The Events Business in Ireland – All Graft, Little Reward?
Anyone that has ever worked in events will know that it can sometimes be a glamour role if your organising a particularly glitzy event but the vast majority of the time the work is down in the dirt, pressure filled and on continuous time deadlines that never seems to ease up. From an outside in perspective events can seem like a glamorous profession with loads of upside and meeting very friendly people and making connections. When you are hosting or running an event you know that the reality is very different? So why is it difficult to make money from events?
People rarely make bookings there and then on the spot. Most events, but not all, tend to be awareness sessions with meet and greets the order of the day. Yes some sales are made and new contacts are formed but in the vast majority of instances consumers whether they are businesses or individuals rarely make quick on the spot decisions, even when limited time special offers are available. This is just human nature. Everyone guards against making a wrong decision and events are no different. People graze, collect information, narrow their choices and then start acting on their purchase needs. As much as every business thinks events are great selling opportunities from 7 years of experience this usually isn’t the case.
Getting people to the events is a challenge in itself. Whether its a company specific invitation event that you are hosting (e.g. a 1 hour talk) or an external event that you are paying to exhibit at it is always a challenge to get as many people there as possible. For company own events getting 40-50 people to attend even when its free of charge is a big challenge. Best bet is to tie in with a business organisation as co-hosts (ISME, Local Chamber, Local Enterprise Centre) and split the burden of getting the attendees. In the case of an external event money has to be spent on advertising, marketing, staff, referrals, etc to make attendees aware of the event and its purpose. Getting thousands to a large event is very difficult as competition is high and resources are always in limited supply!
Cost of hosting versus short term rewards. The cost of hosting events varies depending on the nature of the event and its goal. For a nice venue with tea/coffee/refreshment/room hire the cost can start from €250/€300 and go up to €500 for a lunchtime event with all the trimmings provided. For a small business that can be quite a spend and its never easy to get that back. How many new customers will come from an attendance of 50 businesses/people at random? The answer is less than you think! If you got one new customer from the 50 you are doing very well and sometimes it can be just 1 from every two-three events you host. Again the goals must be longer term and don’t expect miracles to happen . Yes follow up with every attendee, arrange to meet face to face with every possible
Events are viewed in the trade as a branding exercise as much as a sales opportunity. This is not by choice it is by realism. As previously discussed sales are hard to come by on the day of the event so the next best thing is getting the word out and build up your name awareness at every event you hold. Aim for the most exposure you can get, try and get in some of the local papers, get other organisations to share your event reviews and take loads of photos at the event so that you can pump the follow up campaigns. If you make your money back directly from events over the course of a year you are doing well. Use that as a baseline criteria and work upwards from there.
Spending money to make money as the old adage goes and if you are not proactive out there someone else will be. They will be the name that people remember after an event instead of you. There is always the chance you will run into someone at the right time and will create a profitable connection. Sometimes if you are not putting yourself out there those types of connections cant happen. Being proactive is always a good thing but don’t get too down if you don’t see immediate results.
So to finish up events can be a good addition to your marketing mix. From experience the best advice would be to keep the costs to a minimum without cutting costs, choose a nice venue (ideally unique) that wants to work with you but don’t go overboard, spend as much time on your actual presentation as getting attendees to the event, expect 1/3 of the sign ups to drop out if it is a free event, make sure you get every attendees full contact details and follow up with everyone after the event (call all people you have numbers for as a courtesy and email the rest. Add everyone to your newsfeed and if you have time leave a message on their LinkedIn page as a personal touch!
Avid Partners – Accountants & Business Advisors. www.avidpartners.ie. 0818 303087. Your Success Is Our Goal!
Scenarios:
-
"A breath of fresh air. Your firm demonstrated enormous commercial understanding in turning around negotiations with a potential target vendor. I admire your style and ability to drive the deal forward. Many thanks."
-
"I would like to say I'm very happy with your service, especially the audit team, your staff are always friendly, helpful and a pleasure to deal with."
-
"Your business approach to clients is very impressive. I have always found that when explaining the types of service on offer, it is always concise and straight forward. The level of trust that clients place in your company and its staff speaks volumes."
-
"I would like to take this opportunity to say how much we are impressed with your company's professionalism, it has been a pleasure working with you all and we look forward to working with you in the future."
-
"Avid Partners - Accountants & Business Advisors are an excellent firm of accountants, their quality ethos is outstanding."
-
"I have dealt with Jamie O' Hanlon, of Avid Partners - Accountants & Business Advisors Chartered Certified Accountants, for a number of years as he is auditor to one of my clients. I have always found him to be professional and responsive in his approach."
-
"Service is second to none; there is always someone at the end of the phone for any business advice. The staff are very easy to get along with, very approachable and know exactly what they are talking about"
-
Having got to know the company through the BNI we decided it was time to change accountant. What impressed me about Avid Partners was their professionalism. Their attention to detail was second to none and as an added bonus they are a sounding board to all of my questions. Avid also potted some irregularities in my accounts from the previous few years and saved me substantial money on the years tax bill. Avid Partners deliver a first class service which is everything you could want from an accountant and I am happy to give this endorsement.
-
We at Fitzies Bar have worked with Avid Partners - Business & Financial Advisers for over five years. We find that the advice and support offered to us in addition to all of our book-keeping requirements to include payroll, VAT, etc. is invaluable and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners.
-
Jamie and his staff are a pleasure to work with. They respond promptly to any queries we have and are critical to our financial planning and the future needs of our business. I would highly recommend them to anyone interested in accounting services.
-
We at Stillorgan Cycles have used Jamie and his Team at Avid Partners – Accountants and Business Advisers for over five years. We have found that the retail advice and support offered to us is second to none and has helped to contribute to our continued growth especially in these challenging times. I would have no hesitation in recommending Avid Partners.
-
I met Avid Partners through a local business networking group. We had been using the same accountants for years and found that in these harsh economic times that we were not getting good enough value or service. We were very impressed by the company's professionalism and enthusiasm and genuine interest in helping us get the most out of our business. As a result we are now clients of Avid Partners and are thrilled with our decision.