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).

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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 can use these revenue streams prior to the event.

 

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 and venue management tool), your cashflow will start 6 months in advance (and you can therefore balance your budget better). A quick example is the 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.

 

Embrace technology for a great event

You have crafted a plan for the perfect event. A well-known influencer/artist is the keynote speaker/leading star, you have a long long list of sponsors, great venue, excellent catering and a perfect weather forecast (ok, this in fact is a myth, but you get the picture). So, as a friend of mine likes to say, you are “jacked up and good to go”.

But the work is only half done (to say the least) and here are a few things that can go terribly wrong of surprisingly well (luckily today’s event management tools can help you).

 

Delivering tickets

Tickets. Maybe you have the perfect marketing plan and everyone hears about your event but, if your attendees need to go the extra mile to buy them, then you have a problem. If you use social media for marketing make sure that the ticket is only a few clicks away from your fb/twitter/instagram account (better said a few screen touches away). Every extra step that the customer has to take to buy your ticket decreases the chances that he will actually finish the process. Here’s a hint: use a software that allows you to sell tickets on your personal site/blog.

 

Check-in and registration

One of the most annoying things in the world is waiting in the line with a paid ticket in your phone (3 years ago i would’ve said pocket). Today you can use a simple application (downloaded on your personal phone) to check-in your guests and have real time access to relevant data about who arrived when. Don’t disrespect your customers by making them wait while you verify printed check-lists.

 

Do more with a ticket

Help attendees do more with just one ticket. For example,at a concert, the VIP tickets can include a free t-shirt, a backstage pass and 2 bottles of water, all in the same QR code. The same e-ticket (stored on your client’s phone) will be used at the front gate, at the bar, at the souvenir shop and at backstage entrance.

Embrace technology, offer a memorable experience to your clients and the word will spread like wildfire.