Richard Smith will be speaking at the Annual Hospitality Conference on 30 September at 1310 on Revenue Drivers: the Power of Meetings and Events in Hospitality
In today's evolving hospitality landscape, driving sustainable revenue requires a clear strategy focused on leveraging core strengths while being adaptable to emerging trends. Our approach at Wyboston Venue Management prioritises a balance between revenue generation, investment in innovation, and delivering an exceptional guest experience.
Meetings, Incentives, Conferences, and Exhibitions (MICE) continue to offer significant revenue potential for venues. However, not all MICE opportunities are equal. Targeting the right type of MICE business—those aligned with the venue’s strengths, brand identity, and high-profit margins—is crucial. It's essential to differentiate between profitable, experience-driven events and those that are resource-heavy and offer limited return. For example, at Wyboston Lakes Resort we have invested in experience led facilities for events such as our Pinseekers golf driving range and in expert-led Wild Wellness Days and Nature Walks. Venues must position themselves as destinations for quality MICE experiences that resonate with both corporate and personal clients.
Not every revenue stream contributes equally. The need for transparency in assessing which revenue streams should be central to the business and which merely support it is critical. It's also important to recognise when a particular offering has run its course. Successful venues invest in their core revenue drivers, such as room sales and events, while strategically scaling back on areas that no longer provide strong ROI. A comprehensive evaluation will allow businesses to focus efforts on profitable areas while making tough decisions to discontinue underperforming services. It was after such an evaluation that Wyboston Lakes Resort decided to stop hosting wedding receptions and parties.
While short-term profits are always tempting, the real strength of a venue lies in its long-term potential. Innovation, whether in technology, sustainability, or guest experience, is key to staying competitive in a crowded marketplace. Investing with a medium- to long-term perspective helps ensure future profitability and relevance. This approach prevents the pitfalls of chasing immediate gains at the expense of long-term sustainability. Prioritising innovation helps to future-proof the business and opens up new revenue streams in the form of value-added services and unique experiences.
The next five years will see increased competition in the MICE sector as more entrants enter the market. Venues must be prepared to differentiate themselves by offering something beyond the basics. As more businesses target the lucrative MICE space, the need to stand out through exceptional service, innovative offerings, and a focus on the overall delegate experience becomes more critical. Venues that embrace flexibility, personalisation, and cutting-edge technology will be well-positioned to capture a larger market share.
The delegate experience is no longer a secondary consideration; it's central to driving revenue. From the moment attendees arrive until they depart, every interaction should be seamless and designed to exceed expectations. This holistic approach includes offering tailored event solutions, incorporating new technologies, and creating immersive experiences. A focus on enhancing the delegate experience not only improves customer satisfaction but also generates repeat business and higher spending per attendee.
One of the biggest risks facing the MICE industry is the commoditisation of services. Venues that fail to innovate or differentiate themselves may find themselves competing solely on price, leading to diminished margins. To avoid this, businesses must continuously enhance their offerings and deliver unique value propositions that competitors can't easily replicate. A one size fits all approach doesn’t work. The client needs to feel that the journey is customised to them, that it focuses on what they want as well as what they need. This will be a key differentiator. Whether through customisation, exclusive partnerships, or offering superior services, avoiding commoditisation is critical to maintaining healthy margins and long-term success.
