Private events have a huge impact on boosting revenue in the hospitality industry. Leaning on weddings, business conferences, fundraisers, trade shows, and other special events help to generate additional income and change the way venues are being managed.
Faced with demanding challenges, higher levels of competitive landscape, and a smaller window of income from their target demographic, the hospitality business must transform from their usual resources and avenues to deliver more experiences rather than just their normal dining operation.
What It Takes to Host a Successful Event
Non-traditional venues, like restaurants and bars, are now increasingly expanding their menus and their areas to incorporate more co-working environments and flexible hosting options on a daily basis. By focusing more on customer service, VIP packages, local entertainment and performers, owners are retaining more profitability by extending their service model to create more opportunity as a host in hospitality.
Steven Toboroff, CEO of Woolco Foods and Host of “The Profitable Table”, recently discussed with Paul Gallen, the President of The Pier Sixty Collection at Chelsea Piers, the importance of customer retention through communication, attentiveness, and loyalty with each and every event.
Photo: Paul Gallen, President, The Pier Sixty Collection
Through his innate, natural attraction to hospitality Gallen studied hotel management in Dublin, Ireland which was pivotal as his starting point. He traveled throughout, gaining expertise in International projects before he landed in the United States to begin building his own empire and acting as president in perhaps one of the most well-known and highly accredited establishments in all of hospitality—especially to the Big Apple. Chelsea Piers has come a long way since its modest, historic and humble beginnings along the Hudson, but it is now home to a 28 acre entertainment and recreational sports village opening its doors to countless New Yorkers and tourists alike. This had been a serious game-changer from just your typical ‘wedding with a skyline view’ style events of the early 90s.
The creativity factor allows the setup to cater to a variety of events, galas, gaming, and more. When it comes to the service and treatment of all guests entering the venues, interactions with the staff and how a customer is feeling at every moment during an event is the key component which separates top-notch hospitality. The attention to detail regarding food and service is truly where the value lies with customer return to recommend your establishment or venue vs. another. The success of every increased revenue line is built on the backbone of the team to facilitate and make the experience unforgettable for each client.
By setting the standard ‘above and beyond’ with a multidimensional experience is what the hospitality industry is all about. Presentation is just as important as the quality, but what customers really remember the most is the extra flare coming from the leaders of the service and how they are providing a comprehensive experience for their next event!
The Power of Influencer Marketing
Social media offers personal and candid content through stories, reels, food photography and more, being driven to the masses regarding events and venues that can go either way. When you are delivering that positive experience that is expected or exceeds, the advertising and ‘word of mouth’ referrals flood in droves through the sharing of these messages, in essence boosting your revenue stream. On the opposing side, an outside influencer can deliver negative reviews just as fast—hurting your reputation. This is why it is so important to put most of your efforts towards quality, experience, food, and service. It goes a long way.
Final Thought on Boosting Revenue with Private Events
If you are a hotel, a restaurant or other business in the hospitality industry looking to boost your revenue stream, hosting a wide variety of private events with superior expectations is a great way to grow. It’s time to get creative but maintain your credibility with your menu, food, space, and customer satisfaction.