I’m constantly surprised by how few event marketers include Conversion Rate Optimisation (or CRO) in their event marketing strategies. I can only assume it’s because they don’t fully understand the value of CRO for attendee acquisition.
I’ve been wracking my brain for a way to explain the benefits of CRO in terms that resonate with event organisers and had a lightbulb moment: compound interest does for savings what CRO does for attendee acquisition.
Compound interest has the amazing effect of increasing the return on your savings exponentially because, of course, you reinvest your interest back into your savings and then earn interest on it too.
How compound interest relates to Conversion Rate Optimisation
So now you’re probably wondering how this relates to conversion rate optimisation. Let me explain:
When registering for an event, attendees usually have to go through a few steps. In this example I’m going to assume 5 steps:
- Step 1 is to click on the advert
- Step 2 is to start the registration process
- Step 3 is to complete the registration process
- Step 4 is to show up to the actual event
With each step you’ll see a drop in numbers as potential attendees exit the process. The purpose of conversion rate optimisation is to reduce the number of people who exit the process at each step. In terms of attendee acquisition, conversion rate optimisation functions as the interest you will earn but instead of increasing your capital investment, it increases the number of attendees that move from step to step.
Take a look at the table below to get a better understanding.
The table above was created using actual data from one of our client’s virtual events. In the ‘No CRO’ columns you can see actual percentages of attendees that moved from ad, to registration start, to registration end, to actual attendance. The result was that from a total addressable market of 1,000,000 only 2,373 made it through the entire process and attended the virtual event.
With a mere 2.5% improvement at each step of the attendee journey, the number of attendees to the event increases by 2,497 to 4,870. This is remarkable considering all it takes is 2.5% improvement at each step. Increase the improvement to 5% at each step and your attendance will increase to 8,100 - that’s about 320% higher than without CRO.
So just like compound interest, where you earn interest on your interest, with full funnel CRO you can build on the improvement at each step of the attendee journey and see exponential improvement.
Work smart, not hard
Conversion rate optimisation and compound interest are tools for people who like to work smart instead of hard. In both examples, the same amount of time and energy is used but the results are vastly different.
If you’ve seen the light and want to increase the number of registrations you get from the same amount of traffic, chat to us now.