11 February 2020
As event planners or organisers, finding a venue that is available can sometimes be a challenge and keeping venue hire costs within budget an even bigger challenge. According to Eventbrite’s UK 2018 Pulse report , venue hire is one of the event organiser’s top 3 event costs. Not surprising, as the savvy event organiser knows that where you hold your event can be one of the biggest draws for potential attendees and choosing the right venue is critical to event success. Despite the apparent challenge of sourcing and securing suitable and affordable venues, event organisers are spoilt for choice because of the changing venue landscape. There are now many different event spaces on offer with incredible variety, from traditional to trendy, unique, cultural, unusual and other alternative spaces. In a high competitive market, venue owners/managers and sales managers are constantly trying to convince the event planner that their venue is the best space (or destination) for their event. From our own experience and that of event clients we have worked with over the years, we’ve put together the top 5 venue incentives which event planners look for from event venues. Top 5 Preferred Venue Incentives Added value items Added value items remain the most popular incentive. The term ‘value added’ refers to “extra” feature(s) of an item of interest (product or service) that goes beyond the standard expectation and provides something “more”. Added value items can give venues a competitive edge whilst providing clients with good value for money. Examples include extra audio-visual services, complimentary use of organiser’s office, cloakroom services, etc. Discount on multiple bookings Multiple bookings refers to placing two or more event bookings with an event venue or venue group. There are pros and cons for the event planner and venue provider. If done correctly, it can be a win-win situation. The event planner makes savings on venue hire costs and time sourcing event spaces. The event venue benefits from guaranteed volume business over a specific period thereby increasing room usage and occupancy levels of its event spaces, ultimately increasing revenue. Discount on long-term contracts Long term contracts remove the financial guesswork for both event venue and event organiser because it guarantees the former certain income and the latter a known level of expense over an extended period of time. Long term contracts also gives venues the opportunity to develop trusted, mutually beneficial relationship with clients, allowing you to get to know your client’s business and grow with them. It requires careful planning, fair negotiations and most importantly strong commitment to make it work. Sweet as the good side of a long term contract can be, the other side can leave a bad taste in the mouth of both parties. Incentive Gifts/Rewards Adding that little extra touch to a client’s event and enhancing their attendee experience can help venues standout. From simple give-aways that won’t break the bank to luxurious experiences, event venues need to be creative and consistent. Examples are, Company gifts: merchandise, water bottles, coffee mugs, etc Industry specific gifts: pens, notebooks, selfie sticks, etc Experiences: tickets to other events around the client’s main event such as concerts, sporting events, evening receptions, etc. Food and drink: fruit, chocolates, wine or champagne, etc Money/cash incentive: gift cards and vouchers Flexible Payment Terms Offering flexible payment terms come with business risks and there won’t be an all-encompassing solution to use with every event client. Nevertheless, being flexible with payment options could better maintain clients and attract new ones. According to Hubspot, a study by Forrester found that companies that offered flexible terms for payment saw sales increase by 17% and average order climb by 21% and it’s really no different in the event industry. With the right systems, processes and implementation, the offer of flexible payment terms could be a reason an existing customer or potential client continues or starts doing business with your venue. At Lenio Hospitality , we bring event planners and event venues closer together to achieve a common goal – delivering successful events through improving performance of their people, processes and profits. Want to know more about our event solutions? Call us on 0203-617-1010.