So you had this big event that everyone is singing praises about. The feedback you got was excellent but did it achieve what it was supposed to? No doubt, your planning must have been perfect but was it optimized for profits? Was it even profitable and did it perform well on all the metrics of success? These are questions that should be asked early on to ensure that you have well-defined goals and do proper benchmarking to get more value from your event.
You need to have clear expectations with respect to marketing, ticket sales, attendee satisfaction and sponsorship. These pointers should help you sail through easily and get the results you want.
Promote your event
This should be your priority task since word about the event must go out regardless of its size. Even big projects need constant shoutouts on social media and via emails. You can use Google Alerts to automate some of the processes and get useful data pertaining to your audience. Alternatively, you can use the services of a good event management platform such as Eventurbo. It will not only help you understand your audience better but also engage with them with emails and messages before, during and after the event. It also helps you create social media shareable content so that you can be constantly in touch with attendees and your target audience.
When hosting a paid event, you would be able to tell what kind of tickets is driving more revenue. So you may have early bird offers, general tickets, VIP front row ones, etc. The only way to improve your ROI is to know what kind of tickets is selling more. Each category will have a different impact. For instance, Early Bird tickets may sell more but there would be more instances of cancellations and refunds. But those buying VIP will usually stick to their plan of attending the event and will rarely ask for a refund. You need to track those discount coupons and discount codes too. All in all, it is important to understand what tactics work well. Eventurbo features can come in handy when it comes to paid events and ticket sales. It not only offers convenient payment gateways but also allows multiple currencies. It waitlists attendees too so that they can be immediately adjusted against cancellations.
An event can never be considered successful until your attendees are satisfied with it. Their feedback matters. You can ask them what they think by sending out a survey within 24 hours at the end of the event so that they are still enticed at the prospect of engaging with you. Make sure to keep it short. Another important determinant is the Net Promoter Score that is calculated on the basis of the answer to the question – ‘between 0 to 10, how likely are you to recommend this event to someone else’?
Calculate sponsorship ROI
You need to provide your sponsors with a fulfilment report entailing details as to how you have fulfilled your commitments and also generate a sponsorship ROI report for them using your valuation figures and actual deliverables. It could be as easy as telling them how 600 people showed up at the event instead of 500 as you had speculated. The idea is to show them the value you have delivered.
It is important to quantify results and determine the profitability of your event. Eventurbo with its excellent features ensures that your events are dressed for success.
Call us and we will tell you how to optimize your event for better visibility and bigger profits.