March 13, 2020
Forced event cancellation and mass refunds? Slow down. You have options!
Okay. So, you probably noticed but it’s a bit wild out there in the event industry. You also might have noticed that your ticket buyers are asking for refunds as a result of the Coronavirus.
Are you thinking about cancelling your event and offering full refunds?
This could be costly because most events don’t have insurance to protect themselves from this type of cancellation. Artists deposits, venue deposits, marketing costs all add up. We recommend considering all of your options before you offer a mass refund.
The event companies that save money in these early weeks of Coronavirus will be in better position months down the road when the event industry does recover. In the meantime, if you can offer a good customer service alternative it could save you money, and save your reputation.
Your event business has options and alternatives that are still fair to the customer.
Here are 6 solutions that are being used in the event industry.
- Allow your customers to redeem their ticket for any future event.
Used by: SXSW and Ultra Music Festival tickets can be deferred for up to 3 years.
Good for: Annual events, or companies with multiple events per year
- Reschedule or Postpone
Used by: NBA, NHL, MLB, Fast and the Furious 9 film release, Coachella
Good for: Recurring events, Launches, Annual events
- Offer a ticket to an upcoming partner event:
Used by: Not sure. Feel free to break new ground!
Good for: Permanent Venues, Multi-event businesses, Bars, Clubs
- Host an online event:
Used by: Facebook's – F8, Google Next Conference
Good for: Workshops, Conferences, Talks, Seminars Presentations
- Offer programs they can do at home
Used by: Crossfit Gyms offering a home workout
Good for: Instructional events, Education, Seminar, Workshops, Fitness, Nutrition
- Do nothing and wait:
Used by: The Olympics 2020, Shambhala Music Festival
Good for: Events that are a couple months from now
Is there an equivalent of these options that you can offer for your event?
What's the idea you’d like to move forward with?
Please reach out to us: firstname.lastname@example.org or your Account Manger and we can help you arrive at the best decision for your event and business.
Our opinion is that this will have shaken out in the next few months. The summer will be approaching a safer territory. Events later this year should feel comfortable knowing that China's progressive measures are slowing the Coronavirus and other countries are following suit.
We’re in this with you.