Have you ever heard of the
phrase, “What is my ROI?”. Event planners most often use it during
conversations with sponsors who want to know, if they spend X amount of
dollars, what will be their ROI or “Return on Investment”? They want to know
what they will get in return for their sponsorship. Everyone has a different
expectation of the potential ROI. For some sponsors it is exposure, having
their name linked to a great cause/event, and for others it is the opportunity
to grow their market: attract more customers, reach further into the
marketplace, launch a new product/division. Sponsors are an integral part of
any event and it is really important that planners extensively research what
they can provide for their sponsors in return for financial or in kind support.
But what about the attendees?
Is the same amount of research being done to determine what the attendees want
in return for their registration dollars? If it isn’t…..then it should be.
Attendees not only pay a
registration fee, they invest in travel costs, hotel accommodations and most
importantly, the time commitment. Company management needs to know that money
is being spent wisely. Registration is often delayed until organizations can
see a complete agenda, which will give them a good idea of the content. A weak
agenda normally equals slow registration.
How many of you have gone to
an event as an attendee and been disappointed? I have been to events where the
registration fee is small and the event was fabulous….exceeding my expectation.
I have also been to events where my registration was insanely expensive and I
have been sorely disappointed. Where is the balance? What are attendees
expecting?
Events have different
components that contribute to perceived value. Even weddings and large family
parties have a perceived value. How many times have you heard someone say
something to the affect of, “We traveled all the way to Saskatoon for that
wedding, bought an expensive present and we didn’t even get a decent meal”.
Obviously, they did not get the value that they felt was owed them in exchange
for the long distance drive and the expensive gift.
More and more organizations
are asking the question, “Why should I register for Conference A instead of
Conference B? Which conference will provide me the most value for my dollar?”.
Attendees are very savvy and will not return to an event where they were
disappointed. You only get one chance to make an impact, an impression on them
before they decide to forgo your event for another.
How can you ensure that your
attendees are receiving value for their financial, emotional and time
investment?
Survey your audience. Surveys
and polls are a valuable tool in determining what your attendees are looking
for. A survey sent out to previous conference attendees can help identify needs
and pinpoint gaps in content.
Your survey should be no
longer than 10 questions and thoughtfully constructed so that essay type
responses are not necessary. Surveys sent via email or posted on your website
work the best in this instance. Survey Monkey remains the most popular survey
site and the basic (free) plan allows you to collect up to 100 responses per
survey.
Use the survey results to
help guide you in the planning process. By engaging the potential attendee in
advance, you are demonstrating that they are important and that you value their
opinion, setting the tone for a great relationship.
Judy