With another year almost under our belts this is a good time to reflect on the good things and not so good things that have occurred over the last 12 months. This is also the perfect time to consider looking at different ways to attract new customers to your venue. One method is to look at your business and see where you have the ability to make some minor tweaks that could turn into major gains. One solid idea is to consider adding a complete meeting package to your pricing options. What is a complete meeting package or as the industry insiders call a CMP? Basically, it is a per person rate that combines the meeting, eating, AV, and/or sleeping costs together into one convenient package for your customer. It is similar to the tactic used by those large satellite TV companies such as Dish and Direct TV where they give you 800 channels with the premium channels thrown into the deal. Another example is Subway’s meal deal where a customer can grab a six inch sub, soda and chips for one low price. Regardless if your are a sub shop or a conference center the secret to introducing a successful meeting packaging strategy involves bundling your resources/services together in a way that clearly offers your customers a special incentive such as a price break they wouldn’t get by purchasing the items separately. Here are some reasons why the CMP is worth considering:
- Most professional meeting planners prefer this option since it makes the billing simpler and all around is more convenient when planning an event
- The perceived value is higher since you are packaging multiple services together into one
- Many organizations that plan conferences will only look at venues that offer this type of package pricing which could open your venue up to new customers and market segments you’ve not been able to break into previously
- It virtually eliminates the nickle-and-diming perception some customers tend to gripe about because everything is included in the per person price
- You will experience a jump in revenue because more items are getting purchased all in one go
- This is a business strategy that doesn’t cost you anything to introduce, so what do you have to lose?
Now just because you start offering a CMP don’t think your phone will start ringing off the hook. You need to make sure you promote this offering through social media outlets, B2B functions, website, and your blog of course. Also, for those existing customers that are unfamiliar with the package option it’s worth educating them on some of the benefits this new option offers that the more traditional A la Carte pricing doesn’t. You may find that your existing customers might also prefer this option which indirectly increases your customer satisfaction levels. Finally, if you are a venue that only offers day meetings you may opt for a DMP or a Day Meeting Package which simply removes housing from the pricing equation. For more information about the CMP check out this article posted on the Meetings and Conventions website.