6 Ways to Map Out Event Management Savings for Venues

It’s no secret that venues are being asked to increase revenues – and many are doing so by opening up their spaces to non-traditional events. Think corporate meetings held in executive club suites at sports stadiums or weddings held on stage at a performing arts theater. To accommodate these new events, venue managers need to figure out the resources they need to have in place to track event planning details, often with the same staff that they had prior to targeting these new revenue streams. What they’re finding is that event management becomes easier if they toss aside spreadsheets or disconnected systems and adopt comprehensive, connected venue-focused event management systems. Here are six places you’ll see savings of either time or money – or both with a comprehensive system.

1. Reduce expenses for administrative and duplicate work (staffing hours)

  • Decreased overtime hours needed
  • Reduced staffing or managed attrition
  • Reduced contract employee hours
  • Increased productivity per employee (soft cost)

2. Reduced double/manual data entry, and subsequent error rates

  • Fewer hours dedicated to quality assurance data verification process pre-event
  • Fewer staff hours spent troubleshooting during the event

3. Reduced customer revenue losses

  • Decreased “bad” account receivables
  • Decreased discounts or “make-good” offers to compensate customers for mistakes
  • Decreased client/exhibitor churn rate due to service issues
  • Decreased “revenue leaks” where last minute items don’t make it to the invoice

4. Lower cost to manage single system vs. many

  • Reduced software subscription and maintenance costs
  • Reduced management or procurement hours coordinating multiple vendors
  • Reduced costs for customizations and API development needed between systems
  • Reduced IT infrastructure or hosting environment maintenance
  • Reduced training and service expense

5. Revenue expansion that increases customer lifetime value

  • Increased up- and cross-selling based on extended client and event histories
  • Increased renewal rates

6. Redirection of staff to revenue generating tasks

  • Increased sales per staff person (additional hours available for selling vs. administrative)
  • Increased time for proactive idea generation (new revenue streams etc.)
  • Increased relationship management time with clients (soft benefit – feeds renewals, upsell)

These are just some of the places you’ll find revenue improvements with the adoption of comprehensive event management software. You can learn more in our white paper ROI of Integrated Event Management Software vs. Stand-Alone Systems for Venues. Do you have additional time or cost saving tips? I’d love to hear from you. Contact me via email or connect on LinkedIn or Twitter.

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