Tips To Increase REGISTRATION Revenue As a Part of Event ROI
What is required to increase the main source of event income "registration revenues" and consequently the rate of ROI? Could it be possible by increasing registration fees, the number of participants or by only decreasing the costs?
In order to increase registration revenues, it is required to start with registration fees, continue with targeting right potential audience and finalise with efficient communication and sales techniques. register.
So, what should you consider while determining the registration fees?
While determining participation fees, the average participation costs and/or registration fees are implemented at the latest 2-3 events, within ± % 10 margin, might be considered in many cases to realise the target profit. But, if your purpose is to decrease the ROI time, there is more to be considered. Such as;
Affordability of the registration fees: If registration fees of the previous events did not return with the expected profit or coincide with potential participant expectations, don't hesitate to impose a quota to registration fees. Especially focus on the services that are included into registration fees. You may exclude any insignificant service or include if there is any impressive service. You may also apply a brief survey to avoid the risk of changing the services included in the registration fees. Your participants' purchases and behaviours will guide you to the right direction.
Supplementary services and their prices: Event planners and/or organizing committees should consider the convenience and the rates of additional services as accommodation, flight and dinning. Which is basically paid by the participants.
Participation aspects / elasticity:
The direction of the participation rates (to increase or decrease) and the demand elasticity should be taken into consideration during update of the registration fees. Participant amounts and the rate of the return of participations from the latest 3 events will easily lead you. u and more return rate of participants mean that participation demand is solid and the price sensitivity is low. In this case, it is not wrong to say that it is possible to apply higher fees. The registration fees of the similar and competitor events should be considered to understand the price elasticity of participation demand.
The perception of price and quality:
Participants, especially when they attend to an event for the first time, measure the quality with the prices. This becomes even more complicated at international events which are required to take precautions. For example, when a registration fee is quite low for the North European participants, developing country's participants may find it unaffordable. The contrast between those perceptions restricts the attendance of potential participant groups.
Differentiation of fees:
Differentiating registration fees according to participant status, such as; membership, profession, student, companion and so on, is commonly used. Even though it is possible to diversify the fee by limiting the access as industrial visitor or daily participant, it may not exactly cover the actual needs of an attendance in the international events. If you target ROI rate higher, you should not apply the same fee for participants whom are from Africa and from North Europe or North America. You shouldn't offer the same fee for individuals to a company whom are sending more than 50 participants. You may consider The UNHDI- UN Human Development Index for adopting a price differentiation policy. You may also benefit from an online event management software like MeetingHand to apply and manage successfully different registration fees at the international events. This software for example, offers you country-based price differentiation, date and group based discounting, participant-based micro-management capability.Achieving a high participation rate is as important as applying high registration fees to maximise the event registration revenue and decrease the duration of ROI. Because, the value of additional participants is too high for sharing fixed event costs. So, not limiting your goals with your previous participation amount is as important as targeting most of the new potential audience to achieve the optimum number of participants.You should also focus on the product itself; "the event program" you have offered.
In a broader statement;
The content and program of events;
While designing contents and programs for events, it shouldn't be forgotten that, participants are especially paying for the content of the programs. Radical changes on the used event program, may lead you to a loss dramatically on frequent participants. Analysing potential participant interests and purchase behaviour patterns, results of short surveys applied during the preparation stages and similar event programs will provide you a valuable information and show you which contents to be focused on as well as which innovations you need to adopt in the event program. Keep in mind that, you don't have to confine yourself with the event program only. There are workshops, parallel and side event options as well.
The frequent or the potential participants?
"One bird in hand or two on the bush?" MICE industry and contemporary consumer behaviour is such a dynamic field that, event designers cannot make a choice easily between frequent and potential participants. We believe that event designers can find a midway to keep the largest amount of the birds in hand and catch new birds from the bush.
Don't forget that you have to preserve your event wealth, "frequent participants" while sailing for new ones.
Potential target audience:
Clues about your potential target audience lay in the content of your event and in communication networks of organizing committee members.Individuals, groups and communities whom are working at related fields of your event's topics may be interested in your event content, can be target audience. There are lots of marketing data companies which can provide you contact information to be your potential audience at reasonable prices.Networks of the members of event organising committees, organizing and supporting associations or institutions may be another target audience. Especially making these individuals and communities part of your event organizing, based on a win-win approach, will provide you some valuable (free and efficient) connections. Don't forget that each participant have the potential to be your frequent participant for years. Many small, make a great.
Communication with your audience:
Your communication way with your audience is important as much as your registration fees and your event content. In order to accomplish a successful communication, you may consider the principles mentioned bellow;
Be simple and sincere so that everyone gets your message,
Include your emotions and be friendly.
Benefit from the visual communication techniques,
Make your audience feel confident by including contents they trust,
Invite your potential participants from the communication channels they were in,
Include participants earlier who can trigger mouth of words advertisement,
Ask everyone who is taking part in your event organizing to add "your event information" into their e-mail signature blocks,
Categorize your potential audiences and personalize your messages according their attitude,
Underline the values you have offered to make them clear,
Establish win-win relations with everyone unless they are contrary to your principals. Displaying a supporter logo may mean a lot for a potential participant,
Benefit from online event management software service to track and manage your communication with your audience easily,
Taking part in social media is not enough. Be active (poke, invite, share and etc.) and lead your event channels on the social media effectively,
Be accessible by all means.
I believe that, you will increase your event REGISTRATION REVENUE as a part of ROI by determining affordable registration fees, create a well-designed event program, targeting new audiences and applying an efficient communication policy. Let me recommend you an online event management software by the name of MeetingHand to use and easily manage all these details.