These are the top concerns we’re hearing from event professionals: I need to save money. My budget has been cut. I need to do more work with a smaller team. How can event tech companies save on costs while reducing workloads?
Meetingmax’s room block management software is designed to help event planners and organizers efficiently manage hotel accommodations for their events. The software can contribute to cost savings and increased efficiency in several ways.
Here are some tips on how to make the most of Meetingmax to save money:
-
- Negotiate Better Hotel Rates:
Use Meetingmax to track historical data on room bookings and occupancy rates. This information can be valuable when negotiating rates with hotels for future events. You’ll have a clearer understanding of your room block needs and can negotiate better deals based on your past performance.
- Optimize Room Block Sizes:
Analyze the data provided by Meetingmax to optimize the size of your room blocks. Adjust the number of reserved rooms based on past attendance patterns to avoid overcommitting and potentially incurring attrition fees.
- Avoid Attrition Fees:
Meetingmax can help you monitor your room block usage and make real-time adjustments. By staying on top of your room block numbers, you can avoid attrition fees that hotels may charge if you fall short of your agreed-upon room block. If you meet attrition at one property you can close down bookings there, encouraging attendees to book at your overflow hotels and ensuring you meet your minimum commitments across the board.
- Increase Attendee Satisfaction:
By using Meetingmax to streamline the hotel booking process for attendees, you can enhance their overall experience. Satisfied attendees are more likely to return for future events, and positive feedback can attract more participants, indirectly contributing to cost savings.
- Improve Communication:
Efficient communication is crucial. Meetingmax allows you to communicate directly with attendees regarding hotel accommodations. Clear communication can help avoid misunderstandings, cancellations, and last-minute changes that could incur additional costs. You can include custom messaging at each step of the reservation process, and you can even customize the verbiage per sub-block or attendee track. Additionally, you can schedule internal reports, such as room block pickup, to automatically send to key stakeholders so everyone is aware of how the block is performing.
- Centralized Data Management:
Meetingmax allows you to keep all relevant information in one place. This can reduce the risk of errors, such as double bookings or discrepancies in room assignments, which could lead to additional expenses. Helpful features include the duplicate reservation checker, the ability to import rooming lists to create mass reservations, and having all historical data in a central database versus multiple spreadsheets.
- Track Expenses & Income:
Use Meetingmax to track and manage expenses related to room blocks. By having a clear overview of your accommodation costs, you can identify areas where you might be able to cut expenses or negotiate better deals in the future. You can also track all of your hotel rebates & commissions in real-time. Additionally, you can monetize the booking process through booking fees, cancellation fees, or late change penalties, creating brand-new revenue streams.
- Increase Bookings Inside Your Block:
By streamlining the booking process and making it easy for attendees to secure their preferred accommodation, you will inevitably see an increase in your room block pickup. Our clients are often able to offset the software investment through increased commissions and rebates. As noted below, one client saw an 18% increase in their room block pickup by using Meetingmax’s software.
Remember that while Meetingmax can be a valuable tool in your event planning arsenal, effective cost savings also depend on your hotel negotiation skills, strategic planning, and understanding of your event’s specific needs. Regularly analyze the data provided by Meetingmax to make informed decisions and continuously improve your room block management strategies to save money.
