Prospect Events – Measuring Success

Prospect Events – Measuring Success

Executive Summary

The goal of prospecting events is begin the client acquisition process by demonstrating your capabilities in-person, and economically, in-front of a large group.

The measure of success, ultimately, is to acquire these new clients and increase your assets under management.  Prior to this increase there are a number of additional data points to manage that will collectively and individually increase your understanding of your success or failure for your future events.

At the end of your event, you must understand how much each new client cost, and how much benefit they will provide to your practice.  W. Edward Deming, the American management guru has been misquoted as saying, “You cannot manage what you do not measure”.  Instead he indicated that a sole reliance on figures alone will cause major issues, nonetheless, objectivity is necessary in order to understand, and allow you to deploy your business judgment.


Meat and Potatoes

A spreadsheet is attached to input and automatically calculate the following measures.  Each measure is intended to raise questions and facilitate understanding of the event, to inform and improve subsequent events.

Leading indicators

  • Leads contacted
    • If you didn’t have enough attendees, did you contact enough leads
      • Were they the right kind of leads?
      • Did the issue addressed at the event appeal to the leads
  • Number of times each lead was contacted (touches)
    • Was it a “mass mailing” or more targeted?
    • Could a warmer approach be used, should it be used?
  • Total number of “touches”
    • How large was the effort?
    • Did the unaccepted touches prepare leads for attendance in the future?
      • Was a continuous, positive impression made?
      • Multiple touches with the right audience will eventually cause attendance once scheduling and shyness dissolve as issues
  • Number of accepted invitations
    • People and Households
      • The number of individuals who indicate that they will attend, a husband and wife count as two people and one household
    • Households
      • Ideally, you would like to have both spouses of a household attend, if the subject matter was appropriately broad to include both spouses (Investing HoldCo funds is an example where a business owner would typically come alone, or send their accountant)
    • Lagging indicators o Number of attendees
      • People and Households
        • See above
    • Drop Off Rate
      • There is typically 10-20% drop-off from initial indication of interest to the actual attendance.
        • If the drop-off is higher, and no other reasonable explanation exists, like weather, then an examination of the topic, venue, marketing, pre-meeting reminders, parking, accessibility
      • Number of Reached Post Meeting (48 hours)
        • The window closes quickly following the event, if you don’t follow up as they expect you to, then you will be forced to start calls with, “I am sorry to follow up so late . . . .” and your opportunity to demonstrate organization, urgency and professionalism will have passed
      • Number of face-to-face meetings
        • This number begins to indicate how effective the entire enterprise of conducting your prospecting event has been
      • Number of new clients
        • Sitting with qualified, interested and currently dissatisfied clients and your ability to convert them to customers is on display
      • Close Rate
        • Your ability to effectively, compassionately conduct the meeting, “ask for the sale”, prepare the appropriate paperwork, get it signed will be reflected in the number of new clients
          • You should track your Close-Rate, and see how it changes over time and compare it to your peers in your market
      • Total new Assets Under Management
        • It may take a couple of months to arrive at this figure, and you may have conducted a subsequent event, but stay focused and calculate the amount of funds transferred from another institution, and any additional funds deposited during the beginning of the relationship
        • If you wait an entire year, the effect of your excellent service could be the source of additional deposits several months later
      • Total Cost of Event
        • Simply, how much did it all cost
        • Used to calculate other measures
      • Calculated Measures
        • Cost per Attendee, Meeting, New Client
          • These measures should be used to test the relative effectiveness for Prospecting Events on this topic, in your market
            • They will fluctuate over time
            • Other methods should be judged against these objective measures (which requires objective measurement of other marketplace activities)


See the measurement tool along with this report to calculate your ROI

Bottom Line

Track your successes and failures associated with your events objectively.  Once they have occurred, they cannot be corrected, so use this information for your next event.  A small increase in the amount of new business, can radically affect the performance indicators, and provide encouragement to you and your team.


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