A simple way to ensure business profitability and healthy cash flow is to focus on what drives both. What drives revenue needs to be understood. How saleable is the product or service and what’s the market? What marketing is working and how much is it costing to acquire a customer? Is it profitable revenue? How [...]
Are Events the Answer for your Business?
I am often asked to put together events for clients and despite all my best efforts to suggest alternate activities, they insist I go ahead. When my concerns come to the fore, they then say "the ROI on that wasn't great," or my favourite, “we didn't get many people, what went wrong?”
I could start back with all of the things we had originally advised them against, but that always tends to fall on deaf ears, and one thing I have learnt is that clients really don't like to hear "I told you so.”
Set Clear Objectives
Before planning an event, product launch, seminar, networking function, etc, etc, ask yourself what the key objectives of the activity are and then ask what would be the best way to spend your hard earned money in the pursuit of these objectives. Don't get me wrong, an event done the right way might be that answer, but just make sure you ask the questions in the first place.
Being clear about what you want to achieve will help your agency or staff to focus on the right type of activity, everything from the time of day or year you hold it, to the venue or location and what you leave the attendees with.
Events need dedicated planning time and if your resources are stretched, you will find yourself overworking your staff and settling for second best options.
Rubbish In, Rubbish Out
A quality invite list is vital. As the adage goes, rubbish in, rubbish out. It is also important to have a compelling invitation, something that makes people really want to attend. That might be a call from the CEO with a personal invite, but whatever it is make sure the strategy is correct for your particular event.
Events can be expensive and when you break it down to a cost per event or cost per sample, the numbers can be scary. Don't forget things like word of mouth and ambient reach of this type of activity though as these are the types of things that are hard to measure but that can have real benefits for your brand.
Track, Track, Track
Which brings me to my next point, TRACK, TRACK, TRACK. You need to know what happens after your customers leave the event. Was it a good experience? Did you get business out of it? Perhaps not this month, but what about next month or the coming months.
All this ties back into the objectives of doing the event in the first place, did it work, did we get what we wanted after it, did we evaluate it properly and would we do it again. If the answers to these questions is no, then maybe it's time to think about something else. Believe me, there are a myriad of communications and marketing activities that can be carried out cost effectively to achieve your business objectives, and while an event might be the answer, always ask the question first.
You might be interested in this upcoming event...
Social Media for Small Business webinar series
Online Webinar - 23 July 2013
With social media, you can easily connect with people and create dynamic relationships. On the opposite side of things, whether you like it or not, your online reputation counts. If I Googled your name, or that of your company right now, what would I find?
Attend to learn:
- Which social media platforms are best for profile building
- How to separate your profile from that of your company
- How to use the top social media platforms (Twitter, Facebook and LinkedIn) to establish your profile
- What your 'About Us' page should say about you
- The unspoken rules of profile building
- and much more!