Instant Availability and Prices: The Evolution of Event Booking

Have you ever wondered if our industry is truly ready for the leap to instant booking, or if we might need a crucial stepping stone first?

In my previous newsletter, we delved into the transformative world of instant booking for meetings and events.

If you missed it, you can catch up here.

Today, I am taking that conversation a step further by exploring a crucial intermediate phase: Instant Availability and Prices (IAP). This evolution in the event booking landscape promises to enhance precision, improve conversion rates, and streamline operations.

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Revisiting Instant Booking

To recap, instant booking platforms have revolutionized the way hoteliers and event planners interact, offering immediate confirmations and round-the-clock booking capabilities.

While this model has significant advantages, it’s clear from my discussions with industry leaders at IMEX Frankfurt that the hospitality sector may not be fully prepared for widespread adoption of instant booking just yet.

The Case for Instant Availability and Prices

Instant Availability and Prices (IAP) is the logical next step.

Unlike instant booking, which requires a fully automated system for finalizing bookings, IAP provides real-time data on availability and pricing, empowering meeting planners and hotels alike.

This phase is critical for several reasons:

• Enhanced Precision: By providing immediate access to availability and pricing, IAP allows meeting planners to better qualify their clients. This means understanding the budget and preferences upfront, leading to more targeted and relevant proposals.
• ?Improved Conversion Rates: Hotels can present real-time data to potential clients, significantly increasing the likelihood of conversion. When clients see accurate, up-to-date information, they are more likely to move forward with their bookings.
• ?Streamlined Operations: IAP reduces the number of unqualified leads, allowing hotels to focus on higher-quality prospects. This efficiency reduces costs and improves overall productivity, enabling sales teams to concentrate on strategic growth initiatives.

?The Strategic Benefits of IAP

1. Real-Time Insights: IAP platforms provide immediate visibility into room availability and pricing. This transparency helps planners make informed decisions quickly, aligning their needs with what the hotel can offer.
2. ?Qualified Leads: By presenting clients with precise data, IAP ensures that the leads reaching hotels are better qualified. This means fewer back-and-forth communications and a higher likelihood of securing bookings.
3. ?Personalized Service: With more accurate information, hotels can tailor their proposals to meet the specific needs and budgets of clients. This personalization enhances the client experience and builds stronger relationships.
4. ?Cost Efficiency: By focusing on high-quality leads, hotels can reduce the time and resources spent on unqualified prospects. This efficiency translates into lower operational costs and a higher return on investment.

A Step Towards the Future

During my discussions with partners at IMEX Frankfurt, it was evident that many industry leaders see IAP as a crucial step in the evolution of event booking.

This model bridges the gap between traditional RFP processes and the fully automated instant booking systems. It leverages technology to improve accuracy, efficiency, and client satisfaction while allowing the industry to adapt at a manageable pace.

The tech issue..

One of the significant challenges that still exists with Instant Availability and Prices (IAP) is the technological integration required with meeting planner tools and sourcing platforms.

Ensuring seamless compatibility between these systems is crucial for the real-time data flow that IAP promises. Another critical consideration is the pricing model.

Will the prices provided be indicative, offering a range with a clear 'from' and 'to' structure? This approach could give planners a concrete reference without surprises, ensuring transparency and trust.

However, achieving this level of precision and consistency remains a complex task, demanding robust technological infrastructure and continuous updates to reflect current availability and pricing accurately.

Conclusion and Final Thoughts

As we look to the future, it's clear that Instant Availability and Prices (IAP) offers a strategic advantage in the hospitality industry. This model enhances precision, improves conversion rates, and streamlines operations, setting the stage for a more efficient and effective booking process.

For hoteliers and event planners, embracing IAP means leveraging real-time data to deliver better service and achieve higher conversion rates. It’s about evolving with the market demands and staying ahead of the competition.

Have you experienced the benefits of Instant Availability and Prices? What are your thoughts on this model? Share your insights and join the conversation.

Stay ahead, stay connected, and most importantly, stay passionate about the endless possibilities that lie in the future of hospitality.

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Until next time, keep exploring the endless possibilities of hospitality.

?

Fernando Vives

About Fernando Vives

Fernando Vives stands at the forefront of hospitality expertise, guiding Minor Hotels Europe & Américas as the Chief Commercial Officer. His dynamic leadership oversees a vast portfolio, including sales, ecommerce, revenue management and digital growth, steering a team of over 2,000 across 30 countries and managing a turnover of over $3 billion USD. Awarded as one of the Top 20 Extraordinary Minds in the industry for Commercial & Revenue Optimization Leadership, Fernando's extensive background includes senior roles at renowned hotel chains and ventures into entrepreneurship. He is an academic pioneer, and an esteemed speaker and a passionate industry advocate, Fernando's educational prowess is matched by his commitment to shaping the future of hospitality as an Ambassador for Hospitality Labs

The views and opinions expressed in this newsletter are solely those of Fernando Vives and do not necessarily reflect those of any company or organization I work for or I am affiliated with, nor those of their partners or suppliers. The data sources used are mostly public, ChatGPT may have been used for research assistance, copywriting or editing. If you find any discrepancies or errors in the data or insights shared, please reach out to me via LinkedIn for necessary adjustments. Thank you for following and being a part of this community.