5 Key Take-a-Ways from the Events Revenue Summit

1. Embrace new technology

Adopt cashless payment systems

In the evolving landscape of event management, adopting cashless payment systems has become essential. These systems not only streamline transactions but also enhance the overall attendee experience by reducing wait times and minimizing the risk of theft. Event professionals are increasingly turning to digital wallets and contactless payment methods to facilitate smoother and faster transactions.

Moreover, cashless payment systems provide valuable data that can be used to analyze spending patterns and optimize revenue strategies. By understanding attendee preferences and behaviors, event organizers can tailor their offerings to better meet the needs of their audience, ultimately driving higher revenue margins.

Utilize RFID for brand activation

RFID technology is revolutionizing the way brands engage with attendees at events. By embedding RFID chips in badges or wristbands, event organizers can create interactive and personalized experiences that leave a lasting impression. This technology allows for seamless check-ins, access control, and even cashless payments, enhancing the overall efficiency of the event.

Additionally, RFID enables detailed tracking of attendee movements and interactions, providing valuable insights into which areas and activities are most popular. This data can be used to optimize event layouts, improve traffic flow, and enhance brand activations, ultimately leading to increased sponsor satisfaction and higher revenue.

Invest in AI and automation

The integration of AI and automation in event management is no longer a luxury but a necessity. AI-powered tools can assist in various aspects of event planning, from personalized marketing campaigns to real-time data analysis. Automation can streamline repetitive tasks, allowing event professionals to focus on more strategic activities.

For instance, AI chatbots can handle attendee inquiries, provide recommendations, and even facilitate networking opportunities. Automation tools can manage registrations, send reminders, and generate reports, significantly reducing the workload on event staff. By leveraging AI and automation, event organizers can enhance efficiency, improve attendee satisfaction, and ultimately boost revenue.

2. Focus on flexibility and agility

Adapt to hybrid event models

The rise of hybrid events has been a game-changer in the event industry. By combining virtual and in-person elements, hybrid events offer the best of both worlds, catering to a broader audience and maximizing reach. This model allows attendees to choose how they want to participate, whether it's in person or from the comfort of their homes.

Hybrid events also provide multiple revenue streams, from ticket sales and sponsorships to virtual booths and online advertising. By embracing this flexible approach, event organizers can adapt to changing circumstances and ensure the success of their events, regardless of external factors such as travel restrictions or health concerns.

Be prepared for changing habits

The COVID-19 pandemic has significantly altered attendee behaviors and preferences. Event professionals must be prepared for changing habits and adapt their strategies accordingly. This includes offering flexible ticketing options, providing virtual content, and ensuring robust health and safety measures for in-person events.

Understanding these evolving preferences is crucial for maintaining attendee engagement and satisfaction. By staying attuned to the needs and concerns of their audience, event organizers can create more relevant and appealing experiences, ultimately driving higher attendance and revenue.

Ensure performance transparency

In today's data-driven world, performance transparency is more important than ever. Event organizers must provide clear and accurate information about event performance, including attendance numbers, engagement metrics, and revenue figures. This transparency builds trust with stakeholders and sponsors, demonstrating the value and impact of the event.

Utilizing data analytics tools can help event professionals track and report on key performance indicators in real-time. By sharing these insights with stakeholders, organizers can make informed decisions, identify areas for improvement, and showcase the success of their events, ultimately attracting more sponsors and increasing revenue.

3. Enhance attendee experience

Encourage pre-event top-ups

One effective strategy to enhance the attendee experience is to encourage pre-event top-ups. By allowing attendees to add funds to their digital wallets before the event, organizers can streamline the check-in process and reduce wait times. This not only improves the overall experience but also increases the likelihood of attendees spending more during the event.

Pre-event top-ups also provide valuable data on attendee spending habits, enabling organizers to tailor their offerings and promotions accordingly. By understanding what attendees are most interested in, event professionals can create targeted marketing campaigns and drive higher sales.

Deploy cashless roaming vendors

Cashless roaming vendors are a great way to enhance convenience and boost sales at events. These vendors can move throughout the event space, offering products and services directly to attendees without the need for cash transactions. This not only reduces wait times but also encourages impulse purchases, increasing overall revenue.

By equipping vendors with mobile payment devices, event organizers can ensure a seamless and efficient transaction process. Additionally, the data collected from these transactions can provide insights into attendee preferences and spending patterns, helping organizers optimize their offerings and maximize revenue.

Extend sales to post-event transactions

To maximize revenue, event professionals should consider extending sales to post-event transactions . By offering exclusive deals and promotions after the event, organizers can continue to engage attendees and drive additional sales. This can be done through follow-up emails, social media campaigns, or dedicated online stores.

Post-event transactions also provide an opportunity to gather feedback and insights from attendees, helping organizers improve future events. By maintaining a connection with attendees and offering valuable incentives, event professionals can build long-term relationships and ensure continued success.

4. Foster strong sales conversations

Sell in teams

Selling in teams can significantly enhance the effectiveness of sales conversations. By leveraging the diverse skills and expertise of team members, event professionals can provide more comprehensive and persuasive pitches to potential clients and sponsors. This collaborative approach ensures that all aspects of the client's needs are addressed, increasing the likelihood of closing deals.

Team selling also allows for better handling of objections and questions, as different team members can provide unique perspectives and solutions. By working together, sales teams can build stronger relationships with clients and drive higher revenue.

Listen more and encourage questions

Effective sales conversations require a focus on listening more and encouraging questions . By actively listening to clients and understanding their needs, event professionals can tailor their pitches to address specific pain points and offer relevant solutions. This approach builds trust and demonstrates a genuine interest in the client's success.

Encouraging questions also allows for a more interactive and engaging conversation, helping to uncover additional opportunities and address any concerns. By fostering open communication, sales teams can build stronger relationships with clients and increase the likelihood of closing deals.

Use risk-reversal language

Incorporating risk-reversal language into sales conversations can help alleviate potential concerns and objections from clients. By offering guarantees, trial periods, or flexible terms, event professionals can reduce the perceived risk and make it easier for clients to commit to a purchase.

This approach demonstrates confidence in the value of the product or service being offered and provides clients with peace of mind. By addressing potential risks upfront, sales teams can build trust and increase the likelihood of closing deals.

5. Align sales and customer success

Specialize job roles

To ensure a seamless transition from sales to customer success, it is important to specialize job roles within the organization. By clearly defining the responsibilities of sales and customer success teams, event professionals can ensure that clients receive consistent and high-quality support throughout their journey.

This specialization allows each team to focus on their core competencies, improving efficiency and effectiveness. By working together and maintaining clear communication, sales and customer success teams can drive higher client satisfaction and retention, ultimately boosting revenue.

Plan effective sales kickoffs

Planning effective sales kickoffs is crucial for aligning sales and customer success teams. These kickoffs provide an opportunity to set clear goals, share best practices, and ensure that all team members are on the same page. By fostering collaboration and communication, event professionals can create a unified approach to client engagement and support.

Sales kickoffs also provide an opportunity to celebrate successes and recognize top performers, boosting morale and motivation. By investing in these events, organizations can ensure that their sales and customer success teams are well-equipped to drive revenue and achieve their goals.

Leverage data for process improvement

Leveraging data for process improvement is essential for aligning sales and customer success teams. By analyzing key metrics and performance indicators, event professionals can identify areas for improvement and implement data-driven strategies to enhance efficiency and effectiveness.

Data can provide valuable insights into client behaviors, preferences, and pain points, helping teams tailor their approaches and deliver more personalized support. By continuously monitoring and analyzing data, organizations can ensure that their sales and customer success teams are always working towards the same goals and driving higher revenue.