By Carly Burns
Revenue, in other terms “sales” represents direct income that is generated from normal business operations such as the transaction of goods and services. High revenues do not necessarily guarantee financial achievement, as it is often confused with profit but they are key determinants of financial success.
You may be wondering, “why should we spend time creating ways to generate revenue?” It is essential because a variety of revenue streams are the pathway towards a more profitable event. From partnerships to selling prizes, it is inevitable that there are countless monetization opportunities pre-event, mid-event, and post-event. Explore the numerous ways you can boost performance and overall create success for your business!
1. Selling Merchandise
If you have the opportunity to sell merchandise, this is a must. People love to come home with STUFF! At all stages of the event, maximize your ROI by taking advantage of selling your retail inventory.
Canalside Inn set an example of this at the Mother’s Day Mimosa Art Walk in Rehoboth Beach Delaware where people strolled through featured local artists and vendor booths. Swag Store merchandise was set up under a tent with tables to display the merchandise. People purchased items like beach towels, loqui reusable bags, koozies, and t-shirts! Remember the most incredible beach vacation by purchasing Swag Store products that are available both online and in-person!
2. Partnerships
building relationships with partners is a very powerful marketing strategy to increase your event revenue. Positive partnership arrangements not only benefit your company, but also benefit the company you are working with, as both brands grow their brand, increase visibility and digital presence, and capture more audience. Find ways to be creative when leveraging sponsors and partnerships. Maybe you want a partner to help fund food and drink items for a specific event, and make sure you provide a good ROI so you build a long-lasting relationship.
We are very excited to have created a partnership collateral program at Canalside Inn where businesses have the option to join us in either an annual or event-specific partnership. If you are interested in becoming a partner with us, please go to our website for more information!
3. Food and Beverage
Eventgoers may purchase food and beverage items while attending an event, which creates another awesome revenue stream! There has definitely been a change in demand to what consumers are looking to indulge in beyond the average hot dog and chicken finger. Upgrade your F&B experience by selling catering and vendor products to boost your income.
If you are a smaller business, maybe its finding local food trucks. There is no denying that there is something special about going up to a food truck. An amazing meal cooked right in front of you, food handed out directly by the chefs, and the positive atmosphere between the community, cooks, staff, and guests!
4. Games, Prizes, Raffles, & More!
From live auctions to paddle raises, door prizes, wine pulls, and carnival games, this strategy to increase your event revenue not only makes the environment fun, but collaborative. Offer something special, like the choice of one of the live auction packages. Are you selling a $50 raffle ticket? Offer something respectively valued, like a weekend getaway paired with a romantic rendezvous package.
Make sure you are offering items that are targeted to the audience you are bringing in, especially if they have been popular in the past, and utilize resources that you already have. Ask these questions, “How can I make my event more exciting?”. “What experiences will create lasting guest relationships?”
So, are you ready to generate that event money, and increase your revenue? By implementing these strategies, you will be on your way to a more profitable business. Not only will you improve your image and reputation, but company recognition will increase and so much more!
Canalside Inn will be hosting many special events in the future like bachelor/bachelorette parties, doggie parties, family reunions, Oktoberfest, and a 5K Walk/Run that all represent celebrations of life, family, community, and well-being. Read more about our dog-friendly boutique with this link, and email [email protected] for event inquiries you may have.
