In recent years, many towns and cities around the world have become used to hosting many major events that attract large audiences and therefore also represent a business opportunity for small and medium local companies.
Hotels and food companies are often the most benefit from all these waves of people. But also these type of events present an opportunity for almost all types of businesses: those that sell typical products of the area (food, wine, clothing…), tourist tours, cultural activities or transportation.
Although the big shows are the most profitable, small businesses should also be aware of other events such as local competitions and any secondary sport or local parties in some more outlying villages that also attract a considerable amount of potential customers.
To seize these opportunities, when planning a major event companies should consider the following:
Knowing the event.
To design a good strategy, you must first identify the type of audience that will attend to the event: young people or families of all ages, local or foreign public, interested only in the event or in sightseeing.
All you can know about the event it will help to build an accurate plan. You need to know how many days people will stay and where they’ll be located. For this information, companies can visit the local merchants association.
These organizations also serve to draw up joint activities or negotiate with the city special measures, such as extending the opening hours of shopping centers, public transports, etc.
Prepare in advance.
The public that attends these events are usually planned well in advance, so that small businesses should also be anticipated. Hostels and hotels can offer some rooms for those dates as a special offer for the event.
Their websites should be ranked in good online searching tools and have good comments from past customers in all different social network profiles or recommendation pages (we all know TripAdvisor, Booking, etc). Social networks can be used to link up event videos and related images to follow up the event and relate joy of the event with the service the particular company offers.
The goal should be to draw the attention of amateur groups so that when they reach the city, they already know the company. Another interesting strategy is to contact some well known bloggers of the sector, with the aim to recommend the business in a guide of useful traveling tips in the city or so.
Because the place will receive an exceptionally large number of customers, we must ensure that enough stock is available for all products taken into consideration.
When the event is held regularly, such as music festivals, it is easier to hit with the amount you will need. But if occasional events, as some sports final, it is more complicated.
In these cases, you have to make an estimate plan and try to reach an agreement with suppliers, which can also get a great benefit to them, so they should be ready to serve a more immediate delivery at anytime during the event.
As the large crowds virtually guarantees a high volume of sales, some companies may be tempted to raise prices to also increase profits. A strategy that is discouraged because it is better to have a high turnover and prevent to be overtaken by the competitors.
To do this, we must think of offers that are better than the competition. The most effective are often to target large groups, while only if the event will last several days there to explore the way of customer loyalty. An interesting strategy is to develop special products that serve to remember the occasion.
For example, before a final between teams, a fashion store can order T-shirts or caps of both countries, while a bakery can produce cakes with the flag of the respective nations or shape of their star players.
It must be designed a recruitment plan to attract customers from the moment they arrive in town. A classic but effective option is to distribute flyers advertising at key points. These brochures are especially useful if written in the appropriate language for the audience attending the event and if they include a small map that allows clients to easily reach the location of our business.
Another interesting option is to seek the cooperation of other local companies to make joint bids or to cross between clients attending the establishment recommendations. A company making cultural tours must ensure that their flyers are in all the hotels in the area and, if possible, the manager personally recommending it to the clients.
Another important issue is to take care for the visual appearance of the area. For example, the case of some local organizations specialized traders of many cities. Suggests that if for example your city is going to host a Formula 1 Grand Prix, the best strategy should be to decorate the street with the colors of the different teams and decorate it in such a way to remind the official paddock.
Making a joint venture between the different workshops to cooperate together exclusively for that event. Imagination to the max. It is needed to attract people and become a place where people MUST go during the event.
Flexibility in management.
Usually, when these great events occur, shops extend their opening hours. To do this, make sure that the legislation -usually depends on the local level of power- permits and in establishments such as bars, get permission from the City Council.
We must also consider the possibility of hiring an extra worker for these days, although this option is not frequent. But make sure that all employees will be available for those dates and willing to increase their working hours if necessary. To get motivated to continue for a few days in which they will have a high workload, you can offer them a premium on the benefits or get more holidays in the future.
Finally, on a day to day must have the flexibility to adapt to customer needs. Sometimes these needs can exceed the usual service the business offers, decisions should be taken fast and with determination to be able to offer a good service to the customers.
When the event is held regularly and consumers are very satisfied of the treatment received from the company, it is very likely to repeat the following years. When things are done to its best then are very likely to end up well.
“I’d rather be a failure at something I love than a success at something I hate. – from George Burns”
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Category: Business Hints