5 Steps To Recovering Lost Revenue, Forever
Updated: Apr 14, 2020
How does any industry recover 6 to 8 weeks of lost revenue? How can we prevent this from ever happening again?
Technology holds the key to a speedy recovery and preparation for an uncertain future. Here is a 5 step guide on how venues and suppliers can facilitate a new era of opportunity and efficiency.
Step 1 – Discover Digital
The technology exists to move the relationship with your fans and customers swiftly on to digital. Venues know the details of less than half those who enter their gates or doors. Given the right incentive, patrons would willingly share their deep data in return for a small reward and improved service.
Look around you, the one constant is that people are on their mobile phone. In fact, the majority of people take this one precious device everywhere they go! They also use it to make over 75% of all their decisions when purchasing, particularly in the hospitality and food service industry.
By digitising operations, venues can improve efficiency while collecting intimate details about their clients/supporters.
Step 2 – Launch Digital
Create customer-facing WiFi, Beacons, Apps and ePos to integrate your venue with the mobile devices in close proximity to your venue / location. Using existing software, venues can integrate these utilities to collect this data to improve efficiency and increase revenue.
A venue-branded mobile App can offer a variety of efficient services, increasing engagement and improving service, leading to increased revenue. Self-service and integrated payment systems allow customers/spectators to order, pay and receive goods with little to no interaction with the venue, increasing efficiency and ultimately revenue.
Step 3 – Collect Deep Data
Offering these efficient services through a mobile device opens up a world of possibilities for venues. Most of these require the user to register their details with the app owner and share their location, socials, Bluetooth etc. Collection of this deep data on the venue’s clients/spectators has never been easier, best of all it is designed to assist the user.
By allowing the venue to learn more about them, the user enjoys a seamless matchday/event/dining experience. The artificial intelligence in the software predicts user behaviours accurately over a period of time. All of this is easily managed by simple dashboards that creates a rich database of users, participating actively with the venue, even when they are not necessarily ‘in situ’.
Step 4 – Influence Habits for Good
Once this deep data is analysed, by the AI in the venue’s dashboard, users will receive influential messages that exclusively pertain to them. The AI separates each individual user based on their habits, and influences their behaviour with pertinent messages. These messages are sent out using beacons or location based services and are communicated through pop-up notifications, email, and/or text, keeping the venue uppermost in the customer's mind.
In fact, even in a crisis or out of season, venues are still able to communicate with customers/fans to keep the conversation moving. Imagine being able to sell or prepare for revenue generating activities long in advance, underpinned by user feedback. By creating the best user journey, venues influence consumer spending habits, and dictate the flow of money towards themselves.
Step 5 – Embrace the Change
Change is good, change moves the world forward and it is moments like these that make us change. Embrace the challenge that we face today to make the changes that we need to adapt for tomorrow. By making these changes, venues can control the conversation and influence the behaviour of their most important resource, their fans.
Consumers in 2020 want efficiency, they want the conversation, and they want to help make their favourite venues better! Give them the tools to do that and embrace technology.
There are numerous software and hardware solutions available that can make all the difference. Most of them offer a free trial, so there is no risk in trying. It’s the future of fan engagement – and even if not perfect to start, fans will always applaud for a great attempt and a move in the right direction!