How Big Data Can Help Venues

July 4, 2017
How Big Data Can Help Venues

We recently discovered a powerful secret at Event Temple. We always thought we provided the majority of our value to our customers by saving them time and money. First, by automating the non-human parts of the sales process, we freed team members up to have more time for personal interactions (both face to face and over the phone). This created more positive emotional energy for the venues staff and helped them create more meaningful connections with clients and potential clients. It also game them more time so that they could focus on providing better service.

As well, we focussed strongly on the fact that we could help venues earn additional money. We all know that following up works, but for the first time, Event Temple provided a software that helped venues to do it automatically via email and text, guiding them to the next step in the sales process (phone call, tour, tour reminder, post tour, proposal, contract and payment).

However, recently we discovered our real secret was in big data. Basically we realized that as a company with over 1000 users sending dozens if not hundreds of emails per day each, we had really amazing insights into the principles behind what made email messaging really effective vs ineffective. We saw drastic differences between accounts, with some users getting 6% reply rates when they responded to inquires and others getting 80% reply rates. We also were able to see the power of texting inquiries back as well as emailing them to ensure the email didn't wind up in spam as being empirically able to produce much stronger results.

When we look at the sales process of various venues in our system, we can also track UTM parameters so we can see where the inquiries came from. If a client clicked on a facebook advertisement, then decided to check out the venue's website, our software can track that automatically. If that client then went on to book the venue for an event or a wedding, our system could also track that as part of the sequence. Therefore, across a huge data set Event Temple is able to see where leads are coming from, what messaging is used to turn leads into bookings, and what advertising sources are the most profitable and likely to produce results. We can do that after studying thousands of messages across hundreds of accounts. It's basically like a giant science experiment where tons of similar businesses are sending a huge variance of messaging to thousands of potential clients non-stop and we get to track what's working the very best out of all of those experiments.

If your venue is interested in getting a strong competitive advantage, I highly recommend checking out Event Temple and more specifically, our Premium Membership to access our Big Data analytics across a huge segment of the venue industry. While we obviously can't show you exactly what messaging others are sending, we can show you the principles behind the messaging that works vs those that don't. We can also guide you in the right direction with your advertising spend and help you to target your advertising investment dollars in the direction that is most likely to get you results.

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