What is the difference between Lead Source, Market Segment, Business Classification, and Event Types?
Lead Source, Market Segment, Business Classification, and Event Type are all ways for you to label or tag your information, with the aim of analyzing your past business to improve your future business.
Market segment and lead source are designations for accounts, allowing you to track the type of business and where that business came from. Event type and business classification, however, are for events. Event type is the type of event: conference, wedding, concert, etc. whereas business classification can be a bit more nebulous; different accounts use this in different ways. For example, an arena could have a concert (event type) which is a co-pro or a rental (business classification). A convention center could have conferences (event type) which were originated by either the CVB or the venue sales team (business classification). A performing arts center may choose to use it as another classification for their events allowing you to track both genre and type.
Lead source, market segment, and event type are all required in VenueOps. Not all accounts need the extra data metric of business classification, so you do not have to set that up on your account. If you do add business classifications, they will be required on every event.
All four of these lists are customizable for your account.
We compared them above, but for additional information let's define them separately as well:
Market Segment: Market segment is used to differentiate accounts or customers based on the nature of business they bring. Market segments are often used to designate sales territories for different sales managers or to filter accounts for specific marketing campaigns.
Lead Source: Lead source is used to track how a specific customer was obtained. The lead source can be used to track specific channels (such as website, phone call, walk-in), referrals (CVB, client referral) or business resulting from specific marketing campaigns.
Event Type: Event type is used to track the nature of the specific event, affecting the planning and execution requirements for the event.
Business Classification: Business classification is a designation on events which tracks the nature of the specific business opportunity. Business classification is primarily used for segmenting or categorizing sales and financial reports, regardless of the nature of the event itself (event type). Examples can include how the event originated (CVB, hotel, or venue sales team) or how revenue is classified (city event, self-promoted, or rental). Business classification can feel similar to market segment, but this is for the event itself, not the account. Since this list is customizable, you can also use it as a secondary designation for events to improve your reporting.