Tradex's Strategy To Increase Venue Revenue
For venue managers, finding new ways to increase venue revenue is never going to be a task you can check off the to-do list. That’s certainly the case for Ungerboeck client, Brad Styba. As managing director of the Fraser Valley Trade & Exhibition Center (TRADEX), Brad is tasked with generating leads, closing sales, managing events, tracking budgets and all the other standard-issue job requirements of a person in his position—on top of finding a way to fill dark days and shore up the bottom line. A tall order for anyone. But, as Brad’s experience suggests, not an impossible feat.
Brad and his team revamped their existing catering services into a revenue source that now routinely generates an average increase of 75% more per event. (more below)
TRADEX by the Numbers
To understand Brad’s challenge (and his solution!), it’s useful to understand some basic background info about TRADEX and the audience they serve. As the second largest facility of its kind in British Columbia, TRADEX is an established industry leader in a growing market. TRADEX hosts about 65 events a year that range from single-day to week-long and cover a vast array of event types including exhibitions and expos for weddings, antiques, boats, custom car parts and more.
Relieving the Pressure for New Revenue
Like many venues, Brad identifies the largest and most pressing issue for TRADEX as space limitations. As a publicly-owned facility, this issue is unlikely to be solved without a generous budgetary expansion from the city—a long-shot Brad knows better than to realistically expect. Given these limitations and the relentless drive for profitability (another pressure-point any venue will recognize), Brad has to search out creative and strategic solutions to the issue. His favorite place to look? Client feedback.
It Pays To Focus on the Client
It sounds simple, but Brad credits much of TRADEX’s success to an unmatched focus on customer experience and customer services. It was this attentiveness to the needs and desires of their clients that actually led Brad and his team to revamp their existing catering services into a revenue source that now routinely generates an average increase of 75% more per event.
Prior to this recent restructuring, TRADEX catering served simple, pre-cooked, packaged foods that required little more than reheating to serve. Based on feedback from customers who expressed a desire for better, more diverse catering options, the facility hired a personal chef and catering manager who now work together to create meals in-house using the venue’s existing kitchen. With big plans to expand these new services even further to drive revenue during dark days, TRADEX expects an even better return on their investment in the coming months.
Partnering for the Future
For obvious reasons, Brad plans to continue making customer service and feedback a priority at TRADEX. A goal made possible, for what it’s worth, by the dramatic improvements in efficiency they’ve experienced as an Ungerboeck client. “The product is great,” said Brad. “I have been able to track events, attendance, event days and non-event days as well as any of the lost business. The product has paid for itself by way of reduced wages required to complete the mentioned reports.”
For more information about how Ungerbeoeck and Tradex have worked together to increase venue revenue streams, contact us today, or leave a comment below.