The goal that’s on every event producer’s list – increase event revenue. As in the rest of the live business, technology is changing the way fans spend money at concerts and, right now, tech is leading live entertainment towards cashless events. The pressure is on. Demand from fans to out-do previous event experiences is a reality that can’t be ignored.
The cost of production, staffing and entertainment is ever-increasing. Events that continue to grow and thrive in a competitive marketplace learn to adapt to industry challenges, while embracing changes and new technology solutions. Learn how to stay on top and be in control of your event. Here are 5 proven ways to increase event revenue at your next event.
Deploy a Cashless Payment System
In contrast to traditional forms of payment such as cash, debit or credit card, a Cashless Payment system removes the bottleneck of payment processing; no more fumbling for change or waiting for credit card transactions to process, digital event currency is instantly drawn from the guest’s cashless balance with a simple double-tap of their pre-loaded RFID event wristband.
Consumers enjoy faster transaction times and an extremely convenient way to spend, ensuring they get what they want, when they want it, significantly reducing queues and drop-off rates. Faster transaction times also mean your vendors can process more orders per minute with the same staffing levels.
A closed-loop cashless payment system has proven to increase on-site guest spending by 15-30% at fully cashless events, compared to traditional forms of payment. In addition, on-site promotional offers can be implemented at short notice, helping to generate additional income as required. Local loyalty and coupon schemes can be integrated into a cashless payment system to further incentivize guests to transact.
With real-time transactions and digital reporting, vendors save time and costs of not having to count and handle cash or tokens on-site, reducing staffing and security requirements.
Encourage Pre-Event Top-Up and Auto-Top-Up
To maximize the impact of a Cashless Payment deployment, a proven strategy to increase event revenue is to encourage guests to add funds or “top-up” their cashless accounts in advance of the event. Guests who have topped-up their accounts pre-event are ready to make purchases for beer, food and merchandise from the moment of entry without the wait time. Organizers also benefit from having pre-top-up funds in their merchant accounts before event gates open, providing greater flexibility and cash flow to help cover event costs.
Higher top-up numbers have proven to increase on-site revenue, as guests are more likely to spend the committed amount on their cashless account and have budgeted for this spend. Attendees also have the option to enable the “Auto-Top-Up” feature, which automatically loads funds onto an account when the guest’s balance falls below a minimum threshold; it’s super convenient and takes the worry away from running low on funds when guests want to make purchases.
In encouraging pre-event top-ups and using Auto-Top-Up, events can provide attendees with further incentives (e.g. bonus bucks, contests, swag and merchandise). Events should also provide refunds post-event for any leftover credit unspent, so guests don’t need to worry about how much to top-up in advance
Deploy Cashless Roaming Vendors or “Hawkers”
Roaming vendors are mobile staff that can take Cashless Payments at any location on-site, rather than fixed points-of-sales in bars, food outlets and merchandise stalls. This dramatically reduces queuing times at key payment areas and encourages more frequent purchases.
Staff can take the promotional message of sales/offers direct to the customer, rather than waiting for guests to come to fixed points-of-sale. High traffic areas and peak times can be identified through real-time sales data to optimize placement of roaming vendors and maximize key sales opportunities.
Having “ears on the ground” means that consumer demand can be quickly identified and sales/product strategies can be adapted if necessary.
Offer RFID Brand Activation Opportunities
Gone are the days of sampling and couponing to the masses; RFID technology provides new opportunities for brands to closely engage and relate to event-goers through cutting edge brand activations and audience profiling. Entice sponsors with the kinds of insight they want: ROI measurement data, post-event customer engagement opportunities, and delivering more value for their sponsorship dollars to set your event apart.
RFID technology can be seamlessly integrated into all types of brand activations including social media check-ins, games and leaderboards, contests and giveaways, voting and questionnaires, scavenger hunts, tasting lists and much more. Through real-time data, sponsors can tweak or make changes on the go to maximize engagement levels. Data can be utilized in future events to create further personalized experiences by brand sponsors
Extend Sales to Post-Event Transactions
Audience data captured through online registrations, sales transactions, brand activation interactions, and social media activity allows event organizers, vendors and sponsors to further engage consumers in post-event content and offers. Purchasing data and trends can be analyzed and integrated into retail strategies and loyalty schemes for the following year. Post-event sales opportunities include pre-sale tickets to the next event, discounted merchandise and swag, new releases and related products, VIP experiences and travel packages, in-store promotional offers, and much more.
Learn more about Event Revenue: Optimize Your Budget With This FREE Cost-per-Customer Calculator