How businesses in the experience sector can maximise their festive events

The festive season is an important time for many businesses, particularly those in the experience sector. But it can also be a difficult time to plan for, with some suppliers upping their prices and the competitive environment growing fierce.

In this article, we look at some of the things you can do to help maximise your festive events.

Marketing and promoting

Getting the word out about your festive events and experiences is vital to their success, and early planning is key. Lots of different sectors are competing for consumer attention during the Christmas season, so you need to take the time to develop a meticulous marketing plan that helps you stand out.

In addition to getting your plan prepared ahead of time, you’ll also want to begin promotional efforts in the run-up to the festive season to secure bookings and build anticipation. A good tactic is to offer early-bird promotions to encourage bookings and drum up interest.

All the usual marketing best practices apply. Make sure you’re resonating with and reaching your target audience, and that you’re tracking success. If you don’t have a marketing team, or you just want to go big, consider working with an agency.

You’ll also want to have a crisis management plan in place. Hopefully everything will go swimmingly, but having a pre-planned marketing response to any challenges can help you shape the publicity and avoid disappointing your customers.

Budgeting and finances

Speaking of planning, it’s crucial you get the financial preparation right. Professionals in the experience sector are often experts at budgeting and planning, so make sure you’re using these skills to their fullest potential for the vital festive season.

The more groundwork you can lay in advance, the better. Having a dedicated budget for festive events is essential, covering everything from marketing to seasonal staffing. It’s also important to calculate revenue projections and expected return on investment.

Furthermore, meticulous record keeping is a must. This way, you’ll be able to reflect on your budgeting and better plan for the next year’s festivities.

Negotiating prices ahead of time

On a similar vein, one way you can plan ahead and protect your budget is by locking in prices and exchange rates in advance.

With the higher demand and urgency around the festive period, many suppliers raise their prices to boost profits. If you plan ahead of time, you can negotiate purchase prices in advance, potentially protecting your budget from price hikes.

Likewise, if you’re dealing with any overseas suppliers or handling multiple currencies, it may pay to lock in exchange rates in advance.

The currency market is notoriously volatile, with some exchange rates shifting as much as 5% in the space of a month. Big swings like this can derail even the best-planned budgets.

However, by using a forward contract you can secure an exchange rate for up to a year. While you won’t benefit if the rate improves, you will be protected from any negative shifts and you can plan with certainty.

Currencies Direct

If you are dealing with overseas transfers, it’s best to work with a trusted currency broker, such as Currencies Direct. Not only can we offer you different transfer solutions, such as forward contracts, but we’re also able to give you specialist support and expert insights.

As a Currencies Direct customer, you can choose how you send money. Simply log in through the app or online to transfer funds 24/7 at highly competitive exchange rates, or give us a call for more detailed guidance.

You’ll have your very own dedicated account manager who will take the time to understand your business and provided tailored support. We’ll also keep you up to date with market insights from our analysts, and you can set rate alerts.

If you want to find out more about how Currencies Direct can help your business, such as with forward contracts to lock in favourable rates, simply get in touch.