How to Use Data at Your Venue
Posted by Gabrielle Ricci on May 17, 2018 12:41:00 PM
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If you don't already know, we are in the age of data. It's running everything: social media, business decisions, the temperature in our homes. While robots might not be as close as we think, data is doing a lot of that backend work. At this point, you're thinking "yeah I get it, but why should I care?" Well, you should care because it's powerful and can help with efficiency and business decisions at your venue. The more you know, right?
The bigger question is "how?" How can you start using data at your venue today? Here's how:
1. Use it to understand your busy season and peak hours.
Dependent on your location, your vibe, and your style, you might see changes when people visit your venue. For most restaurants and event spaces, we understand that there's a spike during the holiday season, but using data can help to understand the nuances that contribute to the individuality of your business.
2. Track events revenue versus day-to-day revenue.
Money, whether making it or losing it, is the deciding factor for a lot of business decisions. Using data to understand the discrepancies between your foot traffic and your events business will help to understand if and why there are gaps. Learn about marketing your venue here.
3. Map a full view of the types of events that are popular at your venue.
Data can show us the things we can't see otherwise. Perhaps you've been under the impression that your venue is perfect for presentations, but the majority of the events you're hosting are after work happy hours. Knowing this information gives you the power to start creating event packages and promotions! Dive a little deeper to see how many people attend the events and the amount they spend. You'll gain insights on pricing for the future.
4. See which pre-fixe events menus are selling.
If you're offering a pre-fixe menu that's not selling, it could be time to change it up or swap out something new. Use data to see what's popular and what's not and use that to make changes all around.
5. Understand where customers find you.
Chances are, customers are arriving at your venue from a variety of outlets. Understanding which one of these outperforms the others can influence your efforts for acquiring new customers. Realize that a lot of folks are coming from referrals? Maybe you should start offering a promotion to customers that refer a friend to book an event. Retain current clients and gather new ones!
Using data to understand your business is helpful for making a change and achieving growth. Hopefully, these tips provided some insight on how to use data at your venue. Need software to collect this data? Try VenueBook!
Topics: For Venue Managers