Event iQ Insights

How monetising co-located events halved the audience, but doubled the value

Written by David Chapple, Founder Event iQ | 18-Jun-2024 16:50:18

Shifting from a free to a paid model can be daunting. This case study explores how three co-located events successfully implement this change, leading to positive outcomes for exhibitors and organisers.

 

Free events are a common strategy for attracting large attendee pools. However, the challenge lies in ensuring these attendees are qualified and contribute to a strong return on investment (ROI) for exhibitors. This case study explores how three co-located events successfully tackled this challenge.

 

The Challenge: Maximizing ROI in a Multi-Event Ecosystem

  • Disruption of status quo: Three co-located events featured a mix of paying exhibitors and free attendees, one of which had been established for 30 years.
  • Value proposition dilution: Exhibitors complained about non-buying attendees walking the isles ‘freeloading’ and the number of people selling to them.
  • Complex interdependence: Interconnected events created a complex dynamic with potential buyers attending as exhibitors and non-exhibiting suppliers in other events.
  • Conflicting viewpoints: The event teams had opposing views regarding the potential for a paid model because of their relative competitive position.

A three-pronged approach to maximize ROI:

The ultimate goal for all three events was to maximize ROI for exhibitors and attendees alike. A three-pronged approach was developed:

  • Increase revenue: Significantly reduce the number of "unwanted" attendees through a paid entry model.
  • Enhance audience quality: Implement a vetting system to ensure all attendees are qualified buyers, maximizing exhibitor ROI.
  • Secure long-term stability: Safeguard the future success of all three co-located events, keeping the integrity of all events.

Data-driven strategy and targeted implementation

A one-size-fits-all approach wouldn't suffice. Instead, a data-driven strategy was employed:

  • Comprehensive needs assessment: Extensive research was conducted to understand both attendee and exhibitor needs across all three events.
  • Segmented marketing campaigns: Individual marketing campaigns were developed for each event, focusing on attracting the most relevant audience segments likely to convert into paying customers for exhibitors.
  • Enhanced registration process: The registration process for all three events was refined to gather more detailed attendee information, allowing for better filtering and targeting of qualified leads.
  • Content and engagement optimisation: Event content and onsite activities were revamped to prioritize valuable interactions between qualified attendees and relevant exhibitors across all three events.

The business case for quality

The meticulously planned shift towards prioritizing quality attendance resulted in positive outcomes for all three events:

  • Increased qualified leads: Exhibitors in Event A finally reached their target audience, leading to a significant increase in qualified leads and improved sales figures.

  • Enhanced value proposition: All three events experienced a rise in attendee satisfaction due to content and engagement tailored to their specific needs.

  • Stronger ROI: By focusing on qualified attendees, all events were able to offer a stronger value proposition to exhibitors, leading to continued growth and rebooking rates.

  • Global Expansion: Two of the events even achieved successful geo-clones using the same quality-focused approach, demonstrating the scalability of the strategy.

Key Takeaways: Prioritizing Value Over Attendance Numbers

This case study underscores the importance of prioritising attendee value over simply maximising attendance numbers.

By leveraging market research and data to understand audience needs, event organisers can develop targeted strategies to attract the right attendees for each event. This not only benefits exhibitors by maximising their ROI but also leads to a more satisfying experience for all attendees, ultimately increasing event sustainability and growth potential.

The Secret Weapon: A Framework for Success

While this case study demonstrates the power of a data-driven approach, there's more to the story. Imagine having a comprehensive framework that guides you through every step of the event planning process, from understanding your audience to measuring success.  This framework exists, and it can help you achieve similar results for your own events. It guides decisions and resource allocation to help you adapt quickly to market changes or competitive pressures. You can read all about it below:

 


 
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