Words By: Shai Evian
What makes an event ‘profitable’ ? Well, the ability to assess profit depends on data – and who has the time or the energy to gather data while managing complicated event tasks? No-one. That’s who. So, while event revenue can be generated from many different sources, it’s tough to keep track of these without an appropriate system in place. It’s often tough to gain the knowledge that empowers you to understand how your attendees spend their money.
What if you could access, easily and quickly, insights into the following critical data points:
- Revenue breakdown: ticket sales, bar, food vendors, and merchandise?
- Top product sales?
- How much of any brand or product was sold?
- Breakdown of brands sold by demographics?
- Breakdown of when products were bought and by time?
- Food vendor sales?
- Trends relating to food sales, i.e. popular traders vs popular food types ?
- Attendees’ movement patterns?
- Spending habits per demographic?
- Individual sales and tips per individual barman?
- Most efficient barman by transaction type?
- Analysis of VIP vs general attendee spend?
Having access to this data is not only possible, but you can also track it sustainably, using payment technology offered by Howler. And then you’re en route to profitability with staying power. With Howler Cashless, all of your attendee spend becomes instantly transparent. You can easily see how much an individual attendee has spent per line item from bars, food vendors, merchandise kiosks, and more.
All this is possible through rich data gathered from Howler’s impressive analytics that can identify which items generate the most revenue, so you can increase those streams. For example, are your VIPs a big source of revenue? Or, do their comped drinks and snacks cost you more than they spend? Who are your high-spend attendees, and what exactly are they buying? You can even use Howler to track attendee foot traffic and routes, to better map the event. Then, you can better position certain products or areas, like bars, for increased revenue.
And when it comes to sponsorship Howler helps you to include detailed data and invaluable insights in your sponsorship report. Show sponsors their sales, demographics on all purchasers, and buying patterns across multiple customer types.
Once you know whom you’re dealing with, what they’re spending, when, and where, you’re armed with the information you need to craft your events for better profitability. Contact Howler today, for a no-obligation quote on leveraging the latest events technology to truly understand and optimise your attendee spend.