The power of cross-collaboration to maximise event bookings

During quiet periods, venues often struggle to maintain steady bookings. One innovative strategy that can help venues stay ahead is cross-collaboration. 

By partnering with other local businesses, venues can pool resources, and maximise their reach. This blog explores different types of collaborations, the advantages they offer, and some challenges to consider.

‍Joint collaboration events:

One of the most effective ways to collaborate with competitors is by hosting joint events. This approach involves utilising both venues for different purposes for a single event. For example, one venue could host the conference sessions while the other handles the social elements, such as networking dinners or after parties. This not only enhances the event experience but also showcases the strengths of both venues, attracting a broader audience.

"People coming together and collaborating will bring more success because you're reaching different audiences". - Mathilda Blythe, Head of Events at Outernet Venues

‍Initiatives with local businesses:

Collaborating with local businesses can also be highly beneficial. This could involve creating discount initiatives where attendees of an event at your venue can receive discounts at nearby restaurants, hotels, or entertainment spots.

"When our venue isn't hired, we have a F&B option in our venue. If venues don't have that, that's something to potentially explore. With the right partner it can be really successful." - Harry Pierce, Managing Director at Protein Studio

Bundled packages:

Creating bundled event packages is another great collaboration strategy. Venues can offer combined packages that include different services and amenities from each partner. For example, a wedding package could include the ceremony at one venue and the reception at another. These packages provide convenience for clients and ensure that both venues benefit from the bookings.

Pros of cross collaboration:

‍Pooling resources:

One of the most significant advantages of cross-collaboration is the ability to pool resources. By working together, venues can share everything from staff to equipment, reducing individual costs and increasing overall efficiency. This is particularly beneficial during quiet times when resources may be limited.

Splitting responsibilities:

Collaborative events allow venues to split responsibilities, making event planning more manageable. For example, one venue could handle event planning and logistics, while the other manages AV equipment and technical support. This division of labour ensures that each venue can focus on what they do best, leading to a higher quality event.

Distributing costs:

Financially, cross-collaboration can be very advantageous. By sharing the costs of marketing, staffing, and other expenses, venues can reduce their financial burden. This makes it easier to host larger and more complex events without straining individual budgets.

Maximising resources:

Cross-collaboration also allows venues to maximise their resources. By leveraging each other’s strengths and specialties, venues can offer more comprehensive and attractive packages to clients. This not only improves client satisfaction but also increases the likelihood of repeat business.

Challenges to consider:

While cross-collaboration offers numerous benefits, there are also challenges to consider such as coordination and communication. A successful collaboration requires excellent coordination and communication between venues. Any miscommunication can lead to logistical issues and affect the event’s quality.

Another challenge is maintaining individual brand identity can be challenging when collaborating closely with another venue. It’s important to ensure there is a good balance of all brands represented and it does not clash with a venue’s unique brand identity. 

Deciding how to split revenue can also be difficult and may require a fair bit of negotiation to ensure fairness. With the right approach, cross-collaboration can be a win-win strategy, driving growth and success for all parties involved.

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