Navigating convention center renovations, while a significant challenge, is a testament to the resilience of CVBs and convention centers. The potential rewards are considerable, and by embracing transparency and effectively communicating upgrade plans, we can turn potential obstacles into exciting opportunities.
Let’s delve into the top strategies and challenges that emerge throughout construction, showcasing our ability to adapt and thrive.
Renovation Revenue Roadblocks?
Convention centers take a financial hit when renovations roll in. Those rental fees from events and exhibitors? Poof! Gone (or at least reduced.) Renovations push events out the door, leaving the calendar (and the bank account) looking a little bare.
Don’t despair! There are ways for CVBs and convention centers to get creative and keep the money flowing during renovations. Here are some initial steps for a quick payday:
- Rent Out the Remainders: Not all renovations require shutting down the entire facility. Some convention centers can cordon off areas for smaller events while the rest gets a makeover. Every bit of rented space helps!
- Find Alternative Avenues for Income: Think outside the box (or toolbox)! Some convention centers get crafty and explore alternative revenue streams during renovations. For instance, consider deals with concessionaires to operate food and beverage stalls, partnerships with parking garages to offer discounted parking, or even selling naming rights to renovated spaces. Every dollar counts!
Now, let’s examine how to attract convention business during the renovation stages.
Leverage Alternative Event Spaces and Hotel Partnerships
Only some accounts will be willing to book events during expansion. However, your CVB can leverage alternative event spaces and hotel partnerships to continue attracting group business.
First, identify local venues that can offer alternative options for events that would typically take place at the convention center. Consider factors such as capacity, amenities, and proximity to the convention center. By offering a range of options, you can continue to attract group business even during renovations.
One option is to partner with local hotels with large event spaces, such as exhibit halls and ballrooms. These hotels can provide the necessary facilities to accommodate group events while renovating the convention center. You can work closely with the hotels to ensure they have the necessary amenities and resources to host successful events.
Additionally, explore other unique event spaces for various attendee counts. These include museums, theaters, outdoor parks, and historical landmarks.
Collaborate with Local Businesses and Attractions
Collaborating with local businesses and attractions is another effective strategy for CVBs to attract group business during convention center renovations. These partnerships can create unique and engaging experiences for groups that go beyond the traditional event space.
Work with local restaurants and catering companies to offer special menus and dining experiences for groups. Think customized menus, themed dinners, and even cooking demonstrations.
Additionally, CVBs can partner with local attractions and entertainment venues. They can arrange group discounts and special access to distilleries, theme parks, tour companies, and other cultural attractions.
Pricing and Packaging Strategies Amid Construction
Strategic packages can help maintain group business during renovations. Some groups book during construction, while others secure post-construction events. If your teams get pushback from planners, it might be time to whip out some perks.
1. Exclusive Incentives for Early Bookings: Incentivizing early bookings can strategically secure group business following renovation periods. Exclusive access, flexible cancellation policies, or additional perks such as free upgrades or VIP treatment can make booking during renovations more attractive.
Tailor incentives to your target groups’ specific needs and preferences, and communicate these offerings through targeted marketing efforts that illustrate your brand’s helpful and innovative nature.
2. Special Discounts for Renovation Period Bookings: Special promotions can encourage groups to choose your destination despite the convention center’s temporary limitations. Consider discounted rates or packages for groups that choose to host their events during the renovation period. CVBs can work with hotels, event spaces, and other vendors to negotiate special rates and exclusive deals for groups.
These value-added benefits can differentiate the destination from competitors and make bookings during renovations more attractive.
Embracing Transparency: Communicating Upgrades Effectively
Renovations and expansions can be delicate for CVBs and convention centers. But clear communication turns a potential drawback into an exciting opportunity.
Inform clients about upcoming upgrades and their timing clearly and concisely. This way, they can understand how these upgrades will enhance their future events. Sales and commercial teams can build trust and strengthen client relationships by sharing a simple story of progress and improvement, emphasizing the benefits these upgrades will bring.
Moreover, regular updates can serve as a touchpoint to re-engage with past clients and ignite interest among new ones. Share progress updates on social media or a section on your website to keep your audience engaged and excited.
Highlight the Benefits: Why Renovations Are Good News for Event Planners
Renovations are more than just a facelift; they represent the future of event hosting with upgraded facilities and enhanced services.
While the physical space is under construction, CVBs can focus on marketing and sales efforts. Tout those fancy new features of the renovated facilities to attract future conventions.
Highlighting the new state-of-the-art technology, increased capacity, and modern amenities that the renovations will bring can help event planners envision the potential of our spaces.
Positioning these upgrades as an enhancement to their event experience can be a persuasive argument for planners looking to offer the latest and best to their attendees, sparking their excitement and optimism for future bookings.
However, prepare to disclose how the renovation plan includes measures to minimize event disruption.
Utilize Virtual Tours to Showcase Future Potential
Virtual tours or renderings are a compelling tool to help clients visualize the result of your renovations. By providing a digital walkthrough of future spaces, you can spark the imagination of event planners and help them see the potential of your venue.
These tours can be an integral part of your marketing strategy, giving visitors a glimpse into the innovative features and spaces that will soon be available.
Use Data to Understand the Accounts that Fit Your Market During Renovations
Data-driven CVBs utilize data analytics during convention center renovations to understand the types of accounts that align with their market. By analyzing data and trends, you can identify the groups most likely to be interested in hosting events during the renovation period. This strategic approach will help your audience feel well-informed and confident in our decision-making process.
First, examining historical data on past events and groups visiting your destination is important. This will provide insights into the industries, segments, and preferences of groups that are a good fit for the city. Understanding the target market will enable teams to tailor marketing and outreach efforts to attract similar groups during the renovations.
Additionally, conducting market research and reviewing industry reports can provide valuable information about the overall group business landscape. This may involve analyzing trends in event sizes, industries, and geographic locations.
With an account-based selling approach, platforms like Knowland empower CVBs to confidently identify and secure convention business. During renovation periods, Knowland’s data-driven insights can pinpoint which groups are most likely to be interested in your market’s specific offerings, even amid construction. Learn more about our features and speak to an expert today!