Question

Topic: Strategy

Strategy For Opening A Venue

Posted by Anonymous on 10/26/2009 at 7:41 AM ET 500 Points
I will be opening an exclusive conference venue next year for the 2010 world cup in South Africa. I am looking for methods and marketing strategies for making this venue successful and profitable (pre and post the world cup). The venue will accommodate 2000 people and fully exclusive. Can you assist with some ideas? I need buy in from local and international companies and therefore need marketing methods.
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RESPONSES

  • Posted by Jay Hamilton-Roth on 10/26/2009 at 9:25 AM Accepted
    Start with who your competition is (SWOT analysis). What will you offer that they won't? Who will care about the differences? If the venue existed today, who would use it (and why)? During the World Cup - why use it? And does "exclusive" really matter to your clientele (are you providing high end services, high end finishes, or simply high end pricing)?
  • Posted by Peter (henna gaijin) on 10/26/2009 at 10:52 AM Accepted
    Conference venue? Can you describe what sort of events you could handle?

    My guess is that your focus during the World Cup would be corporate events - companies that want to bring a lot of customers to World Cup matches as part of their marking. If this is so, you would need to get the word out to Corporate marketing and event folks for companies that may go to the World Cup. Looks like you would need to focus on larger companies, if you are looking to fill the entire venue with one company.
  • Posted by Levon on 10/26/2009 at 11:46 AM Accepted
    Use a soccer theme?
  • Posted on 10/27/2009 at 3:22 PM Author
    Thank you for the great feedback. For the World Cup the venue is already booked. I need to ensure that after the World Cup 2011, it will be sustainable and profitable. I would be targeting the large corporate companies and communities (ie: religious gatherings etc). But I do need to market to them. What marketing tools could I use?Any other methods?
  • Posted by mgoodman on 10/31/2009 at 4:41 PM Accepted
    Why don't you interview a dozen potential customers and find out what they look for when planning an event, how they make the decisions, and what you would need to do to be in their consideration set?

    Develop a list of high-gain questions and see if you can get a good sampling of your target audience to spend 45 minutes helping you understand their world. Don't try to sell them anything or present your "story." Just ask your questions, listen carefully to their responses, and take detailed and copious notes.

    After you've finished the 12 interviews, go through your notes and analyze what you've heard. You'll learn a lot more that way than by asking us to guess at what might work.

    You can also outsource this research process to a professional researcher, but then they'll understand your prospective customers better than you will. If you really want to get the benefit of your investment (of time/money) do this yourself ... and don't fall into the trap of turning your interviews into sales calls in disguise. You'll have time to make the sales calls later, after you have your information.
  • Posted by Corpcommer on 11/1/2009 at 1:26 PM Accepted
    shameemaA,

    I agree with Mr. Goodman.

    Heed Michael's suggestion to interview a dozen targets to find out:

    what they look for when planning an event

    how they make the decisions and

    what you would need to do to be in their consideration set


    All the best,

    Corpcommer - MC
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