The purpose of this course is to provide a broad overview of the importance and key elements of event procurement and business development. Events are the lifeblood of the venue management industry and the course will examine ways in which we as venue operators can protect existing business levels and further grow the event activity that is essential to the financial success of our venues.
There is focus on ensuring our venues are as multi-purpose as possible and an emphasis on the creation of new events by way of risk taking via in-house and co-promotions. The course also examines methods to create new and maximise existing revenue streams.
The key learning objectives of this course are:
- To be aware of the challenges to event business levels.
- To recognise the strategies required to build new event business whilst maintaining the regular business.
- Understand the importance of venue diversification, maximising the multi- purpose nature of the facility to capitalise on all event opportunities.
- Understand the nature of in-house and co-promotions, the risks associated with them and the research and assessment processes required to make them successful.
- Recognise the revenue streams in our venues and how to maximise them and to be able to develop new revenues in our buildings to help underpin the financial viability of our business.
Key topics that are covered are:
- Challenges to our lifeblood (events)
- Protecting our regular and building new event business
- Venue diversification
- In-house and co-promotions
- Developing new and existing revenue streams
No specific activity is used in this session currently. The instructor provides industry examples to highlight points and encourages students to share with the group, examples from their experiences to provide practical knowledge to support the information provided in the notes and the session. The instructor is looking at options to incorporate action learning aspects to the session.