5
Academic Venues
Enabling academic
venues to succeed
Martin Coles, head of marketing, Kinetic Solutions,
highlights the benefits of focusing on missed opportunities
ost conference
operations are looking
for ways to increase
their revenue by
offering new services or raising
rates. However, there is one activity
that the best venues use to
positively affect revenue streams:
enquiry tracking.
A surprising number of conference
operations don’t do this at all. The
lead is often reviewed for viability,
space availability is checked and if
they’re not booked, they are simply
turned away with no record of their
request. Even worse, some
enquiries are left completely
unanswered.
There are four reasons why the
most successful venues focus on
the missed opportunities that have
the potential to generate maximum
revenue.
Recover lost opportunities
Collecting as much information as
possible is vital. This will not only
allow lost opportunities to be
converted, but in cases where other
business has previously been
turned, the opportunity that will yield
the greatest revenue can be
identified.
Retain customers
Tracking enquires means it’s simple
to identify customers that have
requested to rebook. It’s easy to
spot regular customers who have no
future bookings, allowing proactivity
and affirm their intent to rebook or
determine their intent to leave.
Kinetic
energy
Kinetic Solutions
is sponoring
2018’s
Academic Venue
Awards.
The company
works to provide
solutions for
academic
venues across
the UK, ensuring
clients get the
most of our their
business leads.
www.conference-news.co.uk
Influence change
Tracking the estimated value of
the business, when lost, and the
reason why is important.
Calculating the value of the lost
business by each reason means a
possible solution can be proposed.
Not all business is good
business
Most venues will have a mix of
customers whose revenues range
from low to high. However, just
because a customer has high
revenue does not always mean
they are worth keeping.
Tracking enquiries may appear
to be time-consuming. However, it
collates important data necessary
for making the best decisions for
the academic venue.