Wednesday, November 13, 2013
Tuesday, July 30, 2013
IACC has released the 2013 Edition of "Trends in the Conference Center Industry" and they are now on sale on the IACC Website at Benchmarking Surveys.
This year's trends report gives clear signs that IACC Conference Centers are experiencing recover and outperforming the broader hotel sector in relation to occupancies and profitability.
Demand for Conference Centers grew and so did average rates, with Executive style Conference Centers performing better than average with an ADR increase of 5% over the previous year. This led to a higher than average rise in rates compared with the hotel industry average in 2012, indicating conference centers are in vogue and the choice of Meeting Planners.
The report, compiled by PKF Hospitality Research on behalf of IACC, showed that Executive Conference Centers enjoyed the greatest gain in occupancy during 2012, growing on average 7.3%. Dave Arnold, CEO of East PKF Consulting commented "Our results this year indicate that a long awaited recovery is taking place for those centers positioned to do so. Corporate meetings have proven to be the last segment of the market to claw back to some semblance of former glory".
There is a saying that 'Turnover is Vanity and Profit is Sanity'. In 2012, IACC Resort Centers achieved the highest profits on a dollars per-available-room basis. On average, Operating Profits increased 14.5% during 2012 and in 2012, Residential Centers enjoyed greater gains in Net Operating Income (NOI) compared to comparable transient hotels.
In 2012, Executive Centers achieved the greatest increase in profit margin, increasing by 27.4%.
Mark Cooper, IACC's CEO commented "With improving margins and greater stability on the marketplace, we expect to see our members investing further in their conference environment for their clients. It will be our aim to provide our members with knowledge, trends and research to help them make the very best choices as they further development their services and facilities".
The PKF Trends report is a valuable resource for any conference center operator and the report also provides valuable insights into financial statistics for salary levels, operating expenses, package breakdowns and revenues. A must for good revenue and cost management. With increasing numbers of non-residential conference centers taking part in the IACC Trends in the Conference Center Industry survey, it contains valuable data for this growing conference center type.
Pick up your copy of the 2013 Edition by visiting the IACC Store.
Tuesday, March 19, 2013
- Matures: When pitching a meeting planner of the mature generation, provide details on business-friendly guest rooms, spaces that are conducive to learning and collaboration as well as off-site activities that are within walking distance of the venue.
- · Baby Boomers and Generation X: Promote your Wi-Fi capabilities. Like matures, these generations are also interested in spaces that are conducive to learning and collaboration. They are apt to decline a facility for inadequate meeting space (size/quality/layout) as well as cost and/or excess charges.
- · Generation Y: The top two reasons that this generation is likely to decline a facility are the same as baby boomers: inadequate meeting space and cost/excess charges. However, Generation Y cares deeply about the appeal of the destination, so it is beneficial to share entertainment and evening activities that are available off-site. In addition, this younger generation is interested in space that provides the ability to recognize key performers, so if you have a stellar set up for an awards banquet, make sure to highlight that in your discussions with this generation.
Tuesday, March 12, 2013
- What is your strategic pricing plan for your banquet and catering menus compared to your competition in all meal periods?
- Have you calculated your retail opportunity average check and is so, how often does is vary from your actual performance?
- What is your acceptable variance factor between retail opportunity average check and actual average check?
- How do you measure variances in average checks by market segment to maximize revenues?
- What is the menu audit process to evaluate the efficiencies in your property's space management system? Has an audit been completed within the past 12 months?
- How is the information from a space management system audit used by your team to maximize banquet and catering revenue generation?
- What percentage of menus is manually entered on BEO’s? What practices do you employ to minimize manual entry?
- How do you determine banquet and catering minimums and adherence to the guidelines to ensure profitability is not compromised?
Tuesday, January 29, 2013
Monday, January 7, 2013
Lindsay Pollak will explore topics such as how to:
- Build an impressive and “discoverable” LinkedIn profile that achieves the results you desire
- Grow and maximize your professional online network
- Drive more traffic to your property’s LinkedIn Company page
- Use proper LinkedIn etiquette and avoid online networking mistakes
- Receive expert answers to your LinkedIn questions
Thursday, January 3, 2013
Video, what was once considered a rather high-end medium to showcase your property, is now becoming an expected marketing tool. In fact, video has become one of the fastest growing segments of the internet. Search engines are even providing video clips in results. The good news is that barriers to developing quality videos are being broken down with advancing technology. This is a great time to take advantage of the opportunities video offers to engage people and highlight the many unique features of your property, building both your brand and your sales. This session will highlight the components of developing a successful video strategy for marketing a property and discuss the myriad of tactical considerations.
In this IACC conference session with Dan Swartz, SVP Interactive Marketing and Analytics, Upshot, participants will walk away with knowledge about:
- How to develop a comprehensive video strategy
- How to effectively create and leverage property video assets for marketing purposes
- Extending visibility of video assets in social networks
- Creating and managing online video channels that encourage meaningful participation
Wednesday, January 2, 2013
According to the US Bureau of Labor Statistics, 70% of all jobs are found through networking. We are talking good, old-fashion conversations with older and more experienced executives. These folks are able to help you get noticed. The baby boomers are not the enemy, and most times willing to help.
- If your boss is a company veteran, get them on a topic about an old holiday party. That “back in my day” nostalgia can pay off later.
- Don’t leave early! If a training class ends 45 minutes early talk a few colleagues into a cocktail. You were planning on being there anyway; use the time to grow a connection, hopefully more than one.
- Avoid negativity at all costs. A bad comment about a colleague could offend someone in the group. You could lose allies without knowing it.
- Avoid pointing out the sleeping person if their boss is present. If the boss is not there, it is free game and highly amusing!
- Go to a business after-hours event at your Chamber or local business association. In an environment created for networking, watching veterans is the best training.
- Keep an almost empty drink in your hand as long as you can. You leave an opening for a person to refill that glass. You also give yourself an out to do the same.
- Be interested, not interesting.