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Four big technology opportunities for hotel owners and operators
According to a recent Encore Pulse survey, 93 percent of meeting and event professionals want to provide an immersive event experience for their participants. That means they expect venues to have a technology infrastructure in place that’s more sophisticated than ever.
At this point, post-pandemic meetings still tend to be larger, with corresponding budgets to match. That means instead of several $5,000 or under meetings you are probably taking orders for events with budgets that top $100,000. Leverage that increased profit margin to upgrade your venue’s technology infrastructure. If you make the suitable investments now, you’ll be able to serve the current appetite for immersive event experiences and be prepared for the demands of small meetings when they return in full force.
Here are four opportunities that will generate the most return on investment (ROI) for hotel owners and operators.
Opportunity No. 1: Venue-wide internet and power infrastructure
Robust technology infrastructure and power networks are the first areas in which hotel owners and operators should invest. The younger generation consumes information differently than previous generations. They want second screens, streaming content and content delivered on-demand. Meeting and event participants also want to get outside; they don’t want to spend all day in the ballroom.
Meeting and event professionals are paying close attention to this shifting participant needs because it impacts the return on experience and returns on emotion (ROE) their events generate. They know a high ROE results in repeat business – for their next event and your hotel.
That’s why hotel owners and operators need to provide venue-wide internet and power infrastructure. Whether a meeting happens in the ballroom, on the front lawn, in the onsite restaurant, or poolside, your hotel should be able to deliver the desired meeting experience.
Opportunity No. 2: Technology upgrades and installations
Technology continues to improve. That’s why it’s important to protect the technology investments you make by partnering with a proactive event technology company. The right partner will propose how you can continually refresh items such as equipment, network infrastructure, rigging points and power distribution systems. Consistently staying on top of these minor upgrades prevents your hotel from feeling outdated. Incremental improvements are also more cost-effective than doing a major refresh every 10 years.
Event technology partners can also provide guidance on how to maximize your return on investment on permanent technology installations, such as LED screens, which can generate additional revenue through sponsorship/ad sales and meeting add-ons.
Opportunity No. 3: Network upgrades
Event booking windows are shrinking; therefore, venues have faster event turns. If an event is happening in three days, meeting professionals are asking hotels to do a lot in those three days. That’s where network upgrades can work in your favor. When you upgrade your network, it sets the stage to deliver faster, more reliable services. This not only meets increasing customer demands but also helps you turn meetings faster.
When you partner with an event technology partner who can help you through those tight turns, your profitability increases. Event technology partners must also be positioned to enhance the event experience by leveraging the resources available to them inside and outside of your hotel.
Opportunity No. 4: Invest in Event Technology Support
Regardless of how fast technology advances, hospitality will remain core to the hotel industry. In addition to an event technology partner who’s operating equipment, monitoring networks, inspecting and monitoring your systems, you need onsite teams well-versed in customer service.
Technicians are on the front side of the event participant experience. That’s why Encore invests in our people and has proactively committed to being an employer of choice. We know that delivering seamless technology event experiences is essential, but it’s also important to take care of the event customers and their meeting participants. You want an onsite team that reflects your venue’s values and is well-trained to deliver the level of service your customers expect.
There’s never been a better time to invest in your property’s technology infrastructure, network, and power systems. Keep up with shifting event trends and future-proof your venue by partnering with a trusted event technology provider. Doing so will ensure your hotel is prepared to meet the increasing demands of your meeting and event customers.
Written by:
Mike Stengel
Encore Senior Vice President of Strategic Partnerships and Venue Relations