3 ideas to improve your pre-event cash flow
The two superpowers that i’ve always craved for are avoiding the unavoidable and expecting the unexpected. And even though the first still seems to be unachievable, experience brought me closer to the second. Or, to say the least, taught me that no matter how much I prepare myself things can still go wrong (what can i say…the world is independent of my will).
And planning an event makes no exception when talking about things that can go wrong. Although you want to make sure that your marketing strategy helps you sell all the tickets (Fully Booked sounds great, i know) it’s crucial to have a strong financial plan. Assuming that you are not the happy owner of a Platinum Business Credit Card and that, like the rest of us, you too have to work for a positive cash flow, here are some ideas you can use:
An event’s main income sources are:
Sponsorships and Advertising Revenue
Registration Fees and Ticket Sales
Merchandise Sales (T-Shirts, Mugs, etc.)
Audiovisual Material Sales (CDs, DVDs, etc.),
so let’s see how we can use these revenue streams to better our pre-event cash flow
Sponsorship and Advertising Revenue
This is the category that, by tradition, helps you start. But you have to choose wisely. Don’t waste your time by not researching first; make sure that you approach the right company or person. Research will help you see which companies are omnipresent sponsors, what companies are willing to associate with your event’s theme (ex: if your topic is “Sustainable Energy” you may try approaching someone from the Energy field) or who is interested in your audience’s demographics.
Registration Fees and Ticket Sales
Remember the days when you had to wait until after the event for your money? Those days are over! Today’s technology offers you the possibility to have instant access to your ticket sales income. So, if you start selling tickets 6 months before the event (using an event registration software), your event cash flow will start 6 months in advance (and you can therefore balance your budget better). A quick example is that you can use the early bird strategy for a limited number of seats. This way you can make sure you have cash to pay some suppliers.
Merchandise Sales and Audiovisual Material Sales
This is the real fun part when it comes to pre-event income. Today you can have instant access to not only ticket sales cash but also merchandise sale. You can set a special ticket category where event entrance is bundled with a T-shirt, a mug or a DVD. You can use Oveit’s addons and benefits to make this happen.
Cash flow seems to be one of the main reasons for which startups or events fail.”A recent study showed that as many as 82 percent of startups fail due to poor cash flow management”, sir Richard Branson has said. So, when planning the killer event don’t forget to make a solid financial plan and to use these tips if you need the extra cash.
Article written by .
Alex Pana is the Marketing Manager at Oveit, a US-based tech company focusing on improving virtual and in-person experiences. Prior to joining Oveit, Alex worked with 2 of the world's leading financial services companies. Over the last 4 years, Alex worked directly with hundreds of live and virtual events, understanding how technology improves the overall experience. He is people-oriented and although his role is to share the word about Oveit's solutions, he loves to learn about people's experiences. Be they good or bad. He has a degree in Public Administration. This is where he first learned that small changes can result in big improvements. Having this in mind it was only normal for him to join Oveit.