How do you measure venue selection success?

1 Define your goals

Before you start looking for a venue, you need to have a clear idea of what you want to achieve with your event. What are your objectives, target audience, and expectations? How will you measure them? For example, you might want to increase brand awareness, generate leads, or foster networking. Depending on your goals, you will need different types of venues, layouts, and services. You will also need to set some key performance indicators (KPIs) to track your progress and results.

2 Compare your options

Once you have your goals and KPIs in mind, you can start searching for potential venues that match your criteria. You can use online platforms, referrals, or site visits to find and compare your options. You should consider factors such as location, accessibility, capacity, amenities, cost, and availability. You should also check the reviews and ratings of previous clients and guests. You can create a shortlist of venues that meet your requirements and negotiate the best terms and conditions.

3 Collect feedback

After you have selected and booked your venue, you need to collect feedback from your stakeholders and attendees. You can use surveys, polls, interviews, or social media to gather their opinions and impressions. You should ask them about their satisfaction, expectations, and suggestions. You should also ask them about the venue's quality, convenience, and suitability. You can use quantitative and qualitative data to analyze their responses and identify strengths and weaknesses.

4 Calculate your return on investment

Another way to measure venue selection success is to calculate your return on investment (ROI). ROI is the ratio of your net profit to your total cost. It shows how much value you generated from your event compared to how much you spent. To calculate your ROI, you need to subtract your total cost from your total revenue and divide it by your total cost. You can use different sources of revenue and cost depending on your event type and goals. For example, you might include ticket sales, sponsorships, donations, or advertising as revenue and venue rental, catering, marketing, or staff as cost.

5 Benchmark your performance

Finally, you can measure venue selection success by benchmarking your performance against your competitors or industry standards. Benchmarking is the process of comparing your results with those of similar or best-in-class events. It helps you identify gaps, opportunities, and best practices. You can use online tools, reports, or networks to find and access relevant benchmarks. You should compare your KPIs, feedback, and ROI with those of other events that have similar goals, audiences, and venues.

6 Improve your strategy

By measuring venue selection success, you can learn from your experience and improve your strategy for future events. You can use the data and insights you gathered to evaluate what worked well and what didn't. You can also use them to set new goals, adjust your budget, and optimize your processes. You can also use them to communicate your value and impact to your stakeholders and sponsors. By improving your strategy, you can increase your chances of finding and booking the best venue for your next event.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?