If you think of event strategy as event planning, then this blog is for you!
Once you decide on organizing an event, it’s likely to get absorbed in finalizing catering, theme, venue, giveaways and agenda. What usually gets overlooked is the true goal of the event which is making a positive impact on the bottom line. This is where event strategy should be seen as more than just an event marketing plan.
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What is an Event Strategy?
An event strategy is a quantifiable plan that describes what business objectives you hope to achieve through events and how you will go about this. Primarily, it includes details about the kind(s) of events, your revenue sources, the tech tools, the target audiences, details of all the tasks, the projected cost and the metrics you’ll use to measure the success of the events.
Importance of an Event Strategy:
No matter whether you’re going for in-person or virtual event marketing, your event will have dozens of phases, thus, it’s easy to overlook important details or to lose control over timeline, money, or resources. Event strategy highlights the what, why, when, and how of your event. It breaks down the big picture into specifics so that everyone is aware of where they need to be and what they need to do.
To put it shortly, you need an event marketing strategy to manage event-related tasks efficiently, use event budget optimally, and deliver good attendee experience. All of this will subsequently improve your bottom line.
How to Create a Successful Event strategy:
1. Align your Business Goals with your Event
Establishing corporate goals and leveraging events to actualize those goals is at the core of event marketing strategy. Everything from your event’s theme to format to speakers to agenda should complement your business objectives. A few typical objectives can be increasing sales, brand building, launching a new range of products/ services etc.
2. Consider all your Resources
Your resources are what will help you deliver a successful event. Resources that you must take into account are money, time, staff, event planning skills/ knowledge and event technology. What’s likely to bother you here is event knowledge and technology!
Well, you always go for professional event marketing services to offload the stress. An event management company is well-versed with the latest event trends. Furthermore, it has local contacts and in-house capabilities to meet all the technology, legal and logistical needs.
3. Plan a Calendar
Once you have identified your business goals, it is ideal to plan the type and timeline of events you want to have in a quarter or year.
By type, we mean identifying whether you want to have a conference, workshop, networking event, product launch etc. The timeline of your events should be decided based upon other industry events and the time of the year in general.
4. Set a Budget
The budget is one of the most important factors to be considered while organizing an event. Work with your leadership to determine the funding options that are available to you.
Create a rough event budget by listing all the things you anticipate needing. There could be event technology, manpower, logistics, venue and catering, giveaways, and funds for audience acquisition and event promotion. Don’t forget to keep a separate fund for contingencies!
5. Define the Target Audience
Your target audience would be the people who can relate to your brand and be your potential customers. Identifying the target audience is one of the most crucial steps of your event strategy brief. If you don’t know what it is their persona, you’ll never be able to design an experience that they will remember!
Now comes the question how do you identify these people? Firstly, examine what issues you’re addressing & who will benefit the most. Further, analyse your existing customer base, your past events, and the target audience of your competitors. You can also leverage your mailing list and social media for conducting surveys to learn more about people’s preferences, habits, and behavior.
6. Set KPIs
There are numerous event KPIs you may use to gauge the success. Some of the most common event KPIs include the number of registrations, event check-ins, audience satisfaction, audience engagement, the cost to revenue ratio, and number of qualified sales leads. If you are to view your KPIs from the perspective of account-based marketing, analyse these metrics in terms of target accounts.
We suggest you to build an event strategy and follow it to deliver a successful event. At the same time, we want you to be flexible enough and keep modifying your strategy as circumstances alter.
Though developing a strategy that’s intricate and measurable can be demanding, you should never view it as a burden. Remember, it’s worth all the time and effort as it will drastically simplify the planning and execution process and bring better results.
Here’s how exactly to begin- Have a clear idea of what memory you want your attendees to walk away with and start working backward!
Looking for professional Event Planning and Management Services? Be it for your physical, hybrid or virtual event, Channel Technologies, an Event Management Company in Noida, can help you curate the best possible event strategy based on your goals and budget and help your deliver a successful event (end-to-end)!