Lead Source, Market Segment, Business Classification, Event Type, and Genre are all ways for you to categorize your account and event information, with the aim of analyzing your past business to improve your future business.
All five of these lists are customizable for your account.
Market segment and lead source are designations for accounts, allowing you to track the business type or business sector of the account (market segment) and how they came to be a customer (lead source). We recommend the use of both market segment and lead source, but you do not have to set them up on your account. If you do choose to add them, they will be required on all accounts.
Event type, genre, and business classification are designations for events. Event type is the type of event: conference, wedding, concert, and so on. Genre is a more specific category of event: if you have a concert event type, you can specify the genre of music (classical, pop, country), or if you have sporting event you can specify the sport (hockey, basketball). Using both allows you to report on your events broadly (compare event types) as well as more specifically (compare genres within an event type).
Business classification is a bit flexible; different accounts use this in different ways. For example, an arena or performing arts center 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).
While event type is a required value in Momentus Elite, not all venues need the extra data metric of genre or business classification, so you do not have to set them up on your account. If you do set up business classifications, they will be required on every event. If you set up genre, it will not be a required field, so you only have to use it with the event types that benefit from it.
For further explanation about how Event Types, Business Classifications, and Genres work together, view this two-minute video:
We compared the five metrics 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.
Genre: Genre is a specific category of an event type, such as classical, pop, or country.
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.