March 19, 2014

Event Optimization

The Question: Las Vegas hotels rent extra dumpsters to more than double their waste capacity throughout trade show season. Can you guess what fills those dumpsters?

The Answer: As sad as it may sound, your Company’s marketing material is what is filling those dumpsters… alongside of course millions of other flyers, hand-outs, posters and other promotional materials.

There is a contagion among corporate sales & marketing staff that can eventually cripple an organization. It causes them to lose sight of real opportunities through a constant search for more cold-leads. This tunnel-vision effect is all-too-common in event administration and fulfillment. The following chart shows the sales process in event fulfillment for small-medium sized B2B businesses.

The Scenario: Company A acts as a typical small-medium sized B2B business and hosts a seminar inviting 1000 prospects, of which only 40% are qualified and interested in attending. From the 400, 65% will actually make it to the event. The event now with 260 attendees goes smoothly and Company A is ready for the money to start rolling in.

The unfortunate reality is that despite how much hard work Company A put into the seminar, sales are difficult. Facing a 5% close-rate they close 13 sales for the entire event.

Only 50% of businesses go further than the basic invitation to secure attendance for their seminars and webinars. If Company A were to implement a confirmation of attendance from prospects invited, they would experience a 20% reduction in the prior drop-off rate. With a post-event customized follow-up campaign Company A would experience a 5% reduction in the prior drop-off rate.

The Math:
Typical: 1000*(1-.6)=400, 400(1-.35)=260, 260(1-.95)=13
Enhanced: 1000*(1-.6)=400, 400(1-.15)=340, 340(1-.9)=34

The Takeaway:
With almost three times more sales, it begs the question, how are you managing event optimization?

It takes a scalable sales environment to implement the confirmation and follow-up stages of event-fulfillment. This adaptability is something that Chameleon Group prides itself in, we provide our clients the ability to dynamically ratchet-up or ratchet-down their sales efforts. We are also happy to provide a free consultation on your event lead generation campaigns.

We are happy to include FREE EVENT FOLLOW-UP for any event fulfillment campaign.

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