Collect and Leverage Event Data with Cashless Payments

Collect and Leverage Event Data with Cashless Payments

After a successful event, it’s not always clear what exactly guaranteed success. Without knowing what factors caused unusually high revenues in the past, organizers planning food and drink events essentially leave future returns to chance. However, organizers who gather data about their attendees can leverage it to ensure ongoing wins.

This is one of the many advantages of RFID wristbands. Wristbands for events ensure that each purchase becomes a data point that enriches the perspective of the organizer. Here are a few examples of how wristbands for events can provide valuable information.

Boosting Food and Alcohol Sales

Given that food and alcohol are vital revenue sources at almost any significant event, taking an engineering mindset to food and drink sales can pay off. If an organizer can establish the average spend of the customer, and the popularity of individual items, they can educate vendors, ensuring that the focus on the highest-volume and highest-margin items. As well, this knowledge can help organizers intelligently design specials and promotions.

Also, data about peak times can help ease lulls in event spending. As we all know from anecdotal and professional experience, when those around us are drinking and eating, we tend to want to spend as well. By deploying a mobile salesforce during below-peak times or in dead zones, organizers can keep their visitors spending. Such sales generate a virtuous cycle, leading to more and more spending.

Enhancing VIP Experiences

VIP tickets don’t always deliver on their promise. Post-event data shows that many VIP ticket buyers end up regretting their investment. Obviously, this is the last thing organizers want—VIP buyers should be treated to an incredibly memorable experience, and not have any doubt about whether their status was worth it.

Good data can help. By finding out how VIPs use their benefits with RFID wristband software, you can double down on the most frequently used perks, ensuring that your programs are aligned with what these valued guests want.

Identifying Big Spenders

There are always a few disproportionate big spenders—the attendees who readily buy big-ticket items and are generous with their money. Cultivating relationships with this demographic can provide huge returns. However, if you’re using cash or plastic payment, it isn’t very easy to identify who these people are, especially since big spenders don’t always buy VIP tickets. Some walk-in with GA tickets and then spend hundreds of dollars on premium food and beverages.

By contrast, cashless payment makes this data completely accessible. This allows organizers to reach out to these customers, offering them incentives to return to subsequent events. As well, given that big spenders tend to socialize with other big spenders, this can encourage the right kind of attendance.

Getting a Leg Up on Competitors

The trend in modern fintech as well as the finance industry is steadily moving towards mainstreaming cashless payment. Given that the event space is becoming more crowded with each passing year, organizers are looking for any competitive edge possible. Naturally, then, if you’re an event organizer, your competitors are probably looking for a way to gather and leverage guest data. If you’re not doing the same, you’re losing out on a readily obtainable business advantage, on top of all the other benefits that RFID bracelets bring to event planning.

Please speak to us about how you can take advantage of RFID payment technology. Implementation is easier than most people suspect.

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CASHLESS by EVENTMONEY is a Cashless POS Option for Event Management & Payment Services