Evaluate Your Event To Accumulate Profit

Evaluate Your Event To Accumulate Profit



Evaluate Your Event To Accumulate Profit
If you are running workshops, seminars or​ conferences like Oslo , Norway based Ulrika Fredrikson you won't be doing it​ as​ a​ charitable act .​
Let's face it, even if​ you were a​ charity, you'd have to​ cover your costs somehow .​
Ulrika runs a​ combination of​ sponsored and paid-for events which improves the ticket price for delegates but increases the pressure on her to​ fill seats to​ satisfy the advertising benefit for her sponsors.
Whether your event cost $10 or​ $10,000 to​ stage, you should, for business reasons, calculate your return on investment .​
This is​ not as​ straightforward as​ making sure that the gate money covers your costs, although that is, in​ itself, important .​
To be rigorous you will be drawing information about all of​ the positive and negative effects the event has had on your bank account, your reputation and your graying hair both now and in​ the future and you will be making it​ available to​ whomever needs to​ know in​ a​ form that is​ easy to​ digest.
Compiling event information
To properly compile all of​ your event information you might want to​ put some time aside to​ revisit all of​ the details about the design, development, running and follow-up activities associated with the event.
Financial Information
Put together the financial information and split it​ down into:
• planned expenditure
• unplanned expenditure
• direct income
• indirect but related income
Planned expenditure is​ everything that you predicted you would spend on the project from the first including purchases, rentals, staff hours and expenses .​
Unplanned expenditure is​ anything else over and above what you originally thought was required .​
You are splitting this out, not because it​ is​ in​ some way wrong to​ incur unplanned expenditure but because it​ is​ part of​ the learning and self-training process .​
When you next run an​ event you will have a​ better idea of​ the contingency costs you ought to​ be planning.
Direct income comes from ticket sales and any other sales like promotional items, books or​ products associated with the event .​
Indirect income covers any additional products or​ services that have been purchased since the event and the sale of​ which can be attributed to​ running the event .​
This is​ where the water starts to​ get a​ little muddy, as​ it​ is​ highly likely that some of​ your delegates will have been approached by your company many times in​ the past and it​ may become difficult to​ attribute a​ sales success to​ this event alone .​
By far the best thing to​ do here is​ to​ count the sale, or​ a​ proportion of​ it, say, a​ quarter and highlight it​ as​ being influenced by a​ combination of​ marketing tactics including the event.
Ulrika has been in​ the conferencing business for around ten years and she knows that almost 50% of​ follow-through sales for her own company and for her sponsors can take twelve months or​ more to​ reveal themselves .​
Her advice is​ to​ acknowledge this but not count it​ as​ part of​ this event's income.




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