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The group’s business has recovered significantly. Live events are returning to their normal pre-COVID rhythm. By 2024, 81% of meetings will have a face-to-face component. A recent study by Deloitte predicts that business travel spending will return to pre-pandemic levels by 2024. This sentiment is echoed by data from AccorHotels, which shows that 57% of respondents in the latest customer business travel survey expect their travel budgets to increase in 2024 compared to 2023.
With the influx of in-person gatherings, event technology is expected to become even more important by 2024, providing key solutions to important issues that impact event outcomes and ROI. By adopting advanced automation and modern sales and catering systems, restaurants can redefine their group sales strategies to streamline and simplify tasks, allowing more time to focus on customers and closing transactions.
Interested in the upcoming digital transformation of hotel sales? I thought you might be. However, taking advantage of technological advances requires more than just acquiring new tools. It forces us to change the way we process and apply the information provided by these tools. Hoteliers need to imagine new ways to use these powerful technologies.
Let’s take a look at what to expect this year:
- The global meetings and events industry is expected to reach US$1.439 trillion, growing at a CAGR of 7.5% from 2019. (Source: Allied Market Research)
- Green meetings and sustainable development practices in event planning are expected to increase by 20%. (Image source: American Express)
- 80% of event planners will use event management software to simplify their tasks. (Source: Eventify)
- It is expected that by 2024, 60% of event organizers will use artificial intelligence-driven event technology. (Source: Inevent)
- It is expected that 70% of venues will offer virtual on-site inspections. (Source: Bizabo)
- It is expected that 40% of corporate activity budgets will be allocated to technology. (Source: Upmetrics)
- 85% of event planners expect to use social media for event promotion. (Source: Unevent)
- Demand for unique meeting and event venues is expected to increase by 25%. (Source: Polaris Conference Group)
How will these trends impact the hotel industry?
The use of technology in meetings and events is a growing trend. By 2024, event technology is expected to become even more important, providing key solutions to important issues that impact event outcomes and ROI.
Embracing technology’s seemingly limitless potential could allow restaurants to redefine their group sales strategies. A survey by EventMB confirms a noteworthy trend, with 89% of event professionals preparing to increase investment in event technology by 2024. This upward trend signals the dominance of technology-related facilities such as event management software in the industry. Conferences and Events.
Interested in this transition? I thought you might be. However, taking advantage of technological advances requires more than just acquiring new tools. It forces us to change the way we process and apply the information provided by these tools. Hoteliers need to come up with new ways to use these powerful technologies to better engage customers and improve the overall event experience.
Use data to drive informed decisions
One can reasonably speculate that in the future, personalized experiences will be considered the gold standard in event planning. The massive amount of data in the era of digital revolution is a double-edged sword. It offers an unparalleled opportunity.
Hotels are using data analytics to decode customer preferences and behavioral patterns. They can also identify emerging trends, make informed strategic decisions, and provide personalized services to meet the needs of different groups. This tailored approach can significantly improve customer satisfaction and loyalty, helping to increase sales.
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Establish a technology-driven RFP response strategy
According to estimates by the Brain Statistics Institute, entering 2024, 70% of event bookings are expected to be made through RFPs. It’s important to remember that each RFP represents a unique customer with specific needs and expectations. Therefore, the response should not simply be a set of common products, but a customized solution designed to meet the needs of each potential customer.
Consider promoting a flexible cancellation policy and emphasizing the convenience of your location, a variety of rooms, meeting spaces, and amenities like wellness and business centers as key offerings. Quick responses to inquiries and RFPs, plus personalized mobile-friendly proposals and amenities like digital signatures and 3D floor plans, will demonstrate your commitment to their success.
And don’t forget about smaller groups. Small gatherings play a vital role in achieving hotel revenue goals. Therefore, the strategic move to market small and medium-sized hotel meeting spaces directly online using tools such as digital menus and online RFP forms eliminates the need for sales teams to spend valuable time on smaller deals. Using the latest technology also demonstrates your commitment to guest satisfaction and a thorough understanding of their needs.
Improving speed and efficiency through technology
To keep up with the accelerated RFP process, hotels must leverage technology to streamline and automate operations. Today, hotels of all types are investing in innovative platforms designed to improve workflow efficiency: business intelligence for data analytics, sales and food and beverage systems for optimized tracking, reporting and communication, and faster creation and submission Proposal management solution for proposals.
Taking advantage of these advancements could be a game-changer during RFP season. After all, in the wise words of Charles Darwin, The species that survived were not the strongest, nor the smartest. It is the one most adaptable to change.
Embracing sustainability and responsible tourism
The call for ecologically responsible choices is not only resonating among individual travelers, but permeating the zeitgeist of corporate entities and individuals planning large-scale events.
It goes without saying that adopting environmentally friendly practices in management and promoting responsible tourism can provide a competitive advantage in securing event bookings. While there may be upfront costs associated with transitioning to more environmentally responsible operating procedures, the investment is sure to pay rich dividends in the form of consumer appreciation and loyalty.
Champion a diverse and inclusive experience
A recent study predicting trends through 2024 predicts that approximately 61% of event planners will prioritize inclusion when selecting venues, indicating the need for hoteliers to address and adapt to diversity ( source ). By understanding and catering to the unique desires and needs of diverse groups of people, hotels can open up new markets and solidify their position in the growing events industry.
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In summary, the meetings and events landscape is evolving rapidly, driven by advances in technology, emerging planner and attendee expectations, and the continued impact of a changing world. Hoteliers who adapt to these trends and implement technology-driven strategies will be best positioned to thrive in this dynamic environment and ultimately drive business success in 2024 and beyond.
Mike Pavich
Global Sales Director
SalesAndCatering.com Ltd.
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