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.