Venue Strategic Planning – A Venue Strategy Plan Template For Growth
No matter what sort of venue and events spaces that you have – here are some great IDEAS to grow your Venue Sales & Profits with better Venue Strategy and Venue Business Plan.
Here is a large list or MENU of Elements that you can include when creating your Annual Venue Business Plan, Your Venue Strategy Plan, Venue Sales & Marketing plan or your Growth Action Plan.
Remember – “Prior preparation prevents a pretty poor performance” – So PLAN ahead for better results this year.
A VENUE STRATEGY PLAN IN 8 EASY STEPS
- VMV – Vision, Mission and Values Statement of Purpose (Why do we exist?)
- Do A SWOT Analysis – Turn your Strengths and Weaknesses into Opportunities
- Describe your TARGET MARKET and Ideal Customers in detail
- COMPETITORS Analysis (Detailed Analysis by Sector – how do you compare?)
- Clarify Your VALUE PROPOSITION – Your Brand Story, USP and Value
- Set your FINANCIAL GOALS – Historic Data, Revenue, KPIs and Profits
- Focus on your Sales STATS and CSFs – Critical Success Factors
- Collate your ACTION PLAN – Focus on Key Actions that are highly effective and low in effort – What, Who, By When.
THE ULTIMATE LIST OF ELEMENTS YOU CAN ADD TO YOUR VENUE PLANNING
1. KNOW EVERYTHING ABOUT YOUR VENUE
- SWOT Analysis – Strengths, Weaknesses, Threats & Opportunities
- FAB list – Features, Advantages & Benefits – Which means… and Because…
- FLOW Experience Analysis – First, Last, Ouch & Wow! (Start on ouch! Improvement List)
- FAQ’s – list of Frequently asked questions and FADQs – difficult questions
- 7 Reasons WHY? – Why do customers choose You, Your business, Dates, Products
- Objection Buster – 7 Reasons Why Not? and suggested Solutions for FADQs
- Identify your USPs – Unique Selling Propositions to differentiate your offering
- Traffic Generators – Businesses, attractions or events that draw BIG crowds
- Sustainability plan – Ideas to be more sustainable – reuse, recycle, reduce.
- OHS & WHS Risk Assessments updated
- Your People – Org Chart and Roles
2. KNOW YOUR MARKETS & PSYCHOGRAPHICS
- Do a PEST Analysis – assess Political, Environmental, Social and Tech Opportunities
- Clearly Identify your Existing Markets and Growth Target Markets – Peak & Off-Peak by sector – e.g. Ethnic, Younger, Female, Schools, LGBTQ (Gay Marriage market)
- Visual Area Wall Plot – Demographic Data – Census 10 km radius , Alliances & attractions
- Preferred Communication Channels – Do your customers prefer High touch or high tech – Phone, Email, Chat, face to Face or Mail
3. DEFINE YOUR MARKETING STRATEGY Go-to-Market Strategy
- Target Market Personas – Individuals, Local, Tourist, Groups etc – Who are your clients?
- Venue Brand Strategy – Define Your Brand and your Brand Story
- Style Guide – What are your Branding Rules? – logos, fonts, colours etc
- Collateral Audit & Review – Pics, brochures, Stationery
- Advertising Strategy – Signage, Magazines, Flyers, Online, Local Area, Database, Events
- Show & Expo Strategy – e.g. Wedding Shows, AIME, ATE, RSVP, BE etc
- PR & Publicity Plan – online & general media
- Networking Strategy & Sponsorships
- Testimonials & Video Testimonials
4. DECIDE YOUR ONLINE WEBMARKETING STRATEGY
- Automated Marketing & Funnels – CRM Database
- Webmarketing plans – SEO/SEM, Keywords, Portal listings,
- Website analytics & Web statistics – Semrush, Moz, Adwords etc
- Create more online content
- More Video & Pictures Online
- Autoresponder & Email marketing
5. CLARIFY YOUR SALES STRATEGY & STATISTICS
- Set Your Targets – Revenue Goals & KPIs – Wage %, COGS % Gross Profit targets
- Sales Goals for the year – by month, by room, $ and counts, Food & Wage costs est
- Sales Statistics – Enquiries, Inspections, Sales by Month, by Room, $ and counts
- Advanced Bookings – Count & $ value in advance
- Seasonal Analysis – Peak, Shoulder & Off-Peak season expectations
- Year Planner Calendar – Public Holiday, School Hols, Special events (Opportunities)
- List of Annual Flagpole & inhouse Events – design and promote own in-house events
- Sales Aids to develop – Phone Scripts & Email Templates, Photos, powerpoints etc
- Visual Sales Charts & Graphs with current & actual results
- More use of Automation and Technology – AR, VR, Webinars, Online meetings
- More Follow Up – Sales Enablement
Read the
Blog on Performance KPIs for an Event or Function Venue
6. IMPROVE YOUR FOOD, BEVERAGE & KITCHEN VENUE STRATEGY
- Food Trends & new opportunities – more allergies, vegan & vegatarian
- Tailoring to specific markets and themes
- Menu costings, Menu Design & Pricing
- Costed Rosters, Standard Menus & Food Photography
- Improved Kitchen Systems and Processes
7. CLIENT POST-SALE VENUE STRATEGY – “Repeats & Referrals” Growth Strategy
- Customer Surveying and Mystery Shopping
- Online Reputation Management
- Referrer Rewards Strategy (Alliances List)
- Database Strategy – Clients & Prospects
- Gratitude Program – Cards, Gifts & Rewards – Loyalty program
- Outbound Telemarketing – Warm & Cold Calling & Follow Ups
- Newsletter & E-Newsletter
- Direct Mail – Postcards
8. FUNCTION SALES TRAINING PRIORITIES – Improve Enquiry Conversion
- Improve your Knowledge of Property & Products
- Improve Skill in Phone, Email, online chat and Face to Face Selling
- Improve Confidence, Dealmaking & Negotiation Skills
MORE VENUE SALES & MARKETING IDEAS
- Develop your Annual Marketing Calendar Plan
- Define and deliver an Exceptional Customer service standard
- Pricing Strategy update – revenue Management / Supply and Demand
- Define Your “House Rules “
- Tribe building strategies – grow your fans & Followers with Celebrity / influencers
- Alliances lists – Top 10 clients by love, top 10 by$, Top 10 Referrers, Top 10 connectors
- Alliance marketing – database
- Get more DATA – collection of customer data
- Use Data – Facebook, Instagram Email. Postcards & SMS – e.g. custom audiences
- Tourism promotion strategy
- Events marketing
- Offpeak Events calendar
- Suggested Itineraries for tour groups
- Bus tour marketing plan
- Local area marketing plan – Get known!
- Use Screens, signs and sponsorships
- Young person marketing – Appealing to Gen Y and Z
- More Stickers, Badges and Lanyards!
- Merchandising for young, old, gifts – Collectible Merchandise
- More Quirky products
- Loyalty program benefits
- Grandparents strategy (Mid week market)
- Pre-School Strategy (Mid Week market)
FOCUS ON 8 KEY VENUE GROWTH STRATEGIES
- DELIVER AN AWESOME CUSTOMER EXPERIENCE
- WORK YOUR PAST EVENTS & ENQUIRIES DATABASE – More Repeats & Referrals
- CREATE MORE CONTENT – Blogs, podcasts, Stories, E-Book etc
- GET MORE PICTURES & COLLATERAL –see hotelphotographer.com.au
- MORE LOCAL AREA MARKETING – Sponsorships, Alliances & Demographics
- USE MORE EXTERNAL & INTERNAL SIGNAGE & SALES AIDS
- BETTER WEBSITE & WEBMARKETING
- PROMOTE YOUR OWN EVENTS – DEVELOP A VIP ATTENDEE DATABASE
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