Today, more than ever we see our working world becoming increasingly challenging.
The pace continues, technology develops, and we experience new trends such as “mindfulness” and the “work from home phenomenon”. So how is this relevant to venues? And can we capitalise on these trends?
Louis from VenueScanner breaks down his insights into the venue community.
- Technology: the digital transition is one of the biggest challenges the information age has delivered. Many small businesses struggle to stay afloat without the money, or the skills to adapt. Consumers have become digital natives. In discovering, comparing, evaluating and making purchasing decisions. Digital marketing is a high-cost option for individual venues with google charging more than 4£ a click. This is without considering that it requires constant management and optimisation. Make sure you appear in the right places at the right cost.
- High client expectation: across all industries, we observed a big shift in what companies focused their activities on. From what began as a profit centred corporate world is now consumer centric. This is even more relevant for the event industry. Event organiser’s standards have gone up and it is primordial to be able to satisfy them to remain competitive.
- High competition: the venue industry is a market controlled environment. Meaning that there are a large number of businesses offering the same kind of product. In this kind of market, differentiation in a necessity to be able to appeal to consumers.
- Cost cutting: Every year, we see organisers budgets cut further. Still, in an economic downturn, high budget venues struggle to fill their booking calendars. This affects the market tremendously as venues are forced to cut their prices and their margins to get bookings.
- Work from home / Remote work: the number of virtual unstructured companies is constantly increasing and remote work contracts is taking a hold in every line of work. With this trend came a large increase in the demand for external meeting rooms and work space. This phenomenon could prove itself quite rewarding for venue taking advantage of their spaces and markets them well.
Tackling those challenges requires the same as it does for every industry.
– Be aware – Adapt – Dominate –