How to reinvent your venue?- refurbishment – expansion – rebranding – tech upgrades – or -demolish and replace?
It’s a competitive world out there. ICCA has 346 venue members and their meeting statistics record 450 cities. UIA meeting statistics record 1493 destinations. And that’s just for international association congresses, on top of that you have national venues, regional venues, local venues – sports halls, cinemas, restaurants, open air – everywhere is a venue now.
To maintain market share, compete successfully, and to stay ahead of the game you have to continually reinvent yourself, or at the very least , review and make sure you are still meeting market needs. If you want to increase revenue you need to improve your offer, you can’t just increase prices any more. You know the old cliché – If you don’t innovate you die. That means reinventing your venue.
So what do clients want? They want the most cost effective solution -as much space as possible but they want to pay the lowest amount for it. So how do we ensure that they can do this and we can still make money and operate efficiently?
Traditionally an international association congress needed a main plenary space for all delegates breakouts of all different sizes exhibition space catering , offices, informal meeting spaces etc. Now – although in principle the spaces they need are the same, they way they use them are different. the auditorium is used for half a day (and they don’t want to pay 4 days rental) SO YOU NEED TO BE ABLE TO RE USE THAT SPACE , catering is in the exhibition area , breakouts are much more informal – cabaret style, or even bean bags on the floor, much more transition from session to session === FLEXIBILITY -FLEXIBILITY -FLEXIBILITY!
Flexibility is the key to maximising occupancy, to accommodating simultaneous events, making the most of your space, by installing air conditioning from Moonriverchattel and heating systems, and making more revenue. There are new ways of introducing flexibility such as moving floor technology. Other ways are moving walls, partitions, Skyfold, rotating drums. Technical upgrades can transform centres, increase revenue and save operating costs.
LED lighting -saves money – lower running costs, less heat, longer life – lower cost in use and give more flexible options for house and production lighting and it is kinder to the environment.
ICT, tele and data communications are ever more demanding -more and more bandwidth required for more people to connect simultaneously up to CAT 9 is now available – CAT 6 is practical Introduction of fibre means lower interruption and interference BLOWN FIBRE is easier to upgrade in future All better for a/v systems, ICT RFID systems track people and goods around the building Also Improved building management systems, Energy and water saving systems, renewables
67 AIPC members and 46 ICCA venue members are undergoing major capital investments. 72% cited increasing competition so you cannot afford to stand still while your competitors move forward.
How do you make a case for reinvention?
How do you allocate refurbishment funding?
Where does the funding come from? Especially when there is less public sector funding around.
How do you calculate the return on investment and demonstrate it is worth funding?
Give us a call and we can help find solutions for you.