We love events at Concep, but finding the right audience can be a time consuming challenge. Choosing incorrectly can have a negative impact on the success of your event and consequently, to the expected result. It really is just as important as the event’s content and infrastructure. In this post I will explore the four simple steps to find the best segment in your database for your events.
Step 1: What is your goal and your strategy?
Before thinking about targeting you need to have a clear business goal and strategy which your event is meant to support. It will give you a direction to head to, that will help you and other stakeholders to make decisions whilst planning and implementing your event. A goal is measurable and can be: securing x amount of meetings, x number requests for follow ups etc. The strategy is how you are going to achieve that goal: focus on clients above the average revenue, acquire new clients, increase customer engagement, etc.
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Step 2: Segmenting your potential attendees
Now that you are aware of your business goal and what strategy your event will support, it is time to define the profile you are going to target. The best way to do this is by searching your database for the clients that if multiplied, would deliver your goal. For example, if you need to secure a certain number of meetings about a specific product, you need to look for the current clients of that product. Or if you want to have x requests for follow ups, you need to look for those prospects who requested at previous events. Then it’s time to look for behaviours and information patterns (purchase history, company size, revenue, industry, number of employees, contact position, etc.), group them in clusters by proxy (e.g. companies that have more than 80% of the similar data) and finish by selecting the most representative cluster (size and proxy rate). This group of clients will determine the profile you need to target to achieve your goal.
Step 3: Targeting
After finding your public profile it is time to target your database. The most common and effective technique is cloning. It consists of finding contacts/companies with a similar profile to the cluster you’ve found. The most alike your target is to your cluster, the greater the probability of the target becoming a client. If your cluster, for example, has the following profile:
1. Consumer goods sector
2. Companies that have established more than 15 years
3. Located in London
4. The product you are trying to present was the first one they bought from you
5. More than 1,000 employees
6. Net revenue over £500,000,000
And you find a group of:
• 50 prospects matching 5 of 6 characteristics (83% likeness)
• 100 prospects matching 4 of 6 patterns (66% likeness)
• 80 prospects matching 3 of 6 patterns (50% likeness)
As the first group is the most alike to your cluster (83%) they are most likely to schedule a meeting with your company.
Step 4: Creating your marketing list
To create the list of people you are going to invite, you first need to know what your average conversion rates are. Based on these numbers you can calculate how many contacts or companies you need to invite to reach your goal. Let’s say you need to secure 4 meetings and are using email marketing to invite your targets to your event. You have the following rates* for prospects:
• 30% email view rate for event
• 30% click rate for events
• 85% RSVP
• 25% no show
• 50% meetings after events
Therefore to end with 4 meetings you will need a marketing list with at least 150 contacts. To get this number of contacts you will have to short list your targets, beginning with the highest likeness rate and reducing it until you get to the 150 contacts.
So, in the example in step 3, you should leave the third group with 50% likeness out of your marketing list since the two other groups have a better chance to convert into meetings.
Summing up, your event must be part of a strategy to deliver your company goal. Your current clients’ data will tell you exactly who you should target for your event and the conversion rate will show how many people you need to invite. The likeness rate will guide you through selecting the contacts/companies to invite. After that you are ready to define the content, the infrastructure and the communication plan! Which happily leads us on to my next blog post in the series!
*We’re so good at targeting; we’ve got wonderfully high email open rates.