There is one thing that stands out in the mind of every event coordinator and meeting planner: budget. Will I have enough to spend to deliver a standout event? And more importantly, will I be able to recoup the investment I made in this event?
This week’s roundup covers a few of the financial concerns event coordinators and profs have. One article suggests adding a premium tier to your event, increasing revenue by giving exclusive access to those willing to pay. If you want to make the most out of your initial event fund, why not use tech to get work done and spend less as well?
Overall, the most important thing is getting a good event ROI, which we also talk about in one of the articles below. Another important thing: use a checklist to keep expenses in check. Thankfully, we have one for free: get our event planning checklist here.
A new trend in event pricing is steadily gaining ground and can change the way you price your tickets moving forward. It all started when concert organizers thought of charging extra for a ticket tier that includes a meet-and-greet and backstage passes. Now, events have also started offering packages that allow attendees to meet keynote speakers and get exclusive merchandise. Photo ops, concierge services, guaranteed front-row seats, and more also come at this price point. This speaks volumes about the power of a well-crafted experience, where audiences gladly shell out some extra money just to get the premium package.
Event ROI is always a tricky subject, but it’s something that should always be on your mind. Having an ROI mindset will help you make better decisions and create better outcomes for your events. According to this guide from the founder and CEO of Glisser, there are 4Rs that you must keep an eye on when measuring ROI: Revenue, Reputation, Relationships, and Recall. To measure revenue, for example, would mean correlating a product purchase as a direct result of a specific event. So gather your data, analyze it and ask yourself: is this activity contributing to a better event ROI?
It’s scary sometimes, but choosing the right vendor can make (or break) your entire event. The problem is that there are just so many event vendors out there now, making the decision more difficult than ever. If you know what you’re looking for, however, it gets a bit easier. Of course, you first have to look at their track record. It’s also best to test the waters by inviting them over to the venue itself. Have them check your requirements, and see how they react to the location itself. And of course, the devil is in the details. Make sure to read your vendor contracts carefully before signing and see if you’re covered by cancellation policies and relevant clauses.
Ask yourself: is this activity contributing to a better event ROI?
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Sometimes an event so grand and awe-inspiring comes along that you can’t help but wonder: how the heck did they pull that off? I think the better question is: how can I pull the same thing off for my own events? It all starts with aligning events with key business objectives while rallying your leadership team behind these causes. It also has to do with a good grasp of technology, which includes CRMs, management and automation software. As always, you have to iron out the “when” and “how” of each event, to get the best possible impact.
The best experiences are those that are fleeting because that’s what makes them so valuable. However, even fleeting moments need to be preserved. This is why excellent photography is an essential part of your event strategy. But these pics are not just meant for documentation purposes. Your event photos should also showcase the best aspects of your event. Turn photos into an effective marketing tool, allowing future audiences to see just how awesome your event is.
Many event professionals see technology as an additional burden to the budget. What if you can use event tech to lower your expenses instead? For example, you can use technology to understand your event data, so you can see which areas are worth spending on for maximum ROI. You can also use software to consolidate your tools, and amp up your services. You can also get rid of physical expenses like badges and brochures by going all-digital — plus, you get to do your bit for the environment, too!
Comic conventions are places for comic lovers, collectors, and geeks of all kinds. So why are traditional companies like insurance sellers, satellite TV, and car brands making hit appearances at these events? That’s because they do one thing well during the event: giving the audience whatever they want. From free samples to immersive event booths, there are many things we can learn from the old guard when it comes to marketing during events.
What if you can use event tech to lower your expenses instead of adding to it?
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There are two things you need to start an amazing conversation. You need to be memorable and you need to be professional. This guide nails down ten of the best conversation starters to make sure your networking attempts hit the sweet spot. Instead of asking about the weather, why not ask them something more in depth? What do they love about their jobs? Why did they choose to go into this industry? These types of questions create an atmosphere that invites open and substantive discussions, a perfect setup for introducing your business later on.
Are you still using email as your main mode of connecting with customers? Times are changing and with it, your business needs to adapt as well. For example, chat and other forms of messaging can help increase conversion for site visitors. For turning qualified leads into buyers, you can try a more advanced method like virtual meetings instead of doing things face-to-face. While all of these new modes of communication can be technically challenging for us, they also add a more human element as well by being real-time and personal.
If the new features added to social media platforms this year are any indication, social marketers will have their work cut out for them next year. For one, Facebook Stories has proven the popularity of ephemeral content, which will be the main focus of many marketing strategies in 2018. And with people continuously upgrading their devices, augmented reality will soon become a mainstay in the industry. Of course, a few more established trends like influencer marketing and the dominance of video content will still carry on. Read the article for more trends to watch for this coming year.
Our friends might think we have money to spend because of our lavish meetings and over-the-top events. But as our event planning colleagues know, we need to balance that out with delivering a great experience to both our attendees as well as our stakeholders.
Any budget horror stories you can share with us? We’ll share if you do.
from Endless Events http://helloendless.com/event-coordinators/