The future of live music venues is on the horizon, and tech is leading the way. Various types of restaurant tech are slowly making their way through the rest of the hospitality industry, and it’s certainly improving the experiences for merchants and consumers.
A POS system that allows for app integrations is a solution that can quickly boost a venue’s ROI. The ROI meaning refers to the amount of revenue a strategy generates vs. the amount of money that the business invests into it.
Enhancing customer satisfaction at live shows is a result of simplifying standard processes. With the proper hospitality software and venue tech, more live music venues are accomplishing this than ever.
Before jumping into advanced solutions for live music venues, let’s break down some of the basics of this sector of the entertainment industry.
Live music venues are spaces that host concerts and musical performances. They can drastically differ in size, capacity, equipment, and more.
The most popular types of live music venues are as follows:
- Bars and Clubs
- Convention Centers
All of these venue types can maximize profits when using the right POS solutions, as venue operations can benefit from simplifying time-consuming processes.
Venue Management Tips
Venue management takes skill, organization, and attention to detail. As a business owner or manager, you likely know firsthand that many protocols pertain to payment history and data.
To efficiently handle venue management, follow these four tips for success.
- Monitor venue tickets vs. inventory trends. Is there a revenue benchmark you usually surpass when there’s a sold-out show? This data will help plan your inventory reorder point and avoid unavailable stock.
- Connect the dots between genres and transaction data. Is a certain type of show leading to more food or drink sales? This information lets you know which items to stock up on leading up to a show.
- Reposition your budget. Once you cut expenses by onboarding efficient software, reconsider how you can allocate your budget for marketing strategies.
- Conduct a SWOT analysis. Determine what’s currently working for your venue and observe what competitors are doing better. Once you figure this out, you’ll be able to better strategize a plan to onboard new technology.
Now that you know the concepts to keep in mind, let’s jump into some of the POS solutions that could work for live music venues.
Every business needs a POS system to accept payments. However, some POS system features allow for seamless integrations. Continue reading to learn about six POS solutions for venues and arenas.
1. In-Seat Food Delivery
Events at live music venues offer an auditory and visual experience. One of the most annoying parts about getting food or drinks during a show is leaving your seat to find a concession stand or bar.
Eliminate the hassle for guests by offering in-seat delivery options. That’s right, guests can use mobile food ordering apps to place orders and have them brought to their seats. Fans will never miss their favorite songs again, and your venue doesn’t have to miss out on food and drink sales.
In-seat delivery is taking over the music and sports industries by storm, which is no surprise. It enhances the entire experience and brings the convenience factor up a notch.
2. Inventory Tracking and Management
Venues can use an inventory spreadsheet for the time being, but it’ll be more efficient in the long run to use an advanced solution. By shopping for products from a wholesale directory or mobile catalog, businesses can find the best prices and schedule future deliveries.
With the right inventory management app, say goodbye to out-of-stock goods and excessive overhead expenses. Book a demo with BlueCart today to learn how you can simplify inventory management processes for your venue.
3. Contactless Payments
Live music venues can hold anywhere from several hundred to tens of thousands of people. Even if a small percentage of guests make purchases, that’s a lot of cards and cash to be handling.
Since the COVID-19 pandemic, businesses have been opting for contactless payments. They’re secure and sanitary, making them an ideal option for merchants and consumers.
Get a POS system that allows for mobile payments and card scanners. As long as they abide by PCI standards and utilize the best payment gateway for its system, you should be ready to accept transactions.
By onboarding one of the best payment processing software options, you won’t be turning any customers away either. The benefits apply to both parties, so choose your platform wisely.
4. QR Codes
Want to simplify the guest experience? Create a custom QR code for your venue.
QR codes function as a way of showcasing digital menus. They eliminate the need for physical menus, too.
Live music venues can display QR codes in lobby areas, at the bar, or on the backs of seats. The great part about QR codes is that you can manage the menus from a digital app, such as SproutQR.
This means that venues don’t have to replace dozens of codes scattered across the facility when a change needs to be made. Instead, simply log onto the app and make any necessary alterations.
QR codes allow guests to step away from the show for just a brief period as it speeds up concession lines. Do you operate a venue that could benefit from QR codes? Book a demo with SproutQR to learn more!
5. Venue Loyalty Programs
Concert tickets aren’t cheap–so, reward your most loyal customers. Many concert-goers have favorite venues, so it’s likely that loyal music enthusiasts frequent yours.
The hospitality industry has seen systems, such as the restaurant loyalty program model, boost profits for businesses. So, why not offer similar benefits for music lovers? Loyalty programs can also integrate with many POS systems, streamlining efficiency.
Live music venues can get creative regarding what they offer as rewards. Perks can include anything from free concession items to free merch. Want to ensure that people sign up? Seek approval for tickets and backstage passes as the ultimate rewards.
Loyalty programs also serve as an effective way to collect consumer data, like email addresses and phone numbers. With permission, live music venues can use such information to develop strategies. Promotional efforts such as an email marketing strategy or social media ads can do wonders for live music venues.
6. Digital Menus
Digital menus go hand in hand with QR codes. One of the best perks of utilizing digital menus, or even electronic menu boards is the ability to update the menu items throughout the show.
Menu updates are beneficial for time and efficiency. Only display everything your bar or concession stands have in stock to avoid guest dissatisfaction.
Digital menus that connect to the POS system also allow you to alter prices. Does your venue offer a showtime happy hour? What about weekday specials? Venue managers can simply log in and update prices accordingly.
It’s important to remember that there are various elements within the live music sector of the entertainment business. However, on-premise transactions are a major source of revenue during shows.
Offering the proper payment processing options will ensure that you’re maximizing venue profits. Technology is advancing in the live entertainment scene more than ever, so it’s vital to keep up with the trends.
Not only will POS integrations streamline venue operations and eliminate work overload, but they’ll enhance the guest experience. It’s an investment that benefits both parties, now and long-term.
The technology and software to run a live music venue will cover most of the backend operations. However, there are a lot of fine details that go into this kind of business venture. Continue reading to learn more about the business of live music venues.
What Makes A Good Music Venue?
There are a variety of factors that make a good music venue. Here is a selection of traits that help make a venue a great experience, regardless of its type.
- High-quality sound systems: The sound quality and the acoustics of a venue will make or break the experience for attendees. Fans should be able to distinguish each instrument and lyrics.
- High-security: The safety of the artists, employees, and attendees should be the biggest priority. Invest in the best security measures to keep everyone safe.
- Quick food service: Live music venues are a busy scene, yet people don’t want to spend a ton of time waiting in concession lines. Offering quick food and drinks is a simple way to make customers happy and increase profits simultaneously. It’s even better if you can offer food delivery to venue seats.
- Neat and orderly operations: Organizing venue operations, from parking to security, will simplify standard processes for everyone.
- Handicap parking and seating: Inclusivity is key for any business, but it can be challenging at larger venues. Ensure that there are seating and parking options for everyone.
How Do I Create A Live Music Event?
To create a live music event, follow these steps:
- Create a business plan: What’s the genre? Is there a purpose? How many acts do you want to book? These are just a few questions to include in your business plan.
- Determine a budget: Live music events can cost a fortune. Map out all of your necessities and how much money you’ll need to set aside for each expense.
- Choose a venue: Now that you have several ideas in place, choose the location. The location will also dictate the number of acts that will or can perform–especially if you’re organizing a festival. So, sort this out in the early stages.
- Acquire the necessary licenses and permits: Obtain the proper documentation to legally host a live music event. Such requirements will differ based on location, so confirm the details with local officials.
- Invest in technology: From ticketing sites to POS systems, there are numerous tools you’ll need to conduct business.
- Draft live performance agreements: Numerous legalities attribute to live music venues and events. Every act you book will have to agree to a contract, so ensure that your documents are ready.
- Book the artists: The event can’t take place without the talent. Utilize an agency to book sought-after artists that will contribute to optimal ticket sales.
There are several, if not dozens of other steps leading up to a live music event. However, these should get the ball rolling before investing in the nitty-gritty details of the entertainment business.
How Profitable Is A Music Venue?
Live music venues can be a profitable venture. On average, live music venues can reach a profit margin of about 75%, with 25% attributed to the cost of goods sold. From tickets to food and drinks, there are numerous ways to boost venue profits.
How Do I Choose A Music Venue?
Artists, talent agents, and entrepreneurs must choose live music venues that are suitable for a particular style of music. Check out various types of venues and view their lineup of upcoming shows. If the music and crowd fall along the lines of what you entail, then the venue will likely be for you. You’ll also want to consider analytics pertaining to streaming and record sales to make sure you’re performing at venues with an appropriate capacity.
What Is the Importance Of Event Technology?
Event technology helps to streamline operations and enhance customer service. Without it, operations can become much more disorderly and complex.
Revolution Ordering is an off-premise, omni-channel, direct delivery-enabled ordering platform for individual, franchise, middle market and large multi-unit restaurant enterprises. Take advantage of cutting edge features including 360° order history, live order monitoring, and marketplace order insertion. Contact us for a demo now to see how our off-premise solutions can help grow revenue and earnings of restaurants. Note that Revolution demos are a walkthrough of our software, not a source of business advice.