Two Ideas For Creating A Profitable Festival
Planning and executing a great festival costs money. So how can one plan a festival that is not only a community event but also a profit generator? The balance can be tricky. We did some research and found two ideas for you. Upsell Tickets To Special Events Many of the festivals we have set up over the years are often free to the public. The event is financed through sponsorships and vendor booth rentals. However, many of these types of festivals only break even or make a minimal profit. To increase dollars brought into the event consider having special events that require an additional fee for entry. Tasting rooms, VIP areas, front row seating, meet and greet sessions, and behind-the-scene tours can be great revenue makers, even with tickets going for $10 or $20. Change The Flow of Traffic Traffic flow through vendor booths, food courts, entertainment spaces, and guest rest areas requires careful planning. We are often asked best practices for ensure guest safety, capacity threshold adherence, and attendee comfort. One we would add when looking for ways to maximize profits is to organize the flow of traffic so the most popular items are placed towards the “back”, forcing people to pass by multiple opportunities to spend. A great example of this practice is to look at an IKEA store. A consumer has to go all the way to the top floor and then make their way down multiple levels before checking out. This same principle can be applied to event management. As you begin planning your next festival, considering inviting in Wright Group Event Services into the early discussions. We may have other ideas for you to create a profitable, memorable event.
Our Top 7 Favorite Festivals in Colorado
There are over 800 festivals each year in the US (US Law Group 2021) and Colorado has some of the best. Uncover Colorado has created an annual calendar for easy access to attend festivals all year long. Here are 7 of our very favorites: Denver Beer Festival – This is one of the largest celebrations of beer in the country. Grab your mug and prepare for tasting at this incredible festival held during the fall! Frozen Dead Guy Days – The lore of this story includes a cryopreservation of a former resident of Nederland, CO. where this festival is held each March. Complete with blue grass bands and coffin races, this is a one-of-a-kind event. Taste of Vail – Amazing food, incredible wine, beautiful mountain scenery. Do we need to say more? Cinco de Mayo – Did you know that Denver has one of the largest Cinco de Mayo celebrations in the US? Celebrate the Latino community in style by attending this annual festival. Strawberry Days – It is hard to believe that this festival has been happening in Glenwood Springs for over 125 years! If you love the strawberry as much as we do, get into the jam by checking out this festival each June! Hot Air Balloon Rodeo – Who says New Mexico has the only great hot air balloon festival around?! Head up to Steamboat Springs in July where hot air balloon operators partake in rodeo tricks like dipping the basket of the balloon in the nearby lake, a stunt you will not soon forget. Elk Fest – Elk are a staple to our Colorado community so of course they have their own special weekend. Head up to Estes Park at the beginning of October when these majestic beasts bugle, a sign of the pending mating season. Want more? There are hundreds to choose from. Just visit UncoverColorado.com for the complete list. Planning a festival? Contact Wright Group Event Services for all of your equipment rental needs!