How Much Do You Spend on Events? Success Stories...

[todd02]

Just spoke with my Office VP and we got into a debate about spending money on events. Now I'm anti referrals (Which is a horrible character flaw of mine) but I just hate asking for referrals. I'd rather pound the phones or pavement. However she is queen of it.... So we started talking about ROI.

She's talking about give-aways and food ect. As we all know the P&C business you make avg $200-$300 a household. Working events we've never gotten more than 1-2 households on an event and spent around $500-$1000 at the event on give-aways.

Would love some success stories on what you did or what worked at events or booth's specifically for P&C. Think this would be a great thread to start.

 

[Rick Deckard]

Greetings Todd,

I definitely feel I can add to this thread and this can also link to some non-profit events that seem to be networking opps too.

-The actual group or event and the types attending are super important. Let me share a group I just joined or went to a meeting last week...the door fee was $60 DOLLARS!!! I thought what kind of highway robbery is this? The whole group was attorneys, financial planners, accountants, ended up making a couple good connections by accident. I don't know the exact number but we will see about $10,000-$25,000 in some form of personal lines and possibly a BOP or two.

The next one this same group meets at is in our backyard from the office so we might sponsor the event but that costs a lot more money than simply paying a door fee and not feeling guilty about grabbing a card from everyone and following up. Nobody else is there from an insurance agency. We got the cold shoulder from a few but others were warm and receptive.

-Long term I want to start my own network group up of RE and Mortgage Associates in my area with an emphasis on connecting them with potential customers...not exactly sure how I am going to accomplish it just yet but I'm working on it.

 

[whatyouwantfinally]

I've yet to get into that stuff myself but a friend of mine does an annual "customer appreciation" party at a bar. Rents the place out, gets band, food, etc.

He has been doing it for 4-5 years now. It has gotten bigger every year, but he said last year he spent a little over $4k. Said he made it back in referrals within 10 days, which is really solid. Also, he has some other local businesses wanting to "get in" on it, and I think a couple pitched in a few bucks last year.

It would probably take a couple years and an initial group of interested customers (to come and invite friends) to get rolling, but I think it's money better spent than your typical giveaways. People are generally unmoved by little gift bags and such, but an actual fun night is something they remember and even look forward to. My friend says people almost feel obligated to tell at least one person about you when they have a good time on your dime.

 

[Rick Deckard]

I've yet to get into that stuff myself but a friend of mine does an annual "customer appreciation" party at a bar. Rents the place out, gets band, food, etc.

He has been doing it for 4-5 years now. It has gotten bigger every year, but he said last year he spent a little over $4k. Said he made it back in referrals within 10 days, which is really solid. Also, he has some other local businesses wanting to "get in" on it, and I think a couple pitched in a few bucks last year.

It would probably take a couple years and an initial group of interested customers (to come and invite friends) to get rolling, but I think it's money better spent than your typical giveaways. People are generally unmoved by little gift bags and such, but an actual fun night is something they remember and even look forward to. My friend says people almost feel obligated to tell at least one person about you when they have a good time on your dime.

Let me take it out further...try and have a few customers or friends that can do you a favor. The venue shouldn't need a lot of money to rent out, in fact a good up n coming bar or a place that is past the initial opening surge might not charge a thing if they can sell enough drinks. I used to promote and run nightclubs back in the early to mid 90s in Orlando/Tampa and any time a bar can guarantee a good sized group to show up they will accommodate usually.

I bet you can find a DJ who can play and do it all for less than $250 as long as their name is mentioned. Make a gift bag up from the customers you already have so they can promote as well. But you have the right idea here, well worth the efforts but I would make a game of seeing how much you can cut costs and still put on a nice event.

 

[VolAgent]

If you have commercial accounts...

Just imagine how appreciated your client is going to feel when you have a customer appreciation event at a competing facility, assuming it also isn't a client and perhaps even if they are.

 

[TampaHound]

I've yet to get into that stuff myself but a friend of mine does an annual "customer appreciation" party at a bar. Rents the place out, gets band, food, etc.

He has been doing it for 4-5 years now. It has gotten bigger every year, but he said last year he spent a little over $4k. Said he made it back in referrals within 10 days, which is really solid. Also, he has some other local businesses wanting to "get in" on it, and I think a couple pitched in a few bucks last year.

It would probably take a couple years and an initial group of interested customers (to come and invite friends) to get rolling, but I think it's money better spent than your typical giveaways. People are generally unmoved by little gift bags and such, but an actual fun night is something they remember and even look forward to. My friend says people almost feel obligated to tell at least one person about you when they have a good time on your dime.

Not really related to the topic but I'm seconding the above comment. Every year for the last 5 years, my wife and I have had a little cafe during our community wide yard sale.

Every year for the last 4 years we have had people tell us the only reason they visit is for my wife's cooking (she is a professional chef). This year we made $400+ to give to charity because of the cafe.