Imagine it’s hours before you open and your mind is at ease because you have thousands of dollars in pre-sold inventory. On top of that, your worries about cancelations are a thing of the past since your reservations aren’t simply guaranteed, but purchased in advance. This is not a dream; this is reality, and it’s easier than you think. Here’s what you need to do:
1.Know your inventory
From nightclubs to restaurants, there are events and inventory to be sold. All you have to do is simply quantify them and make them available to purchase in advance. Some examples include table reservations, cover charges, big-name performances, dining events, and social events. Think big picture about your venue and discover which inventory can be pre-purchased.
2. Get the word out
We live in the social media era, which means there are many inexpensive ways to drive awareness. Make your pre-sale message clear, attractive and exclusive, and be consistent across all media channels. Above all, make sure your customers get what you promised and what they purchased.
3.Define your goals
Do your research and understand your venue’s opportunities. Make sure your projected revenues are realistic, on budget, and achievable.
Every event or venue, regardless of size, benefits from the pre-sale of inventory. A goal of any business is to drive revenue and translate it to money in the bank. Go one step further and make it a guarantee!
John Wickes is an advisor for BookBottles.