From High Hopes to Spreadsheet Serenity

The Balance Between Event Buzz and Your Bottom Line

You just finished a virtual sales event (or virtual event, call it what you want, we all want sales) and are celebrating your success.

 Then on Monday, reality sets in. As you review your new client meetings from the event, you realize there aren’t as many as you had hoped. Concern sets in - what happened? You thought you had all of the sales you needed. You set a goal for the number of sales, and now no one seems to know why you didn’t hit the target.

 Has this happened to you? I received a call from a lovely woman who became my client when she faced the same situation.

 This is a story of numbers – the ones you need to track to determine what it will take to host an event that generates enough revenue to cover costs and fill your program. I know, It’s data. Go ahead, get the full body shudder out of your system (I’ll wait -  I used to shudder at the idea of numbers too🤣). Then let’s take a look.

 I’ve assisted clients in setting up their live events, from determining the sales figures to staffing needs, content planning, and scheduling.

 Events can feel like an emotional success - participants will tell you the event was a hit. But your bank account may tell a very different story.

 The first question I always get is “Why do we have to track so many numbers? It feels like a full-time job.” The good news is, it’s not a full-time job once you get some systems in place. You want to track the data is to ensure your event is a revenue success! If it’s a revenue success, you’ve provided massive value to every participant.

I’m going to skip all the detailed decisions you need to make to run a successful event – that would make for a much longer post 😉 – and go right to some very basic data.

 The data I’m sharing is just one area I address in the Analyze stage of my signature GLEAMS Process.  I use the GLEAMS Process to create an authentic, customized strategic growth roadmap for you when you’re ready to take your business to the next level of success.

 You should be selling a high-ticket program, course, or mastermind during your event. (If you’re not, go back to square one and learn more about successful sales events.) Here are some basic data points you want to determine and track:

A.    How many people would you like at the event? How much does an event ticket cost?

B.    How many people, in total, do you want in your program?

C.     Of that number (B):

1.     How many are you planning on registering at the event?

2.     How many will come through discovery calls (strategy) from the event?

3.     How many come from other registration efforts?

D.    Take the number you plan on registering at the event (B1) and multiply that by the program/course investment (subtract any referral/affiliate fees you have to pay out)- This number represents how much you will make from program/course sales at the event- before subtracting program delivery costs.

E.     Are you going to sell other products/courses at the event? (Make sure they do not cannibalize your high-ticket sales.) What would you like this total revenue to equal and how many sales will you need per item?

F.     How much will your marketing, content creation, customer service, etc. cost?

In this very simplified model- A + D + E – F will give you the revenue you may make from your event.

 In short, for my data-friendly folks:

A. equals 200 people at $100= $20,000 ticket revenue

D. equals 50 people investing $2,000 into your program = $100,000 gross revenue (this assumes  25% of attendees purchase your high ticket program)

E. product sales $5,940

            1 product sells @ $197- sell 10 = $1,970

            1 product sells @ $397- sell 10 = $3,970

Revenue equals- $20,000 + $100,000 + $5,940 = $125,940

 Looks pretty good, right?

 Remember, you need to subtract operational costs, marketing costs, staffing costs, program delivery costs, etc. to determine the net revenue your event generates.

 There are a HUGE number of assumptions built into this simple example.

 By tracking just a few key pieces of data, you get a better sense of your event’s success. Do this work in advance, and you’ll know what needs to be done to create a successful event. You can build your event with that end in mind.

 When the client I mentioned started tracking this data, she was thrilled to realize that her previous event was a success for participants, the number of new people in her program was spot on, and her bottom line looked great.

 Events can either take a significant bite out of your overall revenue, or they can be a tremendous boon.

 This could be the first step toward your next level of growth!