The importance of events in the hospitality industry is undeniable. Whether focused on music, sport, learning, or luxury — events generate massive revenue and change how businesses, hospitality organizations, and resorts operate.
According to the EIC Report, events generated one trillion dollars in direct, indirect, and induced expenses for the US hospitality industry alone in 2018. Thus, the event planner, hotel owner, banquet room manager, or restaurant owner— all strive to make events successful from their client’s, guest’s, and their own perspectives.
Wondering what you need to make your next event a success? Read on to find out more!
Key Factors Fueling the Growth of Events in the Hospitality Industry
The hospitality and event management industries have grown significantly over the past decade, and this trend will continue. The key factors driving this expansion are:
1. Technological Advancements
Technology plays a significant role in the growth of events in the hospitality industry. Virtual and hybrid events, live streaming, Augmented Reality (AR), Virtual Reality (VR), and social media have made planning and management easier for hospitality events.
2. Rise of Experiential Marketing
Hospitality businesses increasingly recognize the value of creating memorable experiences for their patrons to build brand reputation and foster customer loyalty. Events are a crucial tool in experiential marketing, which has led to increased demand for creative and unique events.
3. Emergence of Dedicated Ticketing and Event Management Sites
Dedicated platforms such as Yapsody have significantly simplified the process of planning, organizing, and promoting events. These platforms offer event hospitality solutions for online ticketing, seating arrangements, event promotion, and more, reducing the logistical challenges associated with event planning and management.
They also offer a marketplace that makes it easier for people to discover and attend events, increasing audience reach for event organizers. The rise of such dedicated platforms has significantly contributed to the growth and effectiveness of events for the hospitality industry.
The Benefits and Importance of Events in the Hospitality Industry
While events are a surefire way to boost revenue, in this section, we will further explore how they are important for various hospitality businesses such as casinos, museums, pubs, and hotels.
Casinos can host several events, such as poker tournaments, themed parties, music concerts, and magic shows to attract visitors. These events can draw more people to try their luck at the gaming tables and become sold out!
Moreover, many casinos have restaurants and bars where attendees might dine or enjoy drinks before and after the event, increasing overall revenue for the house.
Museums can host events like exhibitions, lectures, film screenings, or workshops. Such events not only drive ticket sales for the event but also increase general admission sales as attendees decide to explore other exhibits.
Moreover, many museums also have gift shops and cafes, providing further opportunities for revenue generation.
Pubs can host trivia or karaoke nights, live music, stand-up comedy, or sports screening parties. These events attract patrons who will purchase food and beverages throughout the event, increasing the overall revenue generation of the venue.
Hotels have the space and facilities to host conferences, corporate events, and workshops. These events can drive revenue through room rentals (if the event attendees are from out of town) and food and beverage sales.
How to Organize a Hospitality Event? Essential Tips for Success
Organizing a hospitality event requires stellar organizational skills and a detail-oriented approach. Here are some crucial hospitality event management tips to host a successful event:
1. Understand Your Audience
The first step is to understand who your audience is and what they expect from the event. This information should guide all your hospitality event planning and decision-making.
2. Define Event Goals
Whether it’s to increase brand awareness, foster community relations, or generate revenue, clear goals will help guide the planning process and help you measure the success of your event afterwards.
3. Create a Budget
Outline all the potential costs associated with the event, including venue rental, catering, entertainment, marketing, and contingency funds for unexpected expenses.
4. Select the Right Venue
The venue should be convenient for attendees, and it should also have the necessary facilities and amenities needed to conduct the event. Consider factors such as size, location, availability, cost, and the services the venue provides before final booking.
5. Plan a Marketing Strategy
Depending on the audience, you should use social media, email newsletters, display ads, and other marketing channels to promote the event. Just make sure to start marketing early and consistently to maximize attendance.
6. Coordinate Logistics
This includes everything from arranging for parking, setting up the venue, coordinating with vendors, planning the agenda, and ensuring there’s a plan for event registration and check-in.
7. Excellent Food and Beverage Service
In a hospitality event, the quality of food and drink is often the most crucial factor in the guests’ overall experience. Cater to a variety of dietary needs and preferences, and ensure service is smooth and efficient.
8. Provide Engaging Entertainment or Activities
Keep your guests entertained and engaged with suitable entertainment and activities. This could be live music, a speaker, a DJ, games or interactive sessions, depending on the nature of the event.
9. Staff Appropriately
Make sure you have enough staff to handle the event and that they are all properly trained and briefed. Remember, good service is imperative for enhancing the guest experience.
10. Follow Up After the Event
Send thank you notes to attendees and vendors, request feedback, and post-event highlights on social media to strengthen relationships and gather valuable information for improving future events.
Deliver an Exceptional Event Experience
Presenters need to ensure that everything goes according to plan. The guests are welcomed, entertained, and satisfied beyond expectations. And, what could be a better option to streamline the hospitality event planning process than Yapsody’s online ticketing and event management platform specifically tailored for the industry?
With 14+ payment gateways integrations, various ticket delivery methods through YapTickets, email, apple wallet, printed tickets, different payment methods via online, cash, POS, mobile/QR code scanning, pre-event survey, event marketing, reporting, and analytics tools — Yapsody is your best partner to build trust, loyalty, and reputation for your hospitality brand.
So what are you waiting for?
Create your next hospitality event on our platform today to deliver a seamless experience and sell out faster!