Event planning comes with a plethora of responsibilities, and one crucial aspect is managing room blocks efficiently. To streamline this process and enhance guest satisfaction, event housing software has become an indispensable tool for modern event planners. However, budgeting for such software requires careful consideration.
In this blog post, we will explore effective strategies to budget for event housing software while offsetting the investment through various benefits.
When budgeting for event housing software, it’s essential to understand the associated fees. Look for a software provider that offers transparent pricing structures and aligns with your budgetary requirements. What are the annual fees? Do you pay per room night or reservation? Consider your average length of stay when comparing a room night to a reservation fee. Are there any additional costs for support hours? Are there any ongoing transaction fees if collecting money from your guests? Make sure to factor in these fees when calculating the overall investment.
Event housing software may allow you to create new revenue streams. Meetingmax’s software offers a free integration with Stripe which allows you to monetize the booking process. There are a variety of options available to collect revenue in Meetingmax including booking fees, deposits, reservation penalties, and tiered cancellation fees. The addition of one or more of these can quickly offset the investment in event housing software.
Consider a nominal increase in registration fees to offset the cost of event housing software. Communicate the value of enhanced guest experience and streamlined room block management that the software brings, thus justifying the slight fee increase. Ensure the added value is well-communicated to attendees.
Event housing software often provides a direct bill option, allowing you to pass on the booking fees to your guests. By doing so, you can alleviate some of the financial burden associated with the software while providing a convenient booking experience for attendees. Communicate the direct billing process to your guests transparently to maintain a positive experience.
One of the significant benefits of event housing software is its ability to increase bookings within the designated room block. With streamlined reservation processes and improved accessibility, attendees are more likely to book within the block, which can lead to increased rebates and commissions. These additional earnings can offset the initial investment in the software.
Utilizing event housing software enables you to gather valuable data on past room block pickup. This data can be used as proof of your event’s buying power in host cities. When negotiating future contracts with hotels and venues, this evidence of room block success can give you increased leverage, potentially leading to more favorable rates and terms. Such advantages can save you money and balance out the investment in the software.
One of the significant advantages of implementing event housing software is the time-saving and improved efficiency it offers. By centralizing all guest reservation information in a single database, event planners can streamline the entire reservation management process. Some examples of this include:
Event housing software provides robust reporting capabilities that allow event planners to access real-time data and analytics. With just a few clicks, you can generate detailed reports on room block pickup, attendee demographics, booking patterns, and more. These insights enable you to make data-driven decisions, identify trends, and optimize your room block management strategy for future events.
Gone are the days of manually managing spreadsheets and handling individual reservation requests. Event housing software automates the reservation process, enabling attendees to book their accommodations seamlessly through a user-friendly interface. This streamlines the entire process for both event planners and attendees, eliminating the need for time-consuming back-and-forth communication and manual data entry.
Event housing software serves as a centralized hub for all guest reservation information. It allows you to store and access details such as room assignments, special requests, and check-in/check-out dates in one secure location. This eliminates the risk of misplaced or lost information and ensures that you have a comprehensive overview of guest accommodations at all times. By leveraging these time-saving features and improved efficiency, event planners can redirect their efforts toward other critical aspects of event management. The automation and streamlined processes offered by event housing software not only save valuable time but also reduce the potential for errors and enhance overall productivity.
Budgeting for event housing software requires a strategic approach that balances costs with the potential benefits. By considering factors such as booking and cancellation fees, nominal increases in registration fees, direct billing options, increased bookings within the block, and leveraging buying power, event planners can offset the initial investment.
Embracing technology to streamline room block management not only improves guest satisfaction but also saves time, increases efficiency, and strengthens your position when negotiating contracts with hotels and venues. As the industry continues to evolve, investing in event housing software is a wise choice for event planners aiming for long-term success.
We created a basic revenue calculator for our clients to highlight the financial impact their work can have on their business. This revenue calculator tallies the four most common event housing revenue streams:
Access the tool below to input your event information (room nights, reservations, average hotel rates, expected cancellations), and play out various A/B scenarios to see what makes the most cents (get it?) for your events. Adding a nominal service fee could generate thousands more in revenue to offset costs or bring in profit.