Many of my clients host live events as a big source of their annual revenue, such as conferences, seminars, webinars, workshops, banquets, and year-long intensives. These events can occur in-person or on online.
Events can be fun and generate a lot of money. However, there is an inherent risk associated with conducting events, including staff labor intensity, expensive space rental fees, food and lodging expenses, long-term contracts, extended periods of promotion, collecting attendance fees, cash flow problems, etc.
Just because an event draws a lot of people does not mean it is profitable. I’ve met several event directors who revealed they were losing money even though they attracted hundreds of attendees. One bad event can wipe out an organization’s budget.
Hosting events may sound like a good idea, but it’s not always the wisest choice. When I consult with clients on event marketing, I offer the following 10 questions as a guide to help determine if an event should get the green light:
1. Is the event essential to the success of the organization? Why or why not?
2. Are you sure the next event will turn a profit? Have past events turned a profit?
3. Is there too much content or programming involved? Can agendas be streamlined?
4. Does the event present a labor-intensive burden to the staff?
5. Does the event length pose a barrier to attendance (i.e.- Does it last too long)?
6. Does the event price pose a barrier to attendance (i.e.- Is it too expensive)?
7. Is the name of the event confusing or clarifying? Is it easy to say and remember?
8. Does the event marketing language allow potential attendees to easily understand the results they will experience?
9. Are there powerful success stories available to use from past attendees?
10. Have you surveyed past attendees and examined their feedback?
Make wise choices when assessing if live events fit into your organization’s business plan. Use these 10 questions to help minimize risk and maximize profit. There is incredible power involved when you attract and engage with people face-to-face, as long as the event passes the test.
Event image courtesy of Apple Eye’s Studio via FreeDigitalPhotos.net