What’s in Your Business Event Management Software?
By now, you might be using business event management software to run your venue or events, or at least you should be. Long gone are the manual processes and disconnected systems that have you moving around like crazy. No one has time for this, especially since there’s integrated software readily available to make your life much easier and your job more profitable.
Event technology has been the biggest game-changer for the industry, according to as many as 35% of planners. App developers noticed and exploited this unique demand for simplified event management, providing an influx of apps.
Therefore, the choice isn’t always as simple as picking just one app. The different categories available in the market include ticketing, contract management, invoicing, billing, and managing venues.
The apps also vary in their delivery methods, including mobile, web-based, and installation on your device (downloaded software you purchase per license). You can end up spending a great deal of money and time if you don’t know where to focus this resource.
If you’re just waiting to find the right software or ready to upgrade whatever you’re using, you’re in the right place. There’s a significant amount of tools out there, and it can be challenging to know what you really need.
As with any platform purchase, one of the best pieces of advice is: “you shouldn’t pay for features you’ll never use.” Instead, you want the software to scale with you as your business grows and your daily needs change.
In the following section, you will find some of the essential features you want to look for in business event management software. This list considers the live event industry, particularly live music. Why? Because live music events continue to grow in popularity.
Features To Look For in your Business Event Management Software
Despite the impacts of the pandemic, the live music industry could reach a $10.6 billion value by 2024, thanks to a younger generation who flock to concerts, music venues, and music festivals in droves.
Increased ticket sales are good news for you, but it doesn’t mean smooth sailing for your business. In fact, it may mean rough waves ahead if you can’t keep up.
To keep your head above water, you may want to invest in integrated business event management software. It can help you do more with fewer resources and costs, ultimately helping you stay more organized, efficient, and profitable.
Not all event management platforms or solutions are the same. Not by a long shot. They all offer different features and functionalities, have varying pricing structures, and provide diverse levels of customer service.
The best way to know what features you want to pay for is to look at your current operations and the applications you use to get things done.
Here are 10 helpful questions you can ask yourself as you analyze your current app suite:
- What type of calendar are you using, and does it offer the level of detail and functionality you need?
- Are you investing too much time bouncing from one system to the next to get the information and data you need?
- How do you book talent and build offers – and how long do those processes take?
- How do you compare deals and scenarios to know if they will be profitable?
- What system(s) are you using to manage your expenses, costs, and sales?
- What kind of real-time analytics do you have access to?
- How do you manage settlements and generate reports?
- How do you and your team collaborate on these platforms? Can you easily track that correspondence?
- How do you manage and track approvals for various operations?
- What kind of visibility do you have into your key metrics?
If any of these answers seem off to you or represent a significant roadblock in your productivity and business growth, it’s time for you to find something else. Look for the following capabilities:
The key to becoming more efficient and organized (a.k.a. get more done with less effort) is to make sure whatever solution you choose integrates all of the functionalities you need and more into a single, integrated software platform. Your goal is to have a single source of truth in real-time and always accessible via the cloud. Mobile accessibility ensures you can work from anywhere with the most accurate, updated information possible.
The average number of apps a small business uses is around 53. You may not have too many, but if you count up the ones you utilize to run your operation, you might be surprised.
Bouncing from one app to another, supplementing with outdated spreadsheets, and using systems for tasks they weren’t built for is a colossal waste of time and energy. It can also introduce more risk than you probably want to take – risk for missing things, human error, delays, and pissed-off clients.
Live music industry-oriented
Many off-the-shelf solutions advertise they work for any type of event, such as weddings, conferences, parties and live music shows. But the one-size-fits-all approach rarely works the way you expect.
While these examples fall under the “events” umbrella and share several commonalities, they each have nuances one single solution simply can’t address.
When you go this route, you end up with many features you’ll never use but you’re paying for. These functions aren’t extensive enough for your business needs, so you have to complete them with other programs.
If you’re dealing with live music events, you need a premium software solution built specifically for live music professionals. Even better, if live music experts develop the app, you can be confident the software will address your pain points with the characteristics you need.
One of the most critical parts of your business is the financial component, yet most of the business event management software completely ignores it. Sure, you can use a separate financial program, but it’s much more streamlined and efficient if it’s part of your primary platform.
Look for an event management solution that offers top-line financials, analytics, revenue and expense tracking, budgeting, settlement, break-even calculations, and net sales calculations.
You can also benefit when this financial component is linked directly to your ticketing platform so you can see how your sales are impacting your profitability in real-time. This integration helps you make informed decisions earlier so you can make adjustments and course-correct sooner if needed.
Whether you have dozens of people on your team or just a handful of staff, you need to collaborate easily with them and all of the stakeholders. Your business event management software needs robust collaboration capabilities to allow you to work together in one place while controlling access to sensitive information.
Okay, you probably know by now email works. But it doesn’t work too well when it comes to managing teams and tracking work. You have to create folders and manually drag and drop emails into the correct folder. And how many emails are you getting every day?
One study shows the average office worker receives approximately 121 emails every day. What are the chances an email is missed, lost, or put into the wrong folder?
Email is acceptable for some things, but it isn’t ideal for managing live events where you are dealing with staff, vendors, talent managers, etc. You want all of your communications in one place, automatically segmented by show, team, or whatever makes it easier for you to keep track.
Look for a leading solution that includes a built-in approval system for confirmations, challenges, budget adjustments, offers, and settlements, too. It’s the easiest way to make sure you never miss an important deadline and can keep your operations running smoothly, even when you’re not in the office.
Your business lives and dies by the calendar. The best business event management software will have an integrated calendar management feature to enable you to manage holds for your rooms, shows, and markets in one place. You should be able to add multiple dates quickly and holds to a concert, generate hold reports to streamline communications with your customers, and automatically select the right hold level based on the selected date.
And as with all of the features, your calendar must be accessible and operational via your mobile device. You shouldn’t have to tell an agent or promoter you’ll get back to them when you’re in the office.
Having all of the information you need in the palm of your hand allows you and your team to be more productive and gives you a better quality of life when you’re not at your desk.
Take a look at business event management software on the market and choose wisely. Your goal should be to find a system to organize the entire booking process and automate the repetitive processes that suck up all of your time. It’s an excellent time to be in the live music business. Let modern technology make your life easier and your business more successful.
You and your team will become more efficient, proficient, and informed if you invest in modern technology now, during this unprecedented time for the industry. By using Prism, you will visualize what matters most to increase profits, optimize resources, and improve competitiveness. Live music fans are eagerly coming back to their favorite shows. Organize, manage, and profit better with Prism. Get started now.