Four ways to guarantee ROI regardless of your event budget
You’ve been tasked with creating an event to launch a new product. You’ve got a team of enthusiastic, experienced event planners at your side. You’re full of ideas of how best to introduce your product to the world. There’s one small catch, however; your event budget is – to put it democratically – extremely tight. So, what to do? Before you throw your hands up in the air and declare your task impossible, here’s everything you need to know about garnering ROI from events, regardless of budgetary constraints:
1. Invite the right people to your event
Ask any marketing manager about the contingent of guests who show up to events only to take advantage of the free food and liquor, without ever investing in the brand, and you’ll be regaled with countless tales. Spending your event budget on guests who haven’t or won’t invest in your brand in the future is a sure-fire formula for an event that results in a loss. The only way to ensure that your event results in ROI is by inviting guests who have spent money on your brand, or who are in the process of doing so.
2. Have adequate and accurate data on hand about your guests
Yes, we know we talk about this all the time, but with good reason. Without accurate information about your guests, creating an event that resonates, and in turn, motivates them to invest in your brand, is almost impossible. The chances that your event will then result in ROI are slim if you’re aware of who your guests are, what their preferences are, and what they enjoy. Your event, when planned in line with this data, will be an effective means of marketing.
3. Create an experience that resonates, engages, and is of value
Simply having access to the necessary data doesn’t mean that your event will result in ROI. It’s your job to use this data strategically in order to maximise the impact your event will have on your guests. Remember that every cent of your event budget needs to be spent on touch points that effectively convey your brand, in a way that’s welcomed by your guests.
4. Make use of event management software
With the right reporting tools, you’ll be able to establish which guests repeatedly show up to your events, i.e.: the people who’re invested in your brand. You’ll then be able to focus your efforts on creating brand touch points that result in ROI. Equipping yourself with event software that gathers and stores crucial information about your guests is a smart way to ensure that your event budget is spent in the wisest way possible.
We know how important it is to make sure that your event budget is money well spent. That’s why we’ve created sophisticated event management software to help corporate marketing managers and event planners manage events that achieve ROI. From the RSVP process, to guest list management and post-event surveys and reports, our software helps leading brands hold world-class events.
Interested? Find out more about our event management software here, or give us a call.