Value. Value. Value. It’s a buzzword. You might even be a little sick of hearing it. We're diving into this topic today, but I’ll do my best to make it as relevant and enjoyable to read as I can. (In other words, to make it valuable for you—see what I did there?) Maybe you already have a killer mission statement and that’s great. But think of this exercise as creating a vision statement, but for your ideal client and their decision making process.
When you’re running an independent or non-traditional venue, standing out might come naturally. The real challenge is answering, “Why should event buyers care about my uniqueness?” Think of a value statement as a clear message that answers this critical question for your target audience—event planners and corporations looking for unique settings for their gatherings (And hopefully you’ve spent time determining who exactly that audience is and their priorities—we’ve got other posts on that topic).
Understanding the Importance of Value Statements
Venue value statements shape how people perceive your venue. They clearly articulate your core principles and aims, important for several reasons:
- Building Trust: Event planners and corporate clients gravitate towards venues that mirror their own values.
Example: Imagine a mountainside retreat that’s deeply committed to sustainability. It offers stunning views and access to beautiful forest trails, and so wants to facilitate a connection with the natural world. This commitment to nature builds trust with eco-conscious event organizers and companies who prioritize environmental responsibility. - Creating Loyalty: When clients see that a venue shares their values and expectations, they’re more likely to book repeatedly.
Example: A small theater that values community involvement and diversity might offer space for local school performances and community gatherings, creating a loyal base among local businesses and educational institutions. - Standing Out: A clear and engaging value statement can set your venue apart in the crowded event market.
Example: A venue that champions cutting-edge technology, offering virtual reality tours and advanced online booking systems, will stand out to tech-savvy clients looking for a modern and efficient event experience, whether they're planning a corporate gala or their dream honeymoon.
How to Craft Authentic Value Statements
Creating authentic venue value statements requires introspection and an honest appraisal of what your venue truly believes in and who aligns with those beliefs. Here are some steps to guide you through the process, each accompanied by a probing question to encourage deeper thought:
1. Identify What’s Important:
Reflect on the values at the heart of your venue—like creativity, inclusivity, innovation, and purpose. Ask yourself: What are the core values that every team member and client should feel when they walk into our venue? What do we want to be known for among event organizers?
2. Involve Your Team:
Use insights from your entire team to ensure the values reflect a collective belief and commitment. Ask yourself: How can each team member contribute their unique perspective to define our shared values and get everyone on the same page? What values do they see as vital to our success and authenticity?
3. Keep It Simple:
Ensure your venue value statement is easy to understand and remember. No complicated jargon—just straightforward language. Ask yourself: Can our value statement be easily explained to someone outside our industry? Does it resonate clearly and quickly with everyone who reads it?
4. Live Your Values:
Make sure your actions align with your words. Authenticity in your operations and interactions proves your commitment. Advocacy for our values should be evident in everything we do. Ask yourself: Are there clear examples of how we are living out our values in our daily operations? How can we demonstrate these values consistently to our clients and staff?
These questions can guide deeper discussions and help ensure that your value statements are not only meaningful but also truly representative of your venue’s identity and mission.
Communicating Value Statements Effectively
Once you have crafted your venue value statements, it's crucial to communicate them effectively both internally and externally.
Inside Your Venue
Train your staff to understand and embody these values in every interaction. A fantastic resource for mastering this aspect is "Setting the Table" by Danny Meyer. This book explores the power of hospitality in business, emphasizing how core values can shape an organization's culture and customer experience into a celebration.
In Your Marketing
Highlight your value statements in your marketing materials, on your website, and across social media. For innovative marketing strategies that align with your value statements, consider insights from "Blue Ocean Strategy" by W. Chan Kim and Renée Mauborgne. This book explains how to create new market spaces, making the competition irrelevant, and focusing on value innovation that can align perfectly with conveying your unique venue values. It is an ideal read for a non-traditional venue that is looking to increase revenue.
Checking If Your Value Statements Are, In Fact, Valuable
The launch of your value statements isn’t the end. Now it’s time to see if your they are making an impact. Is it a standout statement or not:
Ask for Feedback:
Regularly get feedback from your customers about how well they think you’re sticking to your values. In particular look at your Net Promoter Score (NPS) -- how likely is it, on a scale of 1 to 10 that your guests/clients would refer others to your place.
Track Engagement:
Monitor metrics like repeat visits and social media engagement to measure customer loyalty and satisfaction. Not sure if you’ve been following us-- but we feel pretty strongly about analytics around here. If you’re doing a bunch of work on your value statement, we can’t really stress how important it is that you track the performance of your value statement. In fact, here are your big three: Social Media Analytics, Website Traffic and Behavior, Repeat Client Rates
For venues that break the mold -- venues that already have a strong mission statement -- your work now is to make your special place valuable to your guests and clients. That takes a diligent effort to always ask yourself why your place matters to the people that you work with every day and how it aligns with your business goals. We know you matter. You know you matter. Help your guests to know it too!
Ready to make your venue stand out and attract your ideal clients? Partner with Venue Prosperity Group to craft a compelling value statement and implement a strategic plan that brings those values to life. Let us help you design an approach that resonates with your audience, building loyalty and engagement. Contact Venue Prosperity Group today, and let’s start capturing the hearts and minds of your ideal clients together.