Top 4 Recommendations for Maximizing Digital Revenue at Your Events

The pandemic has dramatically accelerated the adoption and integration of technology across the events industry. As a result, today’s digitally native guests expect a higher level of digital engagement and experiences, whether they’re attending conferences in-person, online, or a mix of both. As a result, event planners are increasingly focused on new ways to impress guests and offer greater convenience to increase buzz and boost profits for their events. To that end, more attention is being placed on the venue’s technology infrastructure, including its Internet and Wi-Fi networks, interactive digital signage, and multimedia content management systems.

The excerpts below, taken from articles originally published in partnership with the Orlando Business Journal and the Nevada Hotel and Lodging Association, include highlights and key insights for improving your venue’s event technology.

#1: Prepare your venue to support the growing digital demand

To achieve a competitive edge in event hosting, you must have the right technology infrastructure. Essential capabilities such as scalable Internet bandwidth and fast, reliable, and easy-to-access Wi-Fi networks are the backbone for today’s digital-centric events.

A recent report by iPass states that “the common business traveler now carries an average of three smart, mobile devices, each requiring high-speed Wi-Fi connectivity.” As a result, trouble connecting or a lack of bandwidth could bring your conference to a screeching halt.

Equally important is a venue’s digital signage showcase. According to Infotrends, "digital signage can increase brand awareness by 47.7% and boost average purchase amounts by nearly 30%.” Event planners leverage digital signage to impress attendees with bold, branded, interactive visual displays that help to generate incremental sponsorship revenue. Newer digital displays offer more options and enhanced capabilities that increase conversions and can be leveraged to attract greater corporate sponsorship.

As an example, the Walt Disney World Swan and Dolphin Resort recently partnered with Xpodigital to revamp their Internet and digital signage, providing the tech boost they needed to remain competitive as a prominent conference destination. Xpodigital was able to help Walt Disney World Swan and Dolphin Resort mitigate the cost of the hardware and maximize revenues. “We didn't want to manage our conference Internet and digital signage in-house because of the high cost of infrastructure, staffing, and benefits,” said Edmond DiAntonio, director of event management.

Consider these questions to help determine your property’s readiness:

• Is your technology infrastructure robust enough to deliver the latest and most demanding conference experiences?

• How scalable and reliable is your existing Internet architecture?

• Do your in-house teams have the time, resources, and expertise to manage and support your event technology?

• Do your sales teams have the training and expertise to maximize digital sponsorships?

Read the full article and recommendations at: https://www.bizjournals.com/orlando/news/2022/07/05/is-your-hotel-ready-to-support-the-digital-demand.html

#2: Turn digital signage management into a hassle-free profit center

Event venues looking to maximize digital revenue typically face challenges with aging technology, proper space planning, sponsorship sales, multimedia content creation, real-time event updates, and ongoing support. To pursue a successful digital signage strategy, it is beneficial to understand the maturity stages venues often move through relative to their digital signage strategy.

1. A Basic Strategy focuses on addressing hardware-related problems as a first step toward maximizing digital revenue. For example, upgraded screens provide visual and functional consistency, require less maintenance, are easier to network and maintain, feature more interactive options, and offer new opportunities for ads, sponsorships, and buy-outs.

2. An Intermediate Strategy focuses on improving the underlying systems, which can make or break any digital revenue strategy. For example, does your provider allow for cloud-based communications and HTTPS web-based control? Will they work with you to ensure your signage network is configured correctly and isolated from other on-site networks, ensuring secure monitoring and management?

3. An Advanced Strategy focuses on adding expert services, which is at the top of the digital strategy paradigm. Implementing a digital signage suite frees your staff to focus on other priorities. The right partner can provide comprehensive support and save valuable time and resources better spent elsewhere.

Experiencing the full benefits of a comprehensive digital signage strategy can be as simple as finding the right digital signage partner who will specialize in designing, installing, and managing digital signs and systems but, more importantly, will provide comprehensive support services that free up valuable time and resources better spent elsewhere.

Read the full article and recommendations at: https://www.bizjournals.com/orlando/news/2022/07/22/turn-digital-signage-management-into-profits.html

#3: Avoid common pitfalls when hosting your events

Today, digital communications and multimedia displays are considered standard, so venues need to reassess their technology infrastructure to better compete in a digital-first world. With greater potential revenue on the line, avoiding these four technology pitfalls is critical to attracting and retaining the best event clients: 

1. Avoid poor screen placement and coverage
   If event digital signage is not strategically placed, you are more likely to fail in maximizing your event's guest experience and ROI. As internal resources are tight, consider working with digital signage experts to help maximize the impact and value of existing screens.

2. Avoid screens not in sync with the event
   One of the primary reasons to invest in upgrading digital signage is to be able to dynamically update the content across screens so that messages remain timely and relevant. But if your event clients are not offered this capability, you may be selling digital frustration in the form of signage mismanagement for both clients and attendees.

3. Avoid inconsistent experiences across spaces
   Out-of-date technology can be more difficult to manage and update, resulting in inconsistent branding and visual experiences for attendees. Uniformly updated digital signage enhances the experience and increases the value of each screen and event space. Partnering with experts to create the most effective strategy for hardware and system updates can be the most cost-effective way to improve your bottom line.

4. Avoid Internet access issues
   Poor Internet connection speeds and limited streaming capabilities negatively impact guest and exhibitor experiences at events and interrupt essential programming. Today’s venues must be prepared to support cloud-based Internet applications, interactive product demonstrations, multimedia broadcasting, live streaming, and much more, making it critical to partner with an Internet service provider (ISP) that can customize services to meet the unique demands of your events.

If your venue struggles with any of the challenges above, you are not alone. Excellent, cost-effective solutions are available.

Read the full article and recommendations at: https://www.nvhotels.com/blog/four-technology-pitfalls-for-your-venue-to-avoid-when-hosting-your-next-event/#more-16221

#4: Attract companies to sponsor your events

As a corporate event planner, you may have big ideas for your event but not necessarily the budget to facilitate them. Event sponsorship can open opportunities to increase sales and profits. According to Nielsen research, sponsorships drive a 10% increase in purchase intent among exposed audiences.

Soliciting event sponsors can be daunting. Fortunately, there are techniques you can use to attract the right sponsors and deliver mutually beneficial results.

Consider these four tips for attracting the best sponsors to your event:

1. Ensure goals are aligned
   Do your research and only pursue sponsors whose brands and goals align with your event. For instance, if your event is focused on healthy living, engaging a fast-food chain as your sponsor may not align well with the event theme and could confuse or alienate attendees.

2. Build a mutually beneficial partnership
   A business partnership should provide value to all parties involved. As part of your initial engagement with potential sponsors, ask them to define their specific sponsorship goals and what measure they would use to define a win. If your event can help them meet their goals, the sponsor will be more likely to partner with you.

3. Leverage data
   Work closely with prospective sponsors to quantify the win mentioned in the previous section. Those specific results should translate into a revenue impact or return on investment, which, if thoughtfully presented, will minimize perceived risk for prospective sponsors.

4. Customize your approach
   Sponsors are unique, and their expectations may vary. Therefore, personalize each message and tailor your offer to their brand goals and challenges. Taking the time to understand the sponsor's needs will make a bigger impact and increase the likelihood that they’ll want to work with you.

When executed well, event sponsorship can be a significant revenue generator for corporate events and a marketing opportunity for brands to build awareness and increase sales.

Read the full article and recommendations at: https://www.bizjournals.com/orlando/news/2022/10/18/how-to-attract-companies-to-sponsor-your-event.html

Rely on experts you can trust

Does your venue struggle with…

• One-size-fits-all Internet services?

• Aging or suboptimal equipment?

• Vendors who are slow to respond?

• In-house teams that lack the necessary time or expertise?

• Little time to effectively manage and develop digital content?

• Event teams ill-equipped to sell digital ad space?

If you aspire to be a go-to venue for hosting today's digitally enhanced events and have doubts regarding your ability to deliver, trust the experts at Xpodigital. Xpodigital will ensure smooth operations and equip your venue with the technology infrastructure, planning, orchestration, and management needed to maximize digital revenues and provide exceptional digital experiences.