Statistics show that there are currently 7,580 event and meeting planners working in the US. Statistics also show that the average event planner's salary falls around $51,141.
As an event planner, it is important that you are focusing on maximizing ROI. ROI stands for return on investment, ensuring that you don’t lose money.
Event planners have to pay very close attention to this business detail. It is very easy to lose focus on this and create events that are not profitable enough.
Keep reading to find out how event planners can start maximizing ROI.
Focus On Your Business Goals
There are many strategies for event planners you may find useful. These are strategies to help you create better events and increase your profits.
Event planning is not an exact science, so you have to create a system. One way to increase your ROI is to have a strong focus on your business goals.
These are goals you need to create before you start planning the event. This ensures that you know what you are working towards so that you have greater success.
You may be launching a new product or service you want people to use. Or this event may have the purpose of increasing networking opportunities.
Depending on your goal, your strategy is going to look significantly different. From here, you can create a list of ways to make this event stand out.
Attendees should immediately see the mission and vision of the event. This will help you to get your desired results according to your goals.
Track Event ROI
Event planning strategies include a variety of important aspects. But it is important that you do not forget about the technical side of event planning.
At the end of the day, event planning is still a business. Because of this, you need to use different forms of tracking to track your event ROI.
One example of this is customer relationship management software. This software helps you track information about customers and your relationship to them.
Google Analytics is also useful when assessing traffic data. Google Analytics allows you to track user activities, link clicks, and form submissions.
You can get a better idea of what marketing forms are working and driving revenue. There are also a variety of survey tools every event planner should use.
These allow you to get feedback from event attendees to see what they think. Surveys gauge their experience and their brand perception.
This will help you figure out if you hit your target or if something was lost along the way.
Sell Tickets Online
Technology is very useful for event planners when increasing ROI. One example of this is actually selling event tickets online instead of in person.
You can use both strategies to appeal to different kinds of audiences. It is also important to remember that online ticket sales are much more accessible to people.
This gives people more freedom and allows for greater flexibility. Attendees may decide to go to the event because of the simplified process.
Selling tickets online also provides a unique option for tracking data. You can see who is buying tickets online and other user behaviors you can use later on.
Use Event Technology
Event planners should focus on creating a hybrid event strategy. This is where you appeal to an online audience as well as a physical audience.
You can work with a much larger pool of attendees when you do this. There is also plenty of use for event planning technology to make this job 10 times easier.
There are many forms of event technology you should be investing in. Some examples include creating a professional website with specific landing pages for events.
You should also use marketing integrations that allow you to track user activity. There are also customer and technology support tools to make this job easier.
Live chat tools are also highly useful when interacting with attendees. These are all forms of technology to help you increase ROI through multiple routes.
You can understand your audience better as well as interact directly with them. With so much being done online, this is an absolute necessity.
If you aren’t utilizing technology, you are missing out on many revenue options.
Leverage Free Advertising
ROI in events is closely tied to your event planning budget. The smaller the budget you can stick to, the greater return on investment you can have.
One way to use your budget more wisely is to use free advertising options. Marketing is expensive, and there are many forms that you will have to pay for.
This is necessary if you want to attract your desired attendees to the extent you need. But there are also free forms of advertising you should use as well.
One example of this is social media, where the platforms are free. There are thousands of people on social media every single day, giving you opportunities to advertise events.
There’s only requires a little understanding of the platform and your time. You should also leverage word-of-mouth advertising through people you have relationships with.
Friends and colleagues can refer your events to others that they know. Attendees that you have a relationship with can also generate more traffic for you.
Some attendees may become event ambassadors if they support your brand. Another option is Google ad grants, which provides free advertising credit monthly.
It provides eligible nonprofits with text-based ads that can increase engagement and conversions.
Use Your Budget Wisely
Event planners have to work smarter rather than harder. Part of this includes understanding your audience and what they are looking for.
This is going to help you use your budget wisely for a greater return on investment. Understanding your audience will help you create an event specifically for them.
For instance, some attendees prioritize experience over entertainment. This means your budget should go to other areas rather than costly entertainment.
It is also important that you don’t waste your budget marketing to the wrong audience. You need to understand the characteristics of your audience and what creates engagement.
Some factors that can impact status are location, income, and event attendance history. This is why using event planner technology is so important for tracking users.
This is also why it is important to track your previous ROI. Understanding your past events will help you understand what is most profitable.
You should stick to what works instead of experimenting with more costly options.
Offer Different Sponsorship Options
A lot of events are sponsored by for-profit organizations. This is very useful for event planners as it can help with your event planning costs.
To leverage sponsorship opportunities, you need to provide variety. There are many ways that sponsors can support an event to make it more successful.
The most popular option is financial support where the business donates money. As useful as this is, it is one of the harder types of sponsors to find.
Another option is gifted sponsors who provide something for the event. The business won’t provide money, but they may offer an expensive donation or pay for a performer.
Some gifts may also include a space where the event can be hosted. Some sponsors may also provide media placement.
Media placement puts you in front of a wider audience and boosts your marketing reach.
Cultivate Relationships
As an event planner, you are your business and brand. Because of this, it is important that you cultivate relationships with attendees.
You need to understand their wants and needs so that you develop a relationship. You also need to make sure you are maintaining that relationship so that they will come to other events.
Taking these steps also ensures support so that they recommend your events to others.
Event Planners: A Guide to Increasing ROI
As an event planner, maximizing your ROI should be one of your top priorities. Event planners have to stick to a tight budget to ensure that they make a profit.
One way to boost your ROI is to utilize event technology and tracking tools. This includes selling tickets online and leveraging free advertising opportunities.
You also need to make sure you have clear goals in mind to direct the event. As well as a target audience you're appealing to through marketing and outreach.
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