Making the most of one-off events
Whether your town or city is hosting an international mega sporting event, a major regional event or conference, or just a local community event, one-off events offer a number of opportunities for Kiwi businesses, and these are not limited to tourism businesses in these specific areas.
While transport, event management and tourism businesses are the most likely to see a direct benefit from the event, most businesses in the host centres, or match towns, and surrounding areas can benefit with a little bit of strategising and planning. This article explains how to make the most of one-off events regardless of whether they are one-day or multi-day events.
On this page:
- Look for business opportunities
- Find out about related events
- Plan and prepare
- Find out about any legal restrictions and requirements
- Make the most of the opportunities
Look for business opportunities
The "secret" to making the most of one-off events, is the same "secret" that underpins most success stories: research, planning and execution. Simply put, you can't reasonably expect to turn extra profit during an event by carrying on business as usual. Your competitors will be using innovative ways to drive customers their way, and unless you’re in a niche market or fortunate location, you'll need to do the same to get a share of the action.
The first step is to look for the opportunities the event presents for your business. There might be direct opportunities for someone running a tourism business to benefit from the influx of visitors, but there are also a large number of indirect opportunities to explore. A hardware store, for example, could take advantage of the fact that local accommodation establishments will be expanding or refreshing their decor.
Draw up a list of opportunities that come to mind, and then brainstorm with your staff, family, friends, and mentors to get a comprehensive list of all the opportunities you could take advantage of.
Don't limit yourself to the obvious direct opportunities. Think about what the event means for other businesses and where you can add value. Could you form a loose alliance with other businesses and offer an attractive package deal – a bed, meal and outing special, or a "Made in New Zealand" gift set for tourists, for example.
Find out about related events
During a sporting event, for example, the matches will be the main attraction. However, the related events play an important role. Your business opportunity might not come from the main events but from a related supporting event or networking groups that have been set up to support the event.
If there aren't any related events in your area, can you start one? In the case of a sporting event, a sports store or sports club could start a local event to capitalise on the sudden interest in a sport generated by the event. They could run coaching clinics, or host a fun tournament and create joint opportunities for a number of small businesses. Supporting events around conferences and similar events are equally easy to organise. There are a lot of ways to get your local community involved.
Plan and prepare
Once you've identified the opportunities the event presents for your business, the next step is to plan ahead and prepare. You will probably need to plan and prepare for at least some of the following:
- Buying in additional stock or equipment, or arranging additional or temporary trading space.
- Hiring and training new staff.
- The logistics of extended trading hours or ramping up production for a period.
- Printing and distribution of any advertising material or signage.
The sooner you plan and prepare for this, the more you'll be able to control the process. If you leave things to the last minute when there is a rush on space, personnel and printing, you're likely to not only increase you stress levels but also the amount you'll have to pay.
Social media such as Facebook or Twitter is also a great low-cost way of getting your event noticed by a large audience. Facebook allows you to create an event page that is public and can be viewed and shared by anybody. This is a good way of circulating the message to a large audience without spending hours contacting people directly.
Don't limit your planning and preparation to the obvious. Look for additional ways to add value and attract customers. Remember you want to make it easy for people to do business with you, so think about signage in other languages, or hiring staff who can speak foreign languages to make your customers more at ease. You could attract visitors by offering free WiFi or Internet access, or offer a way to easily convert currencies to help foreign tourists work out how much purchases would cost.
It's also important to think beyond the event. People will remember your business if they have some sort of take-home memento. Would you benefit from word-of-mouth advertising or repeat business by offering a free picture bookmark, postcard or fridge magnet?
Find out about any legal restrictions and requirements
Most events, especially major events, will have certain legal restrictions and requirements that businesses will need to comply with. It's important to find out about these early on so that you don't waste time, effort and money.
Most events will have a trademark-protected logo and will limit the use of the logo and words for use by the event's major sponsors. There are likely to be some restrictions around signage, where you can set up businesses, place advertising, or distribute pamphlets. Contact the organisers to find out more.
Major events are covered by the Major Events Management Act. Your lawyer should be able to clarify any conditions and requirements that aren't clear.
Make the most of the opportunities
With the right planning and preparation, one-off events can provide additional income and profit for businesses that position themselves appropriately to benefit from it. Make the most of these opportunities by planning ahead and looking for ways to make it easy for people to do business with you.
Don't chase customers away
Take a walk around your business and identify any obstacles to doing business with your company. Think of things like signage. Is your business easy to find, and can people easily find the information or stock they're looking for? What about access? Do you have enough on-site parking, and is it easy to access the building and get to stock or pay points?
What about customer service? Do you have enough staff, do they greet customers and are they helpful? Are there enough people manning pay points or do people have to wait to be served or pay?
Encourage word-of-mouth referrals
Offering a great service or shopping experience is a good way to encourage word-of-mouth referrals. Tourists often meet up unexpectedly and compare notes or ask other tourists about recommended places. Adding that extra touch could help to increase the amount of business you do, both during these events and in the longer term.
Focus on networking
Make networking a business habit. Make friends with other businesses in your area. Arrange a reciprocal offer to stock promotional pamphlets and recommend other local businesses to people who visit you – they'll probably return the favour. Invite other local businesses, tour operators, and tourism associations to experience what you offer. If they enjoy the experience, they're more likely to recommended your business and send customers your way.
This article is provided by Business.govt.nz
