You just finished hosting an event. The feedback from attendees and speakers was excellent, the venue was perfect, and overall, you’d consider it a success. But as you prepare to make plans for the next one, a question lingers in your mind: could we have turned a better profit?
No matter how experienced you may be in event management, there are almost certainly areas where you’ve been losing money. Let’s look at five ways to generate even more revenue at your next live event.
1. Offer Easy Opportunities to Upgrade
This one begins right when your guests walk in the door. Many attendees will arrive without an upgrade to VIP status. However, plenty will wish they had upgraded at some point during the event. If you’re not offering a one-click VIP upsell option at the check-in kiosk, you could miss out on a lot of potential revenue.
Many guests may wish to upgrade during your event, but the later it gets, the less likely they are to pull the trigger. When you have a quick VIP upgrade offer right at the beginning, this—sometimes paired with strategically placed signage showing a few examples of what VIPs will get—will convince many attendees to upgrade because the process is so quick and easy.
Choosing the right event registration management software also lets you present information about upgrades and upsells when attendees register online beforehand, which leads to the next tip.
2. Choose the Right Event Registration Software
It is crucial for an event organizer to stay informed of when each talk or activity is happening, if specific rooms are filled to capacity, or if a room is sitting empty. Awareness of guest numbers, check-ins, and activity ensures your event runs smoothly and you take advantage of all upsell opportunities. However, if your software does not include live event data tracking, you are bound to miss out on opportunities.
In contrast, when an event registration system like the one offered by In The Room presents you with live updates as they happen, you can track how many seats are left in each room and keep attendees informed. Seeing seats running out in real time can push a sense of urgency to get guests in the room.
3. Get Accurate Estimates on Space and Seating
Selecting management software that includes live event data tracking will allow you to know in real time exactly how many people are registered for a particular talk or activity and who has already checked into each room. Data tracking like this can prevent overcrowded rooms where attendees run out of seating and can alert organizers when a speaker is about to present in an empty room.
Empty rooms at any live event can reflect poorly. The ability to send out a reminder message to all attendees about an under-attended talk or presentation may save the speaker and organizer embarrassment. A speaker or performer who walks into a room with mostly unoccupied seats is less likely to return in the future.
Likewise, when you underestimate the number of seats necessary, you end up with attendees standing by the walls or even sitting on the floor. Crowded rooms make you unhappy attendees who are less likely to return to participate in future opportunities.
4. Order Food and Beverages as Needed
It’s a good rule of thumb to slightly overestimate the amount of food and beverages necessary for any live event, as you always want to stay well supplied. However, if you get attendee numbers way off, you will end up spending money on food and drinks that go to waste.
With accurate event tracker software, you can watch check-in counts and last-minute registrations for real-time knowledge of how many people attend each talk, activity, or performance. This data will help you save money by giving you a much better estimate of how much food and drinks to order each day.
5. Make Your Event Work for You
Managing a sizable live event such as a conference, seminar, concert, or sporting event is no small feat. It takes a lot of work, research, and dedication to make your event successful and to maximize profits.
In order to ensure your live event generates the most revenue possible, it is crucial to have an accurate guest count, keep track of check-ins and late registrations, keep tabs on attendee activity, and make it easy to upgrade and upsell tickets and packages. One way to manage all of these touch points and more is by choosing an efficient and versatile event management program.
Selecting event management software that includes self-service check-in, one-click upsell add-ons, quick online late registration, on-demand badge printing, and live event tracking will let you relax (ok, well maybe just a little) at your next event while you watch your profits increase.
Infographic
After hosting an event, you received great feedback. However, there may be areas where you’re losing money, regardless of your event management experience. Learn five ways to generate more revenue at your next live event in this infographic.
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