In order to determine whether their events are actually resulting in ROI, events companies need to look at the bigger picture.
We’re firm believers in putting data to work – which is why we’ve built our Guest Concierge Management Software to help events companies decipher the often confusing landscape of event metrics. The best way to determine whether your events are succeeding in securing that all-important ROI, is too look at all of the events you’ve conducted throughout the year. Analysing one event is akin to only looking at one piece of the puzzle. By using metrics like the attendance rates, rival times, and RSVP behaviours of your guests – as well as the total amount of money they’ve spent on each person throughout the year – we’re able to assist our clients in equating the money they’ve spent on their guests with the amount their guests have spent on them.
In-depth data analysis is crucial if events companies want to achieve an accurate picture of how their events are faring.
Once we’ve analysed all of these benchmarks, our clients can then determine whether the relationship they have with their repeated guests is a worthwhile one or not. It’s important to remember that even if a guest repeatedly attends your events, this doesn’t necessarily denote any investment in your brand. Many high profile corporate events – golf days especially – have outstanding turnouts (everyone likes to spend a day on the green under the African sun) but fail to elicit any notable ROI.
Events companies need to be able to cater to the rapidly growing interest in data.
As we’ve said time and time again, it all comes down to the data. Being able to track, record and then analyse event benchmarks is paramount to knowing which guests to invest in, and which to cross off your guest list permanently. Thanks to our Guest Concierge Management Software, events companies are able to do just that. Events today are increasingly about inviting the right people – even if it means a smaller turnout – than merely bombarding hundreds of guests with an invite. What’s more, by handpicking certain guests who you’ve identified as your key patrons, you’re able to add an element of exclusivity to an event – further bolstering their interest and investment in your brand.
As well as harnessing the power of data – and making use of the proper software to gather this for you – events companies are still guilty of leaving their year-end events to the last minute.
The silly season runs from October to December and sees a flurry of invitations going out. Unfortunately, your guests can only attend a finite number of functions before they’re afflicted with ‘event burnout’. Make sure that the guests you need to attend are able to, by bucking the trend and holding your ‘year end’ function earlier in the year. Opting for a mid-year event will ensure that your guests are not only able to attend, but are given a world-class experience too. Because so many events companies cut it fine by planning everything at the last minute, they’re often at the mercy of sub-par vendors, which results in a less than stellar event. Brands need to give adequate thought to how they approach their all-important corporate events if they want to capitalise on their corporate event management services.
Make sure your 2016 events are profitable investments – find out how to turn your corporate events into powerful marketing tools.