The product is designed to allow users to compare their performance with other venues' performances based on various metrics. It enables the creation of competitive sets, which are comparisons of a venue against a selected set of competitors. The system aims to help users make informed decisions for their enquiries (RFPs), without disclosing specific competitor information. The product uses average values for comparisons and includes important guidelines for protecting client confidentiality.

TABLE OF CONTENTS

• Key Features
• Rules for Selecting Competitors
• Creating Comp Sets
• Setting up a comp set
• The metrics considered in the Comp Sets

Note: Any comp sets you create during your free trial will be permanently deleted once the trial ends. If you wish to keep the same selection of venues after purchasing the product, please ensure you save your list of venues before your trial expires. This will allow you to easily recreate your comp sets in your paid account.

Key Features

1. Create Competitors Set: Users can create comparisons, called "comp set," between their venue and a minimum of four other venues based on various metrics.
2. Confidentiality: The system ensures that specific competitor data is not revealed, instead providing performance comparisons based on average values.
3. Two Comp Set Limit: Users can create up to two different comp sets per venue, each based on different comparisons.

Rules for Selecting Competitors

To maintain fairness and ensure client confidentiality, the system follows strict rules for selecting competitors in the comparison tool:

• Maximum Capacity Rules: No single competitor can exceed 25% of the total comparison set capacity. i.e. If the maximum capacity is 100, an individual venue selected cannot exceed a maximum capacity of 125 delegates. 
• The same rule applies to a single brand’s capacity. Meaning that the sum of capacities of the venues under the same brand cannot exceed 25% of the venue’s maximum capacity.
• Competitor Requirements: Users must select between 4 to 10 competitors, with a minimum of 3 different parent brands.
• Competitor Changes: Users are limited to changing their competitor selection once every six months.
• Validation Messages: If any selected venue doesn't meet the rules, a validation message will appear for correction.

Creating Comp Sets

• Users can create up to two comp sets per venue.
• Each comp set must be different in terms of the competitors' set used.
• Data Timeframe: The data used for comparisons will have a gap of three months from the date the comp set is being created. i.e. The user is creating the comp set in July, so the system will pick up data from March backwards. Meaning that the data from April, May and June will not appear on the stats.
• The statistics will be based on the date the bookings were created.

Setting up a comp set

1 - On myeventschannel.com click on the Comp Sets at the top of the screen;

2 - Select the venue and click on Create Set;

3 - Select the venues that match the rules on the screen;

4 - Once the user selects the venues, they must acknowledge that they are aware that they can't change the competitors for o period of 6 months and click Next;

5 - If any of the venues selected don't match one of the rules, the system will show a validation message indicating what needs to be reviewed;

 6 - The next step is to name your set;

7 - The Competitive Sets will be created, and the stats will appear on the screen;

8 - On the left-hand side, the user can see the two sets they created (if applicable);

9 - They will see the dropdown with the competitors they selected;

10 - They can select the period they want to analyse. i.e. Nov-2024 - Jan-2024;

11 - If the user clicks on the competitors drop-down, they can see how long it will take until they can change the competitors selected.

12 - The user can select a metric and see it on a graphical or a table at the bottom of the page.

The metrics considered in the Comp Sets

There are eight metrics that the clients can analyse:

1. Response Time;
2. Response Rate;
3. Meeting RFP Value;
4. Meeting Size;
5. RFPs Received;
6. RFP Value;
7. Conversion Rate;