Hosting your own event can be a game-changer for brand visibility, customer engagement, and lead generation, but it also comes with its unique set of challenges. Before diving headfirst into planning, it’s essential to weigh the pros and cons of having an owned event. In this guide, we’ll break down the benefits and potential pitfalls of going solo on your next big event.
Pros of Hosting an Owned Event
1. Full Control Over the Brand Experience
An owned event allows you to showcase your brand on your terms. You control the message, ambiance, and overall experience, ensuring that every aspect aligns perfectly with your brand values. Hosting your own event allows for creative freedom, whether through custom decor, interactive brand booths, or tailored content.
2. Direct Access to Audience Data
When you own the event, the data collected—whether through registrations, attendee surveys, or real-time analytics—is exclusively yours. This data is invaluable for understanding your audience’s needs and preferences, helping refine future marketing strategies. Unlike third-party events, where data access may be limited, an owned event grants you full insight into who’s attending and how they’re engaging.
3. Enhanced Brand Credibility and Thought Leadership
Hosting an event positions your brand as an industry authority. Whether it's a conference, workshop, or networking event, an owned event establishes your company as a key player in your sector. In fact, according to Forbes, brands that host recurring events see a 20% increase in brand recall among attendees.
4. Better Relationship Building
With a self-hosted event, you’re not just an attendee or sponsor; you’re the host, creating a stronger, more personal connection with your audience. You have the freedom to engage with attendees on a deeper level, providing unique value and gaining their trust in a way that would be challenging at a third-party event.
5. Potential for Revenue Generation
Many companies monetize owned events through ticket sales, sponsorships, and exclusive access to additional content or experiences. This creates a potential revenue stream and can offset the event’s costs, with premium offerings making attendees feel they’re part of an exclusive experience.
Cons of Hosting an Owned Event
1. Higher Financial Risk and Upfront Costs
Organizing an event from scratch requires substantial financial commitment, with expenses covering everything from venue rental and AV equipment to marketing, staffing, and tech.
2. Resource-Intensive Planning and Execution
An owned event demands time, staff, and expertise. From logistics to speaker coordination, the workload can be immense. For companies without a dedicated events team, the planning process can be overwhelming and may detract from other business priorities.
3. Responsibility for Attendance and Engagement
With a third-party event, attendee numbers are often handled by the event organizer. In your own event, however, the onus is on you to attract, engage, and retain attendees. Without a solid event marketing plan, your event could suffer from low attendance or minimal engagement, impacting its success.
4. Limited Reach Compared to Partner Events
Unless you’re a well-established brand with a strong following, owned events may struggle to attract the diverse crowd that larger, industry-wide events bring. Third-party events offer a ready-made audience and access to attendees who might not yet be familiar with your brand.
5. Potential Brand Risk
In any event, things can go wrong. Technical difficulties, no-shows, or negative feedback can harm your brand image if not handled gracefully. Unlike being a participant in someone else’s event, the entire responsibility falls on your shoulders, and any missteps could impact brand perception.
Conclusion: Is Hosting an Owned Event Right for You?
Owning an event offers unparalleled control, branding opportunities, and potential for in-depth audience engagement. However, it comes with challenges, particularly in terms of financial and logistical demands. For companies with a dedicated events team and a strong budget, owning an event can yield tremendous brand and business benefits. However, smaller brands or those new to event planning may find it beneficial to start with third-party partnerships or hybrid events before going all-in.
