If you’re an event manager, prepare yourself for being accountable for a lot of things – from return on investments for sponsors to the number of exhibitors lined for the event. But the biggest challenge of all is to increase profitability.
Here are a few tips to help you make a profit and retain sponsors year after year:
1) ENCOURAGE CASHLESS PAYMENT
Introducing cashless payment system helps reduce long queues for facilities like food, drinks, and refills. Eliminating endless wait times also increases guest satisfaction. And we all know that happy customers spend more.
There have been several studies to prove that introducing cashless payment systems increases consumer spending. This is because of the ease of making purchases and the psychological impact of not giving away cash.
2) TIGHTEN ACCESS CONTROL
Popular events often sell out quickly, only for the planners to realize that the tickets are being sold on the black market for ten times the original cost. As an organizer, you aren’t just losing money, but unwittingly hurting genuine fans or clients.
With an NFC-enabled event management software like PouchNATION, you can reduce ticket fraud by enabling register wristbands that can be tapped to enter the event.
3) DESIGNATE A VIP AREA
Introduce a designated VIP area that could include a few added privileges like special brands of alcohol, food, or anything you want to make your guests feel special. These VIP areas can also be used to upsell sponsorship packages and get paid for product placement.
4) SAVE MONEY
The easiest way to maximize profits is by avoiding overspending. Using event software systems like PouchNATION can help you save thousands of dollars, by way of online ticket registration, promoting via social media, and much more.
Generating revenue from an event is not impossible, albeit a little difficult. PouchNATION’s cashless payment software can help you!