Are you trying to make informed decisions about managing your venue’s events but not quite sure what insights will help drive success?
Your chosen venue management software should provide detailed analytics features to track and manage your performance.
Understanding event analytics can change the way you manage your business. Without the right insights, you might be operating blindly. This can result in you wasting time on efforts that don’t help to grow your business.
In this guide, we look at some of the most important event venue analytics to track for your business. We also discuss how to choose a software platform with great analytics features.
Event Analytics: Data to Access For on Your Venue Management Software
Examining event data from your software can help you gain insights on your customers, access details on business performance, and understand how your event is progressing in real-time. This is essential for making fast, informed decisions and optimizing your venue management process to achieve better results.
Typically, your event venue management software will help you keep track of the numbers that matter. With insights such as sales, tentative and confirmed bookings, event goals, and more, you can get a detailed picture of your business activities.
Do you want to look at the number of bookings or revenue generated over the past year? Your venue software should be the first place you look! The information will help you to plan, manage, and execute events in your venue.
Let’s discuss some of the key areas of event analytics that you should look at. When choosing the best venue management software, make sure it offers these functions.
1. Report Generation
The main advantage of accessing analytics from your venue management platform is being able to run on-demand reports. This allows you to access up-to-date event data when you need it. As a venue or event manager, this means you always know your numbers. In turn, you can make informed decisions as you go.
First, you must understand any patterns in your event venue bookings. Pull reports that display items such as the types of events your venue has hosted, what seasons are busiest, or what events are most common in each season. You can use this to create customized reports with relevant insights. The more you understand this information, the easier it will be to optimize the way your venue attracts and manages events.
Your event reports can help you keep track of your booked events, which makes managing your event prospecting and sales pipeline easier. You can also compare booked events to inquiries to better understand your booking performance.
Reports become especially important if you run multiple events or venues and have a lot of details and data to keep up with.
2. Revenue Insights
The right venue management platform will provide detailed insights into your revenue. Ideally, this should include confirmed event revenue and tentative event revenue by month.
Accessing this data will help you understand how well your business is keeping up with its financial goals. It will also help you determine whether you need to increase sales and marketing outputs or improve conversion rates.
Of course, you also need to look at income versus expenditure figures to determine the profitability of each booked event at your venue. Doing so enables you to make the necessary pricing and costing adjustments to grow your business.
3. Year on Year Sales Comparisons
A great way to break down event performance is to compare your year-over-year sales information. If your venue software has a great event analytics platform, you can get this information at the click of a button from your reporting tool. You’ll be able to see how your business has grown and identify possible growth or decline in your niche.
4. Monthly Revenue Goals: Setting and Comparison
To have a viable hospitality business, it’s crucial to set monthly sales goals for your event management team. These goals could be revenue-based or based on the number of venue bookings.
Whatever the case, your event venue software should allow you to easily input targets and monitor the relevant metrics and KPIs. For example, you should be able to set monthly revenue goals and easily compare tentative and confirmed events for a month against your set goals.
Without this information, you won’t understand whether your business is on the right track to reach its targets. Ideally, you want to compare this information over different time periods. This makes it easier to establish sales projections.
5. Average Customer Value
Do you want to improve customer engagement and understand who your most valuable clients are? Who are the loyal patrons who keep booking your venue, send referrals, and give you glowing reviews?
Here, you can use linked CRM data that keeps a record of all your customer and account details. From there, view insights such as the number of past and future events, average event expenditure, ordered extras, catering preferences, and more.
This kind of data will help you understand your clients better. It will show their behaviors and interests and help you determine how to boost customer success and provide a better event experience.
6. Marketing Reports
Event marketing metrics are essential for knowing how successful your campaigns are. They will also lend insight into how you can optimize your marketing efforts to achieve better results.
The analytics platform should provide insights like event lead source, tracking, and campaign results. The idea here is to see how many people you reach, how they engage with your business, and what results the campaigns drive.
This information will help you improve your conversion rate and enhance engagement through the buyer's journey.
Using a venue management platform that offers the right event analytics and insights will help optimize your events while making them easier to manage!
Pay attention to your venue management software capabilities and what kind of reports and metrics it can measure. This can significantly affect how you make decisions, monitor performance, and approach venue management.
The good news is Perfect Venue allows you to access the functions listed above. Try it for free to see how the software can help you make smarter decisions around your business performance.