly come as a result of group bookings. That puts hotels that don't have meeting space in a precarious position. Connect with hotels at your destination that can make up for the overflow, and also don't compete with your for meetings and events. By doing so you can continue to use guest rooms as the leverage you need to keep an event at your hotel.

Download Social Tables' Group Sales Playbook for 2017 to see why group business will drive revenue growth in hospitality over the next few years, and find out how you can prepare yourself and your sales team to take advantage of this trend. Learn from ten methods, tools, and partnerships that can help your property stay laser-focused on the highest value group deals.

About Social Tables

Planning the buffet, placing the mics, laying it all out — it’s not easy making the little details come to life. So in 2011, we set out to change the way events are sourced, designed, and executed by introducing better collaboration between planners and properties. Today, we’ve evolved Social Tables into an innovative platform offering the hospitality industry’s leading solutions for event sales, services, and group distribution. All to help the world create the best face-to-face events.

David Budimir
Social Tables