The surge of summer parties is nearly here, which means it’s time to make sure you’re fully set up for success from an operational and revenue standpoint. We at Vēmos believe in helping venues manage, understand, and grow their business through technology and data. Here’s what we mean by that.
The key to measuring the success of your event or venue is by knowing your data. In order to know your data, you need to first collect it. But don’t worry, it’s not as complex as it sounds, and through our system, you’re able to not only collect data, but also streamline your operations as a result.
Here’s how to use a system to collect data, streamline operations and improve results.
1. Use a platform that collects data on all areas of your venue
The best systems allow you to operate under one dashboard and allow you to manage every type of entry, including pre-sale tickets, general admission, walk-up tickets, guest list, and VIP reservations. This is what we call a fully integrated solution, and not only does it allow you to manage your operations in one simple dashboard, but it also collects data from all these areas. That means you get a holistic picture of how your venue is performing in one spot. Another bonus: that data is presented in automated easy-to-read charts and graphs so you no longer have to comb through and make sense of all your data points.
2. Get everyone on the system
Make sure your team and all your marketing channels — including your website and social pages — has access to your platform so that information is flowing through the one system. Also make sure each staff member has his/her own personal login so you can track where your guests are coming from and which of your staff are bringing in the most and best guests.
3. Review your data
Once everything is flowing through one system, you’re able to review your data across all areas of your venue in your analytics dashboard. This will help you identify:
• How much money you made over a given time period
• When people tend to make their purchases during the night or even leading up to the night (for pre-sales)
• Who your guests are, how often they show up, what they typically purchase, and what drives them to attend
• Which marketing channels brought in your guests
• Which promoters are bringing in the most guests (and the highest-spenders)
4. Optimize your efforts to increase profit
The above information allows you to get a true sense of how you’re performing, which in turn allows you to understand what is and isn’t working so you can make the necessary changes. That’s the true power of data. When you have absolute clarity around your event or venue’s performance, you can do even more to increase your success, including marketing to your exact target audience or generating more pre-sale revenue. Without data, you’re simply just guessing.
Interested in learning more about the Vēmos platform and its analytics? Contact Whitney Larson at whitney.larson@vemos.io or fill out the form below.
