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When organizing your company’s events, whether virtual, face-to-face or hybrid, it is necessary to allocate a real budget according to your objectives and business possibilities, in addition to implementing the best strategies to get the most out of the least amount of money. possible cost.
Increasing the ROI or profitability of your events should be one of the priorities, as this way you will be able to obtain the best results, making an investment according to your possibilities.
What are the best strategies to improve the profitability of your events
The return on investment or ROI in organizing events is a very important metric to calculate, because it allows you to define and control what the performance or profitability of the event will be.
1. Increase the audience
A good way to increase the profitability of an event is to increase its reach. For example, organizing a hybrid event where people can attend, both in person and virtually, will make the number of participants much higher.
With hybrid events, anyone can attend the event, regardless of their location or reasons that prevent their physical presence at it. These types of mixed events are ideal for expanding ROI and boosting the results of an event.
2. Encourage participation
At an event it is always more interesting for attendees to act as participants than as mere spectators. Implementing activities at the event that encourage participation is the best way to achieve a high level of interaction.
Users do not have to autonomously participate in events, as a general rule. Giving them options and encouraging participation is key to getting a better return on investment.
3. Look for virtual sponsorships
Virtual events are increasingly important for companies, as they give attendees more room to attend and reconcile their schedules. Getting sponsorship for this type of event is a great alternative to obtain a higher ROI.
Many companies will see an interesting opportunity to sponsor this type of event, thus ensuring great visibility. In addition, in a virtual or hybrid event, space limitations disappear, so there is a broader environment for many companies to participate and sponsor it, increasing the income obtained.
Creating great expectations and committing to innovation and technology when holding an event will significantly increase the number of companies that want to participate.
4. Offer the best content
An event of any kind will succeed if it is committed to offering interesting content of great value to the participants. Having high-quality content on the company’s digital platforms, such as the corporate website, e-commerce, personalized app for events or a blog, will make it more attractive to attend the events it organizes.
Providing value and relevant information is one of the easiest and most efficient ways to achieve an interesting ROI when organizing events.
5. Organize paid events
To increase the profitability of an event, it is clear that it is necessary to obtain higher income. Charging tickets for attending events is a way to get interesting income to increase ROI, although it is a practice that must be carried out in a planned way to prevent the event from ending up being a failure due to low attendance.
By connecting these paid events with the previous point of offering high-quality content, an event of great interest to users can be organized, where a ticket payment is justified. Offering value and benefits to attendees is the best way to organize a paid event that helps obtain a higher return on investment.
6. Get more value out of the event
When an event is organized, it is common for many companies not to get the most out of everything that happens in it. Events are a great opportunity to offer extra content after the event. For example, if the event is recorded, these videos can be offered on digital platforms to achieve greater dissemination and visibility (if a product presentation was made, this video can be included on the company’s digital platforms to provide greater value ).
Reusing the content of the event will get more profit from it, using content that is already amortized to obtain extra benefits.
When your company organizes face-to-face events, virtual events or hybrid events, the objective must be to obtain great profitability, for which it is essential to implement a good strategy such as those mentioned above.
Reducing costs is the easy way to increase the ROI of an event, but not the optimal way to maximize performance. Betting on getting more value from the event, encouraging participation, offering valuable content or increasing the audience reach are some of the best tactics to apply to maximize the profitability of an event.
How to maximize the ROI of your events with Meetmaps
From Meetmaps we have several digital tools that you can use to optimize and increase the ROI of your event. You can use the sponsors or exhibitors module to obtain an extra benefit in the organization of your event. In addition, the content that is stored in the app of your Meetmaps event will be able to save and prioritize the information that you offer to the audience and to the users that have this app.
Thanks to our technological solution and the team of experts in event organization, we can offer you efficient options to improve the ROI of your event.