Whether you’re a wedding venue, restaurant, bar, or corporate venue, keeping an eye on revenue trends is key to maintaining a consistent revenue stream.
In the following article, we outline why, how, and what you should be doing to maximize your revenue growth by following revenue trends.
Importance of Staying Up-To-Date With the Latest Venue Revenue Trends
As a venue, keeping up with key trends requires work. Maintaining an industry overview will help keep your venue in demand and the profits flowing.
Knowing what the latest revenue trends are will assist in these potential areas:
- Remaining a level above your competition
- Understanding the challenges that come with a venue space
- Employing innovation and expertise in your marketing strategies and venue hosting
- Offering a diverse range of hosting ideas
The more market research you report on, the more valuable insights into your industry you can make.
Market Trends
Following the current state of the market will only assist in the growth of your venue. Below we highlight the top three sectors you should be collecting data for.
Your Venue Versus Your Competitor's Venue/s
When it comes to market trends you need to diversify your research. Naturally, you want what’s best for your venue. To get the best information, you need to research both internally and externally.
Monitoring how and what your competitors are doing with their venues is necessary to get a comprehensive overview of the current market. Analyzing how their business works to see what you can be doing differently or the same to gain more revenue can put you leaps and bounds ahead.
When it comes to the analysis of data, we recommend creating a report analysis every week / bi-weekly to ensure you are one step ahead of your competition. This will also offer insights into the market, industry growth, and expected trends in the near future.
Historical Data
We know that looking at your revenue data can sometimes be scary, especially after an off-season. By creating a research report that combines both competitor's event trends and your revenue history, you can gain a better understanding of market dynamics.
Your historical data may also surprise you. You might find business growth in a sector you didn’t think to report on. This could highlight a gap in the market for a new type or style of event.
Event Trends
Keeping up with events is very personalized to your venue. We recommend keeping a close eye on social media (Instagram, YouTube, TikTok, etc) for spotting the key players in venue trends.
Right now in 2024, we’re seeing a lot of low-effort high-result decor planning. Decor wise, we’ve noticed that fruits as table decor that match the wedding colour theme has become trendy. We’re also seeing smaller cakes (because what cake actually gets finished at a wedding?). Similarly, we’ve been noticing self-dried flowers at weddings instead of expensive, fresh ones.
For example, if you’re a wedding venue you might want to focus on YouTube and Pinterest. You can follow wedding planners and couples who document their wedding process online. In doing this, you’ll see what expected factors couples want from venues. This gives you valuable insights into the factors you should be marketing for your venue.
Maximizing Revenue Growth
You might be thinking “I know how to gain revenue growth: the more client bookings the better!”. While this may be true for large portions of revenue at a time, sales do not always happen when someone sets foot through your door.
In our modern world of technology, you need to maximize how and where your revenue stream is coming from. Having a business plan for the growth of your venue is crucial for revenue gain.
Below, we highlight a few of the top sectors you should be focusing on for maximum revenue gain.
Social Media Marketing
Social media is about finding your target audience, engaging in current trends, and being ahead of the curb for future trends.
Online marketing is a great way to keep up with emerging trends, especially in a competitive landscape. Following social media influencers and seeing what type of events they’re attending can help shape your marketing to similar events/brands.
For example, your market research might show that jewelry companies like to host dinner parties and invite influencers. In this case, as a venue manager, you could reach out to jewelry companies through social media and suggest your venue for the next location.
This could result in a partnership and the brand could use your venue for future business events.
Website
Owning a website is one of the best ways to secure your next venue. Ensuring you have an up-to-date website makes the booking process that much easier for potential clients. Clients can also make informed decisions about your venue if you are listing all the services and facilities you have on offer on your website.
While having a website for wedding venues is extremely common, some bars and restaurants don’t deem it necessary. We beg of you! Please ensure your business has a functioning website. This way people can book their venues through the site, making their event management both easier for them and for you.
Augmented Reality
Now I know what you’re thinking, how is this related to revenue trends? So, hear us out with an example.
You’re a wedding venue in California. You know how to host the perfect wedding, but life is getting expensive, and that couple in New York can’t spend the cash to fly out and see if your venue is perfect.
Here is an innovative solution: invest in a virtual reality (VR) headset (or a few) and use technological integration to your benefit. VR headsets make your event venue a step ahead as people can just pop a headset on and do a virtual tour of your venue. You can have a few hole-in-the-wall stores throughout the country, and guests can book a session through their mobile apps.
There are four benefits to this:
- Your business saves money as you won’t require the labor and time to show clients around your venue.
- You can use the data in your VR product type to portray an in-depth, detailed analysis of your venue.
- Clients can take as much time as they need to walk around the venue without spending money on getting there.
- You are taking advantage of technological advancements. Using VR to benefit your business will garner you more revenue growth as time goes by.
Making use of these available augmented reality technologies that are in production will boost your sales and make you a leading event venue in your market sector.
Diversify Your Revenue
In the current 2024 lifestyle, there is an increasing demand for social events. From business events to brand growth events, there is always a business looking for an event venue.
If you manage a restaurant venue and are only used to being a wedding venue or birthday party venue, don’t be scared to branch out. Pivoting into a different event market can only result in a more diverse revenue stream.
Be Creative When Hosting Events
When it comes to revenue streams, don’t limit your venue to what you think it should be hosting. As mentioned previously, there is a growing demand for events hosted by social media-focused brands.
If you manage a bar and a clothing company is releasing a new line, you could create a special cocktail that aligns with their brand. Reach out to them and suggest they hire your venue for their event (even if it’s at half-price. Once you gain trust with said brand, they will come back for more).
This should create memorable experiences for both the brand and the clients. Now, you’ve pivoted into a specialty drinks venue and your availability for hosting events has broadened.
Creating Memorable Experiences
The perfect event results in your guests coming back for more. The facilities you include in your venue location can result in more clients and higher revenue.
Immersive Experiences
Using technology integration for your events can boost your revenue. Making use of an online venue management software system like Perfect Venue helps streamline the management process for both you and the client.
From the second they have booked your venue, their event details, all the emails, calendar scheduling, and payment plans are categorized and organized clearly.
Enhance Your Venue Services
Let’s say you manage a restaurant. Restaurant venues are common, and the challenges you are facing are because of your food. There’s nothing wrong with it, but it’s not special.
So, go back to your market trends. Find out what style of food is popular at the moment. Perhaps host a market event with that specialized food.
Start to make an analysis of your venue and all that it has to offer.
Conclusion
We hope you’ve gained a better understanding of why following venue revenue trends is important, and how it can maximize your revenue stream.
If you’re feeling overwhelmed with all the information, we suggest trying out an online management software system like Perfect Venue. We will help organize your next event and even track all the financial data.
Make use of their free 14-day trial for your next event and see how it levels up your management game!
