How much does it cost to attend your conference? Seriously?

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Attending events are a lot of fun. You get a chance to experience new technology, you can network with people who have similar interests, and you can learn about new industry trends that might have an impact on your job and your future. But why does it cost so much to attend these events?

Okay, it costs a lot of money to host an event. There are hotel costs, food and beverage costs, production costs…I’m getting tired just thinking about it. But the truth of the matter is that as an attendee, how do I know that the cost is justified? I think that is a pretty fair question.

If we break down the value of an event it comes down to three things: networking (we’re talking corporate events here), education, and entertainment. Events spend a lot of time and energy developing a program that has good speakers and topics, provides a space for networking, and has an epic party. So some would say; that is how we value our event.

However, why are other types of events, like festivals and sporting events, so much cheaper? It’s almost as if corporate organizers think their event is the super bowl of events every year. Yet, many corporate planners offer discount codes that range from 70% to 20% of the actual ticket price.

Some would say that these events provide more than purely entertainment, but do they? Most attendees that attend a conference already know a lot about the product offering from the company, and they often are already customers. So why do people still go to these events every year? Why does every company want to hold large events?

The answer is simple: human connection. Today, we all live, connect and make friends through our always-attached screens. This creates a longing for human interaction and connection. The people who are looking for interactive opportunities are drawn to those who are facilitating human interaction and connection.

Would it be proper to say that the main reason people attend corporate events is to network? And if that is the case, why aren’t events providing more tools around networking for their attendees? One reason might be is the tools that have been available historically are great to use. But that has changed.

Through tools like Loopd, attendees actually have a CRM system that they can use to identify, collect, and manage their networking. This allows them to be more efficient in gathering data, better organize information, and have a higher potential for success. When attendees have a database of all their contacts, and then have a visual picture and notes of everything they talked about, they will walk away from a conversation with a much higher understanding of that person’s values.

Networking tools like Loopd’s wearable badge are what will drive the corporate event space into the 21st century. It will give them the power to make more precise connections and make it easier for people to build real and meaningful relationships.

If you really want to charge a high price for your event, then focus on giving your attendees something that provides them with a better network, which in turn, increases their value. They want to walk away with contacts that can help them grow in their career. Give them the tools so when they go back to the office they can display their value within the company, but also, how they plan to use the information from your event to expand their company.