Cash-strapped festival and event producers are getting creative about finding and enhancing revenue sources for their activities. Smaller portions is just one idea with big potential.
(Boonton, NJ, July 1, 2011) — The typical festival or event has a number of potential revenue sources. In addition to sponsorships, five sources consistently top the list: admission, food, beverages, merchandise, and fees for vendor space.
Depending on the type of event, food and beverage sales can often bring in more revenue. One way to do this is with sample sizes or half portions.
In the July issue of Downtown Promotion Reporter, Becky Genoways, president/CEO of On the Waterfront, a multiple event production company that oversees one of Illinois\' largest music festivals, says that she has moved to offering smaller portions.
"When we did this initially," she says, "there was a lot of push-back from vendors, but when we made it mandatory, they sold more volume. If an event has lots of different kinds of food, people want to graze."
Additional strategies for increasing non-sponsorship revenue appear in the July issue of Downtown Promotion Reporter.
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For over 50 years, the Downtown Research & Development Center has acted as the information clearinghouse on practical strategies and tactics for revitalizing the hearts of our cities and towns.
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