5 Ways to Boost Event Revenue with Premium Tech Offerings
In today’s competitive events industry, simply selling tickets often isn’t enough to drive significant revenue. Attendees increasingly expect high-tech solutions that enhance their experience, and many are willing to pay a premium for them. By offering technology-driven upgrades like facial recognition, VIP access options, and seamless entry systems, event organizers can create valuable upsell opportunities that not only enhance the attendee experience but also boost profitability. Here are five actionable strategies for leveraging premium tech offerings to increase event revenue.
1. Offer Facial Recognition as a VIP Upgrade
Facial recognition technology is an emerging tool for event entry and security, offering attendees a quick, secure, and touch-free experience. By positioning facial recognition as a premium feature, event organizers can create an attractive upsell for VIPs or premium ticket holders who value efficiency and exclusivity.
How to Implement:
• Create VIP Entry Lanes: Offer facial recognition as part of an exclusive entry experience, allowing VIP ticket holders to skip lines and access events faster.
• Add to High-Value Packages: Bundle facial recognition access with other VIP perks like lounge access, premium seating, or exclusive merchandise to create a more appealing, high-value package.
• Promote Security and Convenience: Highlight the convenience and added security that facial recognition provides, especially for large-scale events where attendees prioritize a hassle-free experience.
Revenue Potential:
Adding facial recognition as a VIP feature can justify premium ticket pricing, and for attendees focused on convenience, it’s an easy sell. Many will view it as a worthwhile investment for the added ease and speed of entry.
2. Implement Tiered Access Levels with Premium Zones
Tiered access is a classic upselling tactic that allows attendees to choose from different levels of event access. Advanced tech options like geofencing and QR code scanning for specific zones let organizers set up exclusive areas within the venue, offering added value and encouraging ticket upgrades.
How to Implement:
• Design Exclusive VIP Zones: Use access control systems like QR codes or NFC technology to create restricted areas, such as VIP lounges, backstage sections, or premium viewing spots. Only guests with the right ticket tier can access these zones.
• Offer Exclusive Content Access: Consider adding tech-based perks, like live streaming from VIP-only panels or private meet-and-greet zones with special guests, to further enhance these premium spaces.
• Promote Access as Part of the VIP Experience: Market these premium zones as an exclusive benefit that allows attendees to get up close to the action in a more comfortable setting.
Revenue Potential:
Tiered access models enable you to charge a premium for tickets that include entry to exclusive zones, creating higher-value options without necessarily increasing overall attendee volume.
3. Enhance Merchandise Sales with Cashless Payment Technology
With cashless payments, attendees can quickly and easily make purchases on-site, increasing the likelihood of impulse buys and boosting overall sales. Cashless payment technology, such as RFID wristbands or event apps with built-in payment systems, makes it easier for attendees to buy merchandise, refreshments, and other extras.
How to Implement:
• Implement RFID or App-Based Payment Options: Enable attendees to link their payment methods to their event wristband or app, allowing them to make instant purchases without handling cash or cards.
• Promote Exclusive Merchandise for VIP Levels: Offer exclusive or limited-edition items that can only be purchased with a VIP pass, encouraging attendees to upgrade their ticket for access to special products.
• Use In-App Discounts and Notifications: Send personalized notifications or discount offers via the event app, encouraging attendees to visit merchandise booths or food vendors and increase their on-site spending.
Revenue Potential:
Cashless payments reduce checkout times, encouraging higher volume and increasing attendee spending. RFID and app-based payments can increase overall revenue by 15-30% at events where merchandise and concessions are a primary income source.
4. Provide Premium Live Streaming and On-Demand Content
Not all attendees want to experience an event in person, and some may be unable to attend due to location or scheduling constraints. By offering a premium digital package, event organizers can monetize event content beyond physical ticket sales. This package could include access to live streaming, virtual meet-and-greets, or exclusive on-demand content.
How to Implement:
• Create Virtual Access Packages: Offer virtual tickets with options for live streaming sessions, breakout rooms, or VIP-only virtual interactions with speakers, performers, or special guests.
• Provide On-Demand Access for a Limited Time: Attendees who miss a session or want to re-watch key moments can purchase on-demand access to recorded content.
• Bundle Virtual and In-Person Access: For hybrid events, offer bundled packages that combine live access with premium on-demand content for a more comprehensive experience.
Revenue Potential:
Digital access packages are a cost-effective way to reach a broader audience without expanding physical capacity. Charging a premium for virtual VIP perks or exclusive content can significantly increase revenue, especially when offered alongside in-person ticket options.
5. Leverage Data Analytics to Create Personalized Experiences and Upsell Opportunities
One of the most valuable advantages of premium tech is the ability to collect and analyze attendee data to personalize experiences. With insights from data analytics, organizers can identify attendees’ preferences and purchasing behavior to tailor upsell opportunities, making them more relevant and appealing.
How to Implement:
• Analyze Attendee Profiles for Targeted Upsells: Use registration data, past purchasing behavior, and app engagement insights to identify likely candidates for VIP upgrades or exclusive experiences.
• Send Personalized Offers During the Event: Push personalized messages via the event app, suggesting premium add-ons like last-minute access to VIP lounges or reserved seating upgrades.
• Offer Discounts Based on Behavior: Use data to offer time-sensitive discounts on high-interest add-ons, like exclusive sessions or after-party passes, to specific attendee segments.
Revenue Potential:
By tailoring upsell offers to attendee behavior, you’re more likely to increase conversions, creating personalized experiences that attendees find valuable. Data-driven upselling can raise average attendee spending by 10-20%, maximizing revenue potential through targeted offers.
Conclusion
Premium technology offerings have the power to transform the event experience while unlocking new revenue streams for organizers. From VIP facial recognition access to data-driven personalization and digital live streaming packages, each of these strategies caters to attendee desires for convenience, exclusivity, and a high-quality experience. By strategically integrating these premium features, event organizers can not only meet but exceed attendee expectations—boosting both satisfaction and profitability.
As technology continues to evolve, so too will opportunities for monetizing events in innovative, attendee-focused ways. For organizers ready to embrace this trend, premium tech offerings are the future of event revenue growth.