Money Tracking Mistakes To Avoid As A Successful Event Organizer
Are you an event organizer trying to avoid money tracking mistakes?
High-pressure decisions, quick implementation, and better execution are common things that every event organizer company juggles with. But, despite the skills and experience in event organizing, the environment itself calls for mishaps.
One such crucial challenge is payment management.
Of course, it seems as easy as setting up a payment portal, accepting payment, and you are done. But is it really that simple?
Read the following payment mistakes that even the best event management companies make.
If you want to experience what bulletproof events look like, then track your WordPress events. Right from the number of bookings to your income, you need to track every single aspect of your events through a WordPress events plugin.
Let’s see how it is done:
Understand that you need to balance the number of submissions with the overall structure of the event. If you have 100 attendees and one person taking a session, then one-on-one queries can be daunting! There’s no doubt about that!
So, as an event organizer, you need to use your WordPress calendar plugin and check statistics. These numbers will help you predict the submissions on your event. From here, you have an option to limit submissions – LIMITED SUBMISSIONS ONLY. Another way is to increase performers.
The experience of your events defines whether users will join next or not. If you are accepting submissions at a price, then this price should be justified. This can be easily considered as a mistake of the management.
In reality, it is a money-error you make. No one will join again if you don’t offer value equivalent to the price paid.
Another thing to analyze is income. This is straightforward and necessary.
The money you are taking minus the money you are spending: simple profit. But, this is not so simple when you are conducting events online or managing a hundred things. You need a modern events calendar to check your income.
If you end up generating more revenue from one type of event, you know what your focus area should be. This will also tell you what you did right in this WordPress event that other events lack.
Improving these factors ultimately enhances your revenue – increases ROI.
Retain Valuable Customers
There are a bunch of users who would be in awe of your events, speakers, and performers. But, don’t mistake these users for your loyal, high-paying customers. Your VIP customers are the ones who pay the most for your events.
For example, you have three submission types: USD 10, USD 50, and USD 150. Three customers of USD 150 are more valuable than 6 customers of USD 10 category. Don’t you think?
Again, utilize your WordPress event registration plugin to analyse events and track these customers.
Being an event organizer, you have to retain these users. Offer them discounts, allow them VIP access, and give them an early sneak-peak into the event performers.
Mitigate Pain Points
The biggest pain point for your users is the payment, which is the biggest pain point for the event organizer too. You have to accept payments, provide options, and manage these different sources.
Even with these challenges, you need to mitigate every payment-related issue of users.
For example, set up notifications to inform users when their payment is made.
Your website or payment portal will clearly display ‘Payment Completed’. But, that additional satisfaction comes with an automated email set up through an event booking plugin on WordPress.
However, these issues can be different for your users.
Listen to your users, utilize analytics of your WordPress event list plugin, and then make a decision.
Organizing an event takes a lot of effort in payment management. One such bottleneck is the option for payments.
Are you offering the right payment choices?
Incorporate event management; you can still run the entire WordPress event with a few payment choices. However, other events need more options, as every end-user may not have a PayPal account or dedicated payment method.
As a result, as an event organizer, you are expected to offer maximum options for payment.
But don’t worry, you can easily implement it with the right WordPress event management plugin.
For instance, EventPrime helps you install extensions for different payments, such as Stripe.
Don’t Try to Do it All
Lastly, event organizers should not try to do it all single-handedly. By this, we mean that you can purchase and install a WP event manager to manage a few things automatically.
What is the best calendar plugin for WordPress?
EventPrime is the best WordPress event calendar plugin that we have come across. It helps you create, manage, and analyze your events. Here’s how it will solve all of the above money management challenges:
- You can easily track your income, event registrations, and other factors with EventPrime. There are graphs and charts to help you evaluate the number of submissions on previous similar events. Using this, you can predict future demand.
- Through analytics only, EventPrime can give you collaborated view of high-paying customers. You can filter based on the payment type or category type to evaluate your VIP customers.
- This event calendar plugin on WordPress helps you add various payment options. For example, PayPal and Stripe integrations are seamless.
How Do I Use An Event Calendar In WordPress?
To utilize this outstanding event organizer, you just need to visit WordPress.org and install it. Check this stepwise guide to explore how you can utilize the EventPrime WordPress events plugin.
If you want to cut to the chase and directly understand what we are trying to convey in this article, then read this summary section. We have explained how you can make better money decisions for your events firm.
|Track It!||· Track revenue
· Evaluate capital expense
· Analyze submissions
· Track demand
· Evaluate supply
|Retain Valuable Customers||· Evaluate highest-paying customers
· Create a strategy to retain them
· Promote this category of submissions more
|Mitigate Pain Points||· Mitigate pain points of users, such as payment mode
· Send payment confirmations
· Remind when payment is due
|Offer Options||· Provide more options for payment, such as PayPal and Stripe.
· Accept offline payment for venue-based events.
· Accept pay-later payments for online events. This can only be implemented for recurring customers.
|Don’t Try to Do it All||· Don’t do everything manually. Use a tool for automation.
· Create payment modes without downloading any file.
· Install EventPrime for quick and accurate analytics.
· Assess your highest paying customers, their frequency, and the money they bring.
When organizing an event, it is likely to leave a few loopholes open. However, with proper management and support from an events plugin, you can get more success. So, install the EventPrime plugin and start using it for money management.
As an event organizer, you can also benefit a lot from our product Metabundle. It contains premium versions of our best inventions: EventPrime, RegistrationMagic, and ProfileGrid. You would be able to manage events as well as create forms and communities.
Reach us for any comments, queries, and issues. Comment below, and we will connect with you!