We understand organisers can sometimes feel overwhelmed by taking the first steps to fully understand their data. Sometimes the data from events can be disjointed, the volume of data can be intimidating, or you simply don’t have the resource to interpret it.
But understanding event data needn’t be difficult. With a great RFID system, you can have all the data you need at your fingertips, so you can spend less time gathering and interpreting data and more time actioning insights.
We’ve put together a list of the key metrics to track for your next RFID event, to make sure you create an incredible fan experience, increase revenue and improve operational efficiency.
1. Proportional product sales
With bar operators, sponsor booths and independent food vendors, it’s hard to get a clear picture of what drinks, food and merch are most popular with fans.
Implementing RFID technology at your event means you can compare product sales across your whole site. You can see the burger that had the biggest following or the beer brand that kept fans partying until late.
By understanding the proportional spend on product types and the specific products that are performing best with guests, you can make informed decisions for your next event. One cider brand performing better than others? Why not see if they’d like to sponsor next year. Were t-shirt sales through the roof? Next time you can open a second merch site, and sell more designs to meet demand.
2. Hourly average purchase
Understanding when your concessions are having a quiet moment and when they are at capacity is key to improving guest experience at your next event. By tracking the hourly purchase timeline of your sites, you can make sure sites are staffed correctly so that you can get a better handle on your costs and your guests don’t have to wait in line. With no lines, guests will spend more, have a better time and are more likely to return to your event in the future. It’s a win win!
3. Wristband preload and amount
Before RFID technology hit the market, it was impossible to know how much cash someone had in their back pocket or how much they were willing to spend on their credit card.
Now it’s easy. By using technology that allows guests to preload their wristband ahead of the your event, you get a great indication of your guest’s budget and how much they’re willing to spend. Armed with this information you can adjust your pricing strategy and make sure you’ve got the right amount of stock to meet your guest’s needs.
4. Track footfall
With an RFID system you’re able to see which vendors have the most footfall and which are quieter. By recognising your highest traffic areas, you can redistribute staff from quieter areas, whether it’s a top up station, bar or vendor. And the great thing about it is, you can access the data in real time, so you don’t have to wait until your next event to see the benefits. And if an area is seeing very low traffic you can close it altogether.
With the data from your previous event, you’ll be able to identify premium spots on your sites that could be given sponsors, or sold for an additional fee. Data from your previous events can also be shared with vendors, so they understand the footfall they should expect throughout the day so they can plan their stock and staff accordingly.
5. Product purchasing patterns
Whether it’s a burger and fries or a beer and a pretzel, you are bound to find some items are regularly bought together. By tracking common product pairings, you can start to create targeted offers and product bundles.
You might find, from tracking product purchasing patterns, that guests at your event tend to buy 2 bud lights at a time, so they don’t have to queue again. When you are tracking these kinds of purchasing patterns, you can introduce relevant offers to increase spend, for example - buy two Buds, get a third half price.
6. Demographic data
At your event, you may have some guests that always visit the store for merch, whilst others might choose to spend their money at a food stall. Some people may have bought alcohol, whilst others have stuck to soda.
With demographic insights you can identify your most valuable guests, and create an experience on site that will bring them back to your next event.
It's the data you get from going cashless that is the game-changer. If you'd like to know more about how RFID technology can drive revenue and reduce your operating costs, then get in touch.