The challenges of 2020 have left many small businesses hoping for a brighter outlook in 2021. Simply changing the calendar didn’t eliminate these challenges. And the crystal ball is still murky as we keep looking for that “new normal” everyone keeps talking about.

Regardless of when we reach the “new normal” and what it actually looks like, there is one thing that’s certain: you need to turn your business around fast. Event hosting may be your answer to your need, and that’s where we can help.

Pivot into Profitability Through the Experience Economy

We founded Lifeogeny with the understanding that consumers want experiences, and you’re primed to provide them. Experiences are the thread that ties your consumers to your business, creating repeat customers and word-of-mouth referrals.

After almost a full year with most of us isolated, consumers are more desperate for experiences than ever before. They will be eager and willing to pay more for a curated and safe experience when things open back up completely.

We’re not out of the weeds yet, but now is the time to start laying the foundation for your resurgence into event hosting. It’s Lifeogeny’s mission to help local businesses find ways to turn their business back on by capitalizing on the experience economy.

Here are five ways you can utilize your existing event hosting infrastructure and resources to provide a unique and memorable experience for your customers and bring back profitability.

5 Ways for Event Hosting Businesses to Capitalize on Experience Economy During the Pandemic

Band Together with the Larger Event Community

We’re known as “Music City,” so it’s only appropriate that we address the long-standing, historic music halls and concert venues that are at the heart of Nashville. These businesses are some of the original experience providers in our area. And the city is primed to start enjoying concerts every night of the week again very soon.

Until that day comes, consider opening your space for other local businesses and entrepreneurs who may not currently have a space to operate out of. You could allow local musicians or entertainers to perform on your legendary stages and live-stream or record and publish the performance. You’d be creating content for your loyal customers to follow along with as well as providing much-needed stage time for your favorite local artists. 

This also works for those outside the music industry. There are a lot of local businesses in this community, and we’re stronger together. You could partner with merchants or other local businesses to create unique merchandise, such as gift boxes or monthly subscriptions. This approach can help you reach a larger audience and provide a unique experience for your local, loyal customers. You may even make new fans by tapping into another business’s following.

Rent Your Space 

Whether you are a music venue, small restaurant, or a candle-pouring workshop, you already have the infrastructure, so why not put it to use?

Some customers still aren’t comfortable going out for dinner or for any type of non-socially-distance experience for that matter. You may entice some loyal customers out of their homes by creating a safe and clean space with standardized sanitation protocols and guaranteed social distancing. And you can charge a premium for this experience.

Even if you aren’t having trouble getting customers to dine with you or book a service through your website, your revenue is undoubtedly not what it has been in the past. It’s time to think outside the box and monetize unique experiences that you can offer, such as cooking classes, block-printing, card making, tea bag stuffing, guided tours for small groups. These are all examples of small-scale personalized experiences that you can offer your customers to provide more value and return a profit. 

Create Online Content

If in-person services aren’t right for your business, there are still plenty of ways you can serve your community digitally. There is always a way to offer a unique and valuable online experience.

Perhaps your hotel has a signature way that you fold a towel. Build a timelapse video for your online followers. Or, in the example mentioned above, utilize your stage to host local talent that you can live-stream. Even if this is free content that doesn’t offer a direct profit, you are still creating a unique experience for your customer.

As a business owner, you may find that you have more downtime than usual. Utilize that time to grow your digital presence, build your brand, create engaging content, and interact with consumers. By creating an online experience, you can create a lasting impression with a customer that they aren’t soon to forget. This will pay off in the long run, driving loyalty and future engagement.

Sell Merch

Nashville has a long history that has left many local businesses with merchandise and relics of times past. Whether you consider yourself old or new Nashville, there is still a way to capitalize on merchandise. 

If you have nostalgic items like band shirts, ticket stubs, stickers, pins, or wristbands (you get the gist) those items could be nostalgic for some consumers. Play off of your long-standing history in this area and invite locals to bid for merchandise. 

Even if you don’t have memorabilia from Nashville’s past, you can still have a lasting impact on your customer’s experience by offering branded PPE, either for sale or as a gift for customers entering your business. If you’re able to provide a branded item that a customer wears outside of your business, you’re gaining free advertising and showing that you take COVID precautions seriously.

A Look Forward for Small Businesses 

While this year has been difficult for so many small businesses, we’ve also seen some of the greatest innovations. These are just a few of the many ways we’ve seen Middle Tennessee businesses successfully adapt to the evolving COVID-19 pandemic.

This crisis has forced small businesses to think about our customers — what they want, what they need, and the best delivery method. By creating these unique and curated experiences for your customers, you will only strengthen your small business’s value proposition for local experience seekers. When done successfully, you’ll be prepared for whatever the future holds. 

Have you tried any of these ideas? If so, how did they work for your business? If we missed any profitable pivots for small businesses, feel free to share them below! Stay tuned for our app launch and additional experience-development tips from Lifeogeny by subscribing below. 

Disclaimer: Please follow all local and CDC recommendations for COVID-19 Safety. These guides are meant to offer ideas, however, they are not prescriptive.