October 29, 2013

FOUR CLEVER WAYS TO SLASH NO-SHOWS AT YOUR FREE EVENT

empty seatsWhen you're organizing a free event, how do you get the people who register to show up?

That’s tough since  there’s rarely a penalty for registering or skipping. Both are easy to do (or not). Incentives guide behavior and “free” messes them up.

There's no such thing as a free event. Even if attendees don't pay with money, they pay with time. Since time is precious, not going is cheaper.

Here are four ways to deal with no-shows.

The “Will You” Strategy

The fourth universal principle of influence is Consistency. We tend to behave in ways that match what we did in the past, especially when others can see us.

A restaurant reduced no-shows from 30% to 10% by adding two words to their confirmations. When making reservations, guests were asked “Will you please call if you have to change or cancel your reservation?”

Your registration form could have an extra question: “Will you please email if you are unable to attend?”

Your event reminder emails can have a similar message. Isn’t this making cancellation too easy? Perhaps, but you’ll get a better sense of how many are attending. That’s valuable too.  By encouraging cancellations, you’re implying there’s demand for the seats. Scarcity is another universal principal of influence.

The Public Commitment

We’re more likely to do what we say in public. Eventbrite lets your Facebook contacts know that you're attending. Meetup does too. Others may even attend because of you. Now cancelling is tougher.

Eventbrite lets organizers show the names of the registrants. That may also help get more registrations and higher attendance. 

Refundable Deposits

Since people are loss averse, you can use the power of money as an incentive. Although your event is free, you can charge a deposit to reserve a (general admission) seat and give a refund to those who show up. The no-shows are then the only ones who pay. That seems fair.

The penalties may not be enough to cover the costs for refreshments. You could ask attendees if they would like to donate their deposit to help fund the event. That gives attendees an opportunity to help if they are willing and able. As an extension, you could ask for donations to get money from people who support the cause but can't participate.

Overbooking

“… it is our policy to overbook. In case of a full program, your reservation may not guarantee admission. Unclaimed reservations will be released to standby customers ten minutes prior to the start of the program. We recommend that you arrive early.” --- Toronto Public Library Appel Salon
As you hold similar events, you'll get a sense of how many people don't show up. You can then overbook and encourage people show up early to save their spot. For a popular event, you may have to turn people away. The rejected ones won’t be happy, but they have an incentive to arrive earlier in the future.

Links

PS Maybe you make tickets available in pairs?

October 22, 2013

CASE STUDY: HOW TO LAUNCH A NEW BRAND (MONEY 50/50)

baby conquers bear
The desire for perfection and the fear of making mistakes both get in the way of launching a brand. They need not.

As a case study, you can watch me launch Money 50/50. It’s for a series of live TED-like talks with audience Q&A. The speakers are credible bloggers, journalists and authors known for objective advice. The intent is to make learning about money engaging. How’s that for a challenge?

I could have waited to make sure everything was ready before telling the world but thought the incremental approach would be more educational for you and more practical for me.

Protecting Your Intellectual Property

If you're worried about theft of your intellectual property, the incremental approach may be ideal. The format for Money 50/50 isn’t the work of genius but seems unique:
  • 50% talking / 50% audience participation: that’s the key reason to attend in person. If there were no interaction, why attend? The audience could simply watch the talks on YouTube from home (which means they probably wouldn’t)
  • the speakers are writers: that means they have the courage to put their thoughts on display for public scrutiny. Because they’re local, they’re approachable.
As I started looking for venues, I became concerned that my format might be “stolen”. While anyone can use a similar format for their cause (please do!), I didn't want to look like the copycat. That's why the first public announcement described the idea and format: the perfect live event to master your money.

Step Zero

The very first step is finding a short name for the brand that’s available as a website and Twitter handle. That meant brainstorming and checking for availability with NameChk. This took days of elapsed time. You might want to get help from creative people you trust. You might need to fabricate a name (e.g., as I did with Riscario and Taxevity).

Eventually, I registered money5050.com even though a squatter has the Twitter handle @money5050. There are ways to reclaim a Twitter account from a squatter or impersonator. Showing you have a real brand helps.

Other Steps

imageEventually you will see these things in order:
  1. Website: money5050.com launched (using the same Google Blogger platform as this blog)
  2. Twitter handle: @50u50 (for now)
  3. Newsletter: powered by Mad Mimi (done)
  4. Branding: using a simple placeholder for now
  5. Ticket ordering: powered by Eventbrite
  6. Community: on Ning or Google+
Clearly, all these elements are not needed at the same time, especially when you’re doing the work in your spare time.

If you're afraid that the world will see work in progress, are you over thinking? The world is busy. You can relaunch when you’re ready. In the meantime, you’re taking steps that will help you get noticed. 

Links

PS You learn more while doing than while planning.