How to Keep The Budget Knife Away from Your Hospitality Event

Sooner or later, the budget knives are going to come out in any industry.  The economy hits a speed bump, industry consolidation happens, or a new CFO comes in thinking he can cut his way to profitability.  Unfortunately, events can be a ripe target for cuts.

And there’s only one way to fight off the budget knife:  show that your event directly contributes to client attraction, lead and opportunity generation, client engagement, brand recognition, and - ultimately - real sales that generate revenue.

If you can show that you’re driving revenue and making sales, no one will cut your budget.  Accountability is immunity.

So first, follow through:  if you promise to send a follow up email or direct mail piece, make sure it goes out.  Make sure the follow up calls get made.  Make sure you deliver on the “next step.”  

Then, track the results.

How many people attended the event? 

Keep track at the door, of course.

Did they enjoy it?  What do they have to say about it? 

Ask your sales team and survey the guests.

How many people took home the gift?

Not only will this tell you how much your gift appeals, it will help you make ordering decisions in the future.  Keep any eye out for extra gifts on tables after the event, gifts discarded in the hallways, and tossed in garbage cans outside the event.  It happens.

How many people obeyed your call to action?

Did they schedule appointments?

Did they open your follow up emails?

Did they click through on the links?

How many people visited your trade show booth and mentioned the event the night before? 

Get a counter, or better yet, ring a little bell every time someone mentions the event.  Makes it fun.

How many people answered the follow up call after the event?

Did any of them schedule an appointment?

How many people answered the follow up email?

Did any of them schedule an appointment?

Do your sales people feel more comfortable making their follow up calls?  

Do they feel like they opened more business?  Do the numbers reflect that?

Use your CRM to track how many deals were created at the event, and keep track of how many of them close over time.  

All this might seem like a lot of work (though most of it can be automated), but the time you’ll spend following up after the event will pay dividends in two ways.  First, it will ensure you make more connections with your clients, start more opportunities, and close more sales.  Second, it will give you the data you need to show the budget committee exactly how valuable your event investment really is.  

Just released: Mike Duseberg reveals all the “how to” steps to creating events that create sales referrals, and repeat business in his third booklet The Event ROI Revolution: A Planners Guide to Hospitality Events that Create Connections, Build Rapport, and Schedule Sales Appointments. Download your complimentary copy here.