Exhibition and Event
Budget Planning :
In this discussion you will discuss some of the following challenges exhibition organizers encounter when establishing fees for registration. What are some strategies you could emplace to mitigate the challenges?
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Here are example from my classmates post :
Registration fees are a huge part of a venue/ events revenue and establishing a fee that is both profitable and affordable to the target market is essential in ensuring there is adequate attendance, and a profit is also being turned. There are four types of registration fees; these include early registration, advance registration, on site registration and single-day registration. Early registration is generally charged at a discounted rate and helps you get a feel for the attendance of your event and how many people will be going. Advance registration is the base registration fee incurring at the end of early registration, but before on-site registration. On-site registration has higher fees for people who did not sign up early, with an additional cost of registration help. Single-day registration is intended for those attending who have interest in seeing one interest or see the floor for just one day. This can be sold at a higher rate and the goal is to sell multiple dates to maximize profits. Some challenges that exhibit organizers face when establishing fees include; charging too much or too little and the duration of the phases of registration- how long should an organizer extend the early rate? How long should the advance registration last before transferring to on-site and then to single-day registration?. These are some of the tough decisions that organizers have to take into consideration in order to hold a successful exhibition. There is several valuable tools that a organizer can use in order to mitigate these challenges, these include; use of a balance sheet, statement of cash flows and further monitoring of income statement as it gets closer to the event date. Using a balance sheet throughout the process can be valuable in that it can display the organizations financial health at any given time, which means as sales go on, you can monitor how your budget and company as a whole is doing, if you are not turning the profit that is necessary for the success of your event, you may choose to modify the price for the next phase of registration, or you may choose to extend the current phase accordingly. The statement of cash flows should also be monitored accordingly to be sure you have a good idea of what is coming in and what is going out to make sure you are charging prices for registration accordingly in order to turn a profit. Consistent monitoring or financial statements and modifying accordingly is essential in a events success. When setting a price for initial registration fees, it is important to determine your break even point and set the price higher than that, no matter what phase you are in you should ensure that if all the tickets were to sell in that phase, you would still be making money. Looking at similar event registration pricing and basing your pricing off of both that and the break even point is also a good model to follow to ensure that you are competing with other events in industry, while still turning a profit.
