Growing revenue by acquiring new subscribers: here’s how the experts do it
Event organisers are currently facing an unprecedented challenge in sustaining their event revenue, both in the short and long term. Monetisation via spex sales and ticket revenue are under threat, and many organisations are quickly transitioning to digital event formats without a robust plan to protect this income.
The game has changed, so to speak, but there’s one tool that remains as relevant and valuable in the digital space as it was in the physical environment. A tool that we recommend all events undergoing any sort of transition to the digital space employ.
What is a community map?
Simply put, a community map (sometimes called a market map) is a tool for understanding the composition of your end-user target market, which is essential if you’re going to work out how to best serve this audience and thereby build the right kind of monetization model.
Creating one will help you engage effectively with your community to maintain and grow brand trust, as well as retain and grow your sponsorship and exhibitions revenue in the coming months.
How do we create a community map?
There are 3 steps to creating a comprehensive and accurate community map:
Step 1 – Make sure you understand who your community is
Make sure you can broadly define your end-user community in one or two sentences, and that you can easily identify who the ‘core’ group is that matters. Then ensure your whole brand team is 100% aligned on this.
Step 2 – Divide your community into segments and identify the most important ones
Once you’re confident in the community you serve and its core group, it’s time to break the community down in to further segments and identify the most important ones. To do this:
- Consider the different groups your sponsors want to most engage with
- Define parameters of each group in terms of sector, company type, job function and seniority.
Group your segments into tiers to make the hierarchy clear and improve internal efficiency in understanding, using and growing your database and other routes to market. Then as you work through your marketing comms plan, your plan becomes as simple as “we need to grow our Tier 1A database and reach them with a 4-stage email campaign” and “our next LinkedIn advertising campaign needs to target Tier 1B”.
There are several other benefits to segmenting and targeting your community in this way:
- Close new sponsorship deals. Being able to share exact figures on your community’s composition is a powerful leveraging tool to use on potential sponsors who are looking to engage a very specific audience.
- Retain more partners. In a similar vein, existing sponsors will become addicted to you if you’re feeding them valuable audience insights, as well as consistently growing the segments that matter most to them.
- Improve your marketing. Segmentation enables deeper, more personalised targeting of comms. Serving each group of your community with the content that is most relevant to them is an important step in engaging any community.
- Perhaps the biggest benefit is that it enables the most important step of all…
Step 3 – Size your key community segments and analyse your current database to identify gaps
Knowing the composition of your database is one thing, but avoid viewing it in a vacuum. Having your most valuable segment make up 80% of your database looks good on paper, but you could only have > 10% of the total contacts available in your core market.
This may look good in isolation…
…but when you look at the wider market, the gaps become clear.
If your most important segment is HR directors at the world’s 50 largest banks, and your database only has 20 of them – that means you’re reaching less than half of your most important community members.
To fill these gaps you should conduct database research where data privacy rules allow. If your research is small scale, try conducting this internally; your teams may be able to identify relevant contacts via social media and company websites. If you have a large pool of contacts to identify, consider employing an external agency to do the heavy lifting at pace and cost effectively.
If this is not allowed due to privacy regulations in your target region, or there are still contacts left to identify, you can move to outreach such as PPC and organic social media to try and draw your contacts to your website via inbound tactics. LinkedIn ads will allow you to target based on useful parameters like job title, industry and even individual companies – you just have to make sure your ads and website are effectively encouraging them to share their data (and grant consent for comms) via a lead generation form.
Community mapping is a vital tool for any business to survive and thrive. In a recent blog post, we outlined why understanding your community, and their needs, should your #1 priority – read the full article here.
At MPG, we’ve been creating community maps for the world’s leading B2B media and events brands for years. To find out more about how we do this for specific markets, please do get in touch.
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