SURVIVAL STRATEGY: DIVERSIFY REVENUE

Meetings revenues make up a hefty chunk of an association's budget — one-third of associations say their meetings revenue constitutes 20 to 40 percent of their organization's total income, and many more say it could go as high as 50 percent or more, according to research conducted by the Professional Convention Management Association in conjunction with the University of South Carolina Hotel School.

In an audioconference PCMA held on October 5, planners brainstormed ways they could diversify their revenue streams. The challenge, according to PCMA Chairman of the Board James Youngblood, who also is CEO for the North American Society of Pacing and Electrophysiology, will be to find ways to reduce the budget to fit the reduced attendance and sponsorships situation, without at the same time reducing the experience for attendees.

For medical meetings, attendees' and exhibitors' unwillingness to travel post-9/11 is compounded by the need for senior physicians to stay home to cover medical needs in their communities. In addition, shows were hurting before 9/11 as corporate mergers and buyouts throughout the pharmaceutical industry reduced exhibitor presence on the show floors.

Another challenge outlined by Youngblood at the audioconference: Most of the growth in medical meetings over the past 10 years has been from international attendees, who, in the short-term anyway, are more likely to cancel. One association said it's sending weekly updates on travel in the U.S. to international attendees to help allay their fears. Some associations said they were contacting the organizations that held the biggest room blocks to gauge attendees' attitudes.

Communicating with attendees and exhibitors is key to the success of near-term conventions, said audioconference participants. Even associations that sent out press releases, took out ads in industry publications, and sent broadcast faxes and e-mails to announce that their events would not be canceled found that the rumor mill still churned with cancellation talk.

Youngblood said that associations must return to the core focus of their business: building community and uniting people around a common goal. He said that one way to address attendees' unwillingness to travel is to explore technology options that perhaps were not thought of previously.

Keep in mind, though, panelists warned, that audioconferencing and other technological meeting tools aren't free. You have to look at the cost-benefit analysis to see if a technology solution is feasible for your needs. (For more, see “Grounded!” page 55.)

Another possibility is to hold more regional events. Participants noted that while regional meetings work well for community-based purposes, they can't replace annual meetings, particularly those that represent international marketplaces.

Hotel cutbacks have led to worries that the hospitality industry won't be able to produce the needed level of service for near-term meetings, but participants said the hotels were willing to bring back workers to handle meetings and conventions in order to provide the same service as before September 11.

RSS Share

Want to use this article? Click here for options!
© 2012 Penton Media Inc.


Acceptable Use Policy
blog comments powered by Disqus

Search 125,000+ Venues

Search Meeting Space

Find Event Venues with Cvent

The Meeting Planning Blog

NEW! Capsules Latest Posts

Sign Up for Our Free E-Newsletters



Meetings Collaborative

Rate your experience with meeting venues and suppliers.

Facility / Hotel

 
Powered by: Meetings Collaborative

Latest Webinar

Beyond Marketing: What Else Social Media Can Do for Your Meetings
Thursday, May 24 | 2-3 p.m. EST

Most associations know that online social networks can be handy tools to spread the word about their meetings and events. But social media can do so much more than market. Our social media expert will uncover ways you can leverage social media to discover the educational content your members are craving, engage and energize your community, build relationships, and even simplify your meeting processes. Register Now!

VIEW ALL ARCHIVED WEBINARS

Recent Comments

Powered by Disqus

Back to Top

Explore Our Newsletters

On Medical Meetings


Meeting Planner Survival Guide

Whether you're a novice planner or a veteran, this compilation of must-read articles is your meeting planning resource.

Must-See Meeting Files

Visit the MeetingsNet expert-advice site, where we’ve got top meeting pros on camera answering a variety of your questions as well as a collection of educational—and sometimes offbeat—editors’ pick lists — from the top tech tools to the best books for meeting professionals.

Suppliers/
Facilities/CVBs

MeetingsNet makes it easy to find the CVBs, tourist boards, and facilities you need for your next meeting.

Deal Finder

Special offers brought to you by MeetingsNet.

Find A Job

Targeted to all aspects of the hospitality and special events industry.

SMM PORTAL

Your source for Strategic Meetings Management info and intelligence

Facebook   Twitter   LinkedIn   RSS Feed

Inside Current Issue

MM March 2012

March 2012

MM January 2012

Jan/Feb 2012

Nov/Dec 2011

Nov/Dec 2011

September/October 2011

July/August 2011

Browse Back Issues