The events industry is competitive. It can be hard to stand out among the slew of restaurants and venues hosting events. One way to differentiate yourself from the competition is to find your niche. And there are so many options to choose from: corporate events, weddings, birthdays, catering, and the list goes on.
Specializing in a few types of events makes your job easier. It will also allow you to become an expert in your field faster.
Below, we list the steps your venue needs to take in order to hone in on the area of the private events industry you want to focus on and, in turn, make your events program more successful.
1. Determine the needs of your local customers
Where your restaurant, brewery, or event venue is located is important when it comes to figuring out the needs of your local market. You want to make sure that there is a demand in your area for the types of events you want to host.
If you live in a tech hub that hosts a lot of conferences and employee meetings (like San Francisco or Austin), you may want to target and center more promotions on corporate events. Is your space located in an upscale area that draws a lot of inquiries for large parties? Consider catering to these types of events.
If you aren’t sure what event needs are in your market, ask vendors that you have relationships with. They may be able to tell you where most of their business originates and what events they work the most.
2. Seek out an untapped market
Sometimes, the easiest way to break away from the competition is to do something that no one else is doing. Think outside the box when it comes to the event types your venue would consider hosting.
Are there any gaps in the industry that aren’t being filled by local businesses around you? You could market your venue as a co-working space for freelancers or self-employed individuals to get some work done. Or maybe it’s the perfect place to host a themed party (murder mystery or masquerade gala, anyone?).
3. Find out which event types bring in the most revenue
Do you know what event types are bringing in the most revenue for your business? When you use an event management software, like Tripleseat, you can use reports to analyze where your revenue is coming from. This allows for more transparency into your program. Once you determine the top revenue-boosting event types, you can figure out if these events are the ones you want to specialize in.
4. Ramp up your marketing efforts
Finding your niche in the events industry will also make your marketing easier. All of your emails, social media posts, and other marketing efforts can be centered around your niche. This will give your customers a better idea of the expert services you can offer. When your company specializes in a certain type of event, you will be more able to go after your target audience, because you’ll know more about their demographics and interests.
Manage your events with the right software
Now that you know how to find your niche in the events industry, Tripleseat can help your venue manage your private events. If you’re not a Tripleseat customer and you’re interested in learning more about Tripleseat’s event management tools and CRM features, schedule a demo at your convenience to take a closer look.