Will they pay what you want?

There’s still so much change happening in our space, not least of all customer attention spans and lead times for events.  I’m curious to find out what’s happening in your event space and would love to hear from you on our socials about lead times and show up rates. 

I’m finding it a challenge to estimate event show up rates and buying decision timelines now and feel like it is a bit like trying to work out how long it’s going to take you to drive to work today.  It used to be a formula – 6 week marketing lead time, 80% show up rate, pretty easy to know when to pull the go/no-go lever. 

But driving to a meeting recently, I realised how hard it has become to estimate so much now.  Travel time, marketing ROI, the cost of everyday items (just got quoted $80 for one flea tablet for my tiny dog!).  So share what’s happening in your space and let’s try to get some sort of analysis going.

An example of doing things differently, I tested a pay-what-you-want set up for the last networking event, giving people the option to pay somewhere between $0 and $39 to attend.  Here’s what happened…

• 4 people paid $0
• 4 people paid $10
• 20 people paid $39

Of the people that didn’t pay anything, 100% of them ultimately didn’t attend, everyone else attended.  And it was fascinating and rewarding to get such a high percentage of people paying the full price.

So let’s get sharing on the Event Managers Network Facebook page, what’s happening in your space.  The more metrics we can gather, the quicker we can get back to serving our clients effectively and efficiently.