Businesses of many kinds make New Year’s resolutions that usually focus on one main goal: increasing revenue. We thought we’d get a little creative and share some ideas about how a venue could do just that in 2016. These resolutions are realistic and, dare I say, even fun! Let's get started.
Cutting costs is always at the top of the New Year’s resolution list for businesses. Trimming expenses can increase cash flow, allowing you to focus efforts in other revenue generating areas, such as online advertising. One creative way to cut costs would be to host local performers at your venue instead of paying a premium for more well-known talent. Guests will enjoy getting a taste of the local artist scene and also appreciate the fact that your venue is a premier spot for talented new artists. The acts could be exclusive to your resort or venue. For example, a performers' agreements could turn into weekly residencies, which could save you thousands of dollars in entertainment fees. This is also an excellent way to give something back to the community (another resolution that tops many lists).
Reach out for great reviews. As you’ve probably discovered, this resolution is more like a part-time job than an easy undertaking. It is much easier said than done. Nevertheless, good reviews can make or break your venue's business. There really is no way to put a value on the effect that reviews can have on any type of venue. Many reviews appear in search engine results and can impact a customer’s decision before they even visit your website. In order to increase positive feedback, reach out to past guests (without violating review sites’ policies against soliciting for reviews) and have them share their experiences at your resort, villa or venue. Focus on quality, not quantity, because at the end of the day it’s the comments that your future guests are interested in and that will form the strongest opinions.
Invest in your online presence. Especially if you have a destination venue, your guests will likely only have an online impression of you before making their decision, so this resolution is imperative. Position your venue as the expert in what you offer on all of your social media platforms. Make these platforms tell a story for your venue and be sure that it aligns perfectly with your website. If your venue has some noteworthy accomplishments or a unique selling point, make sure the World Wide Web knows about it. This will require a little bit of time and attention (or perhaps even require you to hire a professional), but just like the power of positive reviews, the return on your investment could be tenfold.
Show your employees a little more appreciation. We all know that showing appreciation in the workplace should never be underestimated. One perk of the event hosting industry is that you have great incentives to offer your staff besides the obvious pay increases. Some ideas can include hosting a dinner for your employees and their families, giving them tickets to an upcoming show at your venue, or even offering the best performers a free night’s stay (if your venue has overnight accommodations). Showing your appreciation will only help your business because you will be creating experiences not just for your employees, but for their families as well. Their gratitude will go a long way and will likely result in them sharing their wonderful experiences at your venue with their own friends. This kind of word-of-mouth buzz can be another source of clients for you.
Do you have New Year’s resolutions planned for your venue in 2016? Let us know in the comments below.