Events are great! I would imagine that almost every organisation that runs some events would like to run more: all things being equal that is
Events are the master at allowing people to effectively network and they are the Daddy in helping them learn. They are also the ideal way to put suppliers and buyers together. And for these reasons events can make money. So if you have an events business there is likely to be the potential to run more events.
In this short Blog I look at the first of the “Gallus Five – The Classic Ways to Add More Events”: Do you already have events which can grow or change to increase their profitability?
Before we go off suggesting a whole series of new events we always take a look through the shop window and have a peak in the store room. We often see a few events that with a little alteration here, a little tweak there can start to perform so much better. So here are ten questions you can ask of your current events:
1. Can you turn an event into a ‘joint’ event? Even though you may have to split the profit, if you choose the right partner the sum can be greater than the parts.
2. Can you market your current event to a new market? Often the content or those attending can be of great interest to other markets outside your traditional reach.
3. Can you add a stream to a conference? Just by adding a slightly different angle to your content you can increase the number of attendees.
4. Do you have a couple of events that by themselves aren’t setting the world on fire? Maybe they attract a similar audience and by merging them they may be something much more appealing.
5. Are there events that are just too general? We often see this with one day conferences. Perhaps there are two more focussed separate events there that will be much more appealing to your audience?
6. Can you replicate a regional event and take it national? Or how about a national event going international?
7. Maybe you can add an exhibition to a learning event or a learning event to an exhibition? This can change the dynamic of your event and lead to a much higher profit margin.
8. If you have people together can you add a satellite event? Adding a Dinner can do bad things to your waist line but can work wonders on your bottom line.
9. If you have the content can you add a digital element to the event and create some more attendees or more value for your supporters? If you can more profit should follow.
10. Can you make an event longer or shorter! Depending on your starting position a change in the length of the event can improve your profit margin.
We have four other classic ways to analyse and improve your events programme and we would love the opportunity to help your events.[iphorm id=”8″ name=”Events in 2013 (duplicate)”]