The Next Big Idea

Posted by: Erin Wootan on: May 10, 2011

In: marketing
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Sure, it’s easy enough to think of a great promotion or special event idea. I’m sure there are people out there who would have attended a Royal Wedding party, but if it is not profitable or even potentially profitable, then you have a problem. Here are a few tips to use when planning a successful event:

1. Set Goals: Your goals could range from how many people you want to get through the door, how many new customers you’d like to attract or how much incremental business you will obtain by holding the event or promotion. The idea is to set goals. There is no way to evaluate your performance if you don’t have anything to measure the outcome against. It’s important to set goals related to customer experience and financial outcome and then of course you have to evaluate the event when it’s over.

2. Play Well With Others: While I’m sure you have amazing ideas, it’s important to include others in the planning process. Try asking the people who actually run the promotion or work on the casino floor if they see any potential problems with the promotion or if they can see any way to make it better. At the end of the day, the final decisions lay with management, but seeking out other opinions can never hurt.

3. Diversify but Don’t Stack: Not everyone will always like the same things. Not only is it important to always have something going on, but you need to attempt to attract the most guests that you possibly can. Sometimes there is a need to stack multiple events during the same time period, but keep in mind that stacking events drives down profitability and may end up costing more in the long run. Before stacking events, try and weed out the events that will drive the least amount of business and re-evaluate how you can tweek existing events to attract more business.

4. Measure and Evaluate. This goes back to point #1. Set goals and make sure to measure and evaluate those goals at the conclusion of the promotion. Use the results towards the future planning of events and how the success can be improved next time.

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5. Be Patient. Results will not happen overnight. In fact, changes implemented today might not yield results for days, months or even years in advance. The idea is to stick to the plan and use the tips mentioned here to plan into the future.

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