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SPRING 2015 EDITION

Forefront
 

Targeting the Right Audience for Your Events

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 article, 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 for your event. It will give you direction and help you and other stakeholders plan and implement your event. A goal is measurable and can be: securing x amount of meetings, x number of requests for follow-ups, etc. The strategy is how you are going to achieve that goal. For example, focus on clients above the average revenue, acquire new clients, increase customer engagement, etc.

Step 2: Segmenting Your Potential Attendees

Now that you are aware of your business goal and strategy for your event, 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 behaviors 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 or companies with a similar profile to the cluster you’ve found. The more 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:

  • Consumer goods sector
  • Companies that have been established for more than 15 years
  • Located in London
  • The product you are trying to present was the first one they bought from you
  • More than 1,000 employees
  • 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 characteristics (66% likeness)
  • 80 prospects matching 3 of 6 characteristics (50% likeness)

As the first group is the most like 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 your average conversion rates. 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 four 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 four 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 of step 3, you should leave the third group with 50% likeness out of your marketing list since the two other groups have a higher likelihood of scheduling a meeting.

Summing up, your event must be part of a strategy to deliver your company goal. Your current clients’ data will tell 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 or companies to invite. After that, you are ready to define the content, the infrastructure, and the communication plan!


concep

Concep is a provider of empowerment marketing technology and services to corporate and professional firms globally. The company mobilizes high-value service organizations to deliver highly personalized and relevant business content regularly to key clients and contacts throughout the long relationship sales cycle. Its CSuite platform consists of intuitive digital tools and mobile apps that empower relationship owners and teams to easily execute and monitor one-to-one client marketing and business development activities. Click here for more information.

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