Overview
You’ve probably seen the value RFID can add and understand how it works. Now it’s time to understand the RFID event solution cost.
When evaluating the investment, there’s a few key areas we must look at.
- Fixed Cost
- Variable Cost
- The Cost of Doing Nothing
- Added Revenue Opportunities
The 4 Tips
Fixed costs are fairly standard and don’t fluctuate based on your attendance or number of sales outlets.
- On-site support: The cost to have a Fusion rep on-site to assist with setup, implementation, ensure smooth operations, and provide general support.
- Shipping and travel: The cost of the Fusion reps travel and accommodations, and shipping devices to your location.
Variable Investment Costs:
Variable costs vary based on the number of attendees you have and the number of devices needed. In general, variable costs can all be off-set or passed on to attendees.
- Number of attendees: With the number of attendees there are two factors to consider, the cost of the wearable, depending on your wearable it’s usually between $0.50-$1 and the cashless activation cost, usually between $2-$3.
- Number of devices needed: Depending on the number of sales locations, entry points, and devices needed at each location will largely dictate the number of devices needed for your event. Device rentals usually range from $25-$50.
The Cost of Doing Nothing:
It may sound funny, but there’s a cost of doing nothing due to missed opportunities present in an RFID solution.
- Missing out on a potential 38% increase in consumer spending: On average clients see an increate in consumer spending by switching to an RFID system. The percentage increase varies, but is up to 38%. By not implementing an RFID system you’re losing out on any potential increase.
- Missed sponsorship opportunities: Wristbands can be customized with sponsorship branding, adding a new opportunity to get sponsors brand front and center. Additionally the data generated using an RFID system is a powerful tool to leverage larger sponsorship packages and valuable data sponsors can use for their marketing efforts.
- Staffing costs: With the reduction in staffing costs due to quick reconciliation, the decrease in cash counting, faster lines, easier entry, and the ability to top-up online all make for the ability to save on staffing costs.
- Lost and stolen cash: Cash can quickly get lost, stolen, and misplaced. Sometimes up to 15% can go missing during a normal event.
Added Revenue Opportunities:
RFID solutions add revenue opportunities as well to factor into your analysis.
- Potential increase in consumer spending up to 38%: On average clients see an increate in consumer spending by switching to an RFID system. The percentage increase varies, but is up to 38%. By not implementing an RFID system you’re losing out on any potential increase, checkout our calculator here: RFID REVENUE CALCULATOR
- Reduced staffing costs: With the reduction in staffing costs due to quick reconciliation, the decrease in cash counting, faster lines, easier entry, and the ability to top-up online all make for the ability to save on staffing costs.
- Sponsorship opportunities: Wristbands can be customized with sponsorship branding, adding a new opportunity to get sponsors brand front and center. Additionally the data generated using an RFID system is a powerful tool to leverage larger sponsorship packages and valuable data sponsors can use for their marketing efforts.
- Enhanced attendee experience: Attendees frequently rave about their experience using an RFID solution. It makes their on-site experience better not having to carry around cash, making transactions quicker, and being able to enjoy the event without worrying about having their cash stolen.
- Unused money: It’s true, not all money that’s loaded onto a wearable is used at the end of the event. This can lead to pure profit for you the event organizer, or you have the option to refund unused funds. It’s common to see 5% of the total top-up amount go unused.
- Pre-event top ups: Cash is king, what better way to get cash pre-event that by having attendees load their wearable with money when they buy a ticket. Doing so gives access to top-up funds prior to the event.
That’s A Wrap!
When evaluating an RFID solution it’s crucial to evaluate the RFID event solution cost that can be passed on to, absorbed costs, and the return on your investment by implementing an RFID solution.
Looking for an RFID event solution? Fusion Cashless might be the answer!
You might also like our RFID Webinar!
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