Starting an event venue can be an exciting journey, but it’s also one that requires careful planning and research. If you’re new to the industry, you might feel overwhelmed by the number of decisions you need to make, especially when it comes to pricing, marketing, and targeting the right audience. That’s where market research comes in.
In this guide, I’ll walk you through essential market research resources that will help you build a strong foundation for your venue business. You’ll gain insight into where to start, how to use data to make strategic decisions, and the best tools available to gather the information needed to develop a solid business plan.
By the end of this guide, you’ll know how to position your venue for success, maximize your potential for bookings, and avoid the common mistakes that many new venue owners make.
Why Market Research Matters for New Venue Owners
Before diving into the specific resources, let’s talk about why market research for new venue owners is crucial, especially if you're just starting. Many new venue owners make the mistake of relying on their personal experiences or what they’ve seen in their immediate circle when making decisions. This is risky because trends, spending habits, and demand can be vastly different based on region, season, or even niche market preferences.
Here’s why market research should be a top priority:
Understanding Your Ideal Client: Who are they? How much are they willing to spend? What experiences do they expect from a venue? By understanding your target audience's demographics and psychographics, you can tailor your marketing messages and pricing structure to appeal to them.
Pricing Strategy: What are venues in your area charging? Are you pricing yourself too high or too low? Market research for new venue owners helps you avoid pricing mistakes that can either drive clients away or leave you undervaluing your services.
Industry Trends: What’s trending right now in weddings, corporate events, or social gatherings? Knowing what’s hot can help you package your venue in a way that resonates with the current market.
Avoiding Costly Mistakes: You can avoid trial-and-error decision-making by leveraging data, saving you time and money in the long run.
With that foundation, let’s dive into specific resources you can use to gather the information you need to succeed in the event venue business.
1. Wedding Industry-Specific Data
The wedding industry is one of the biggest drivers of venue bookings. Whether you’re catering to lavish weddings or intimate ceremonies, understanding the spending habits and preferences of wedding clients is crucial to your success.
The Knot Real Weddings Study
One of the best resources for understanding the wedding market is The Knot Real Weddings Study, which is published annually. This report provides a comprehensive look at spending patterns, trends in venue types, and client demographics. You'll find regional insights that can help you determine how national wedding trends apply to your area.
For example, The Knot’s study can show you:
Average wedding budgets in your region
Popular venue types (barns, ballrooms, outdoor spaces, etc.)
Common spending on additional services like catering, décor, and photography
Knowing this information allows you to structure your venue offerings in a way that appeals to local couples. For instance, if your area trends toward intimate, rustic weddings, you could focus on creating packages that cater to this style, rather than luxury clients who expect grand, high-end venues.
2023 Global Wedding Report
If your venue attracts destination weddings or international clients, the 2023 Global Wedding Report is another invaluable resource. This report gives you insight into global wedding trends, helping you understand the broader market and what international couples are looking for in a venue.
This is especially helpful if you're located in a tourist destination or plan to expand your services to destination wedding planning in the future.
2. Market Data for Event Venues and Special Events
While weddings are a major part of venue bookings, many venues also host corporate events, birthday parties, and other special events. It’s important to gather data on these markets as well.
Statista
Statista is a leading platform for obtaining a wide range of statistics across different industries, including event venues and special events. It’s a great starting point if you want to understand consumer spending, market size, and how demand for events fluctuates throughout the year.
With Statista, you can gather data such as:
Consumer spending on corporate and social events
The number of events hosted in your region
Market size projections for venues and special events
Understanding this data can help you determine your venue’s pricing, marketing strategies, and how you can differentiate yourself from competitors in your local area.
3. Event Venue-Specific Insights
As a venue owner, it’s important to stay on top of the specific trends that impact your business. What are clients looking for in a venue? How can you increase your booking rates and revenue? Here’s a key resource to help you with that:
Cvent
Cvent is a global leader in the events industry and offers a wealth of resources specifically for venue owners. Their insights cover trends like venue selection criteria, client preferences, and how venues can optimize their services to meet market demand.
By leveraging Cvent’s reports and tools, you’ll gain access to:
Data on what clients look for when choosing a venue
Information on peak booking seasons
Strategies for increasing revenue per booking through upsells and additional services
If you want to maximize your venue’s bookings and profit potential, Cvent’s resources are a must-have.
4. Local Market Data for Events and Venues
While national and global data is helpful, it’s equally important to get hyper-local insights. Consumer behaviors and spending patterns can vary widely from one region to another. Here’s how to get the information you need for your specific area:
Local Chamber of Commerce & Tourism Boards
Most local Chambers of Commerce or Convention and Visitors Bureaus (CVBs) collect and publish data on the number of events held in the area, consumer spending, and other vital economic factors.
This local data can be crucial for event venues because it helps you understand:
How many events are held in your region annually
The types of events (corporate, social, weddings, etc.)
How much people typically spend on events and venues in your area
By reaching out to your local Chamber of Commerce or CVB, you can gather specific data that is not always available through broader research platforms.
These local insights will help you tailor your venue’s services to meet the needs of your community and avoid missing out on key opportunities that could drive bookings and revenue.
Using Market Research to Make Informed Decisions
Now that you know where to find market data, let’s talk about how to apply this information effectively.
1. Set Your Pricing Strategy
Once you understand what people in your market are spending on venues, weddings, and special events, you can adjust your pricing accordingly. For instance, if your area typically sees mid-range wedding budgets, pricing yourself too high might scare off potential clients. Conversely, pricing too low can lead to undervaluing your venue, leaving money on the table.
2. Refine Your Target Audience
The data you gather from these resources will help you define your ideal client. Are you catering to high-end weddings? Budget-conscious corporate events? Knowing exactly who you’re targeting allows you to create marketing messages that resonate with your ideal audience.
3. Adapt to Industry Trends
Understanding current trends in the events industry, such as popular venue styles, preferred services, or peak booking seasons, can help you adjust your offerings to meet demand. This can also inform how you design or renovate your venue, ensuring it remains competitive in the market.
If you’re feeling overwhelmed or unsure about where to start, don’t worry—that’s what I’m here for! I’ve helped countless new venue owners navigate the complexities of the events industry, and I’d love to help you, too.
Let’s schedule a strategy call to go over your goals and how I can assist you in making your event venue a success. Whether it’s figuring out your pricing, understanding your ideal client, or developing a marketing strategy, we can tackle it together.
By leveraging the right market research tools, you can set yourself up for long-term success and avoid many of the common mistakes new venue owners make. If you need help turning these insights into actionable steps, don’t hesitate to reach out. I look forward to working with you!