A great party = an audience. And an audience = revenue generation. In just 9 steps, learn how to throw a good party for your guests while also generating profit.
1. Know your audience
The people you are throwing the party for should define your business model. This means you need to know your customers inside and out. It’s not enough to have a basic understanding of only demographics. You need to discover their idea of a good party, the music they like to hear, the alcohol they like to drink, and even the servers they prefer. Work with a partner who can offer these valuable insights.
2. Plan your event
Planning is one of the most important aspects of throwing an event. First you need to identify what you want to get out of the event, and plan accordingly to achieve it. The best questions to answer during this step are:
• What is your goal?
• What is your budget, and how much can you spend in each area of the event?
• Is this going to be an event tied to a holiday or time of year?
• How will you get the word out about this event?
Once you answer these questions, you have a better way of moving forward. You know exactly how may promoters you need, what staff members are responsible for, how much money you can spend on talent, what type of talent you need to hire, if you can offer drink specials – the list goes on.
3. Hire the right talent
Talent is a big portion of what lures people into your venue. But you need to make sure you hire the right talent. Do your guests prefer a headlining DJ or a local band? What type of lighting and sound equipment do you need to enhance the experience for your guests? Stay within your budget and plan for your audience to maximize profits and achieve your goal.
4. Price tickets accordingly
When it comes to a good party, it’s the experience – not the deal – that attracts guests. It’s critical to understand what your customers will pay in return for a good party. Make sure you don’t sell yourself short and maximize your revenue when at all possible. People understand and have been programmed to pay top dollar for major events, within reason. Take note, not advantage, of these opportunities if you seek long-term success.
5. Get the word out
You can’t spread the word until you’ve defined your audience. After all, it’s much easier to market and promote your party when you know exactly whom you’re trying to reach. The best strategy is to always keep your customers informed while maintaining a clear and consistent message in all your efforts. Use a multi-channel strategy to get the word out, such as text-message marketing, printed collateral, email updates, and social media. Just using one channel – such as printing flyers – will not do. Diversify your efforts, track returns, and adjust focus based on results.
6. Generate revenue, even before the day of the event
Pre-sales, pre-sales, pre-sales. Every event or venue, regardless of size, benefits from the pre-sale of tickets and inventory. The best way to sell tickets in advance is to get everyone on board with a single platform. There are platforms available that allow you to create and manage an online event page, publish the page for consumers to purchase tickets, have the page integrate with a mobile app for promoters to sell directly from their devices, and track ticket sales and results along the way. This type of platform syncs all promoters and marketing efforts together to maximize ticket sales and revenue.
7. Avoid double-booked VIP tables
The best way to keep track of reservations to mitigate double-booked table is through a central technology platform to which everyone has access. This means any of your employees or partners can log into the system with their personal username and password, add a guest reservation for a specific night, identify remaining tables for the night and select the most appropriate one. Tables that are already reserved won’t show up in the system, which means they’re never double-booked. Not only that, but the person who refers a guest for a reservation (ex: a promoters) is the person who makes the reservation. They don’t need to email anybody to make it happen or jot it down on a piece of paper to hand to the hostess. It’s all streamlined and centralized to maximize efficiency, accuracy, and customer satisfaction.
8. Be a good host
Your event efforts must continue, and perhaps even spike, during the night of the event. Treat everyone like VIPs, from the bottle buyer to the general admission guest. Focus on service levels and make them feel appreciated no matter what. Your guests will not only continually come back, but they’ll also tell everyone they know about their experience. This sets you up for success for the long run.
9. Analyze results to better prepare for the next event
The only way to know whether your event was a success is to analyze the data. If you got on board with the aforementioned platform, your life will be significantly easier since it will all be in one spot – not to mention the data will be broken down by individual guests and staff members to truly identify areas of strength and weakness. Once you know how well you did, you’re able to better set yourself up for success for your next event.
At the end of the day, revenue is a byproduct of the value of your party Make sure you first and foremost throw a good party, then be constantly aware of your guests, surprise them from time to time, and treat them with the service they deserve to keep them coming back.
