A record-breaking 540 423.87 PLN (126 888.82 USD) raised for charity
Managing Partner, Founder Valueships
October 11, 2023
Compani is a B2B-focused event company that strongly believes that corporate events don’t have to be boring. They push events’ creativity beyond the limits, ensuring their final product provides the best experience for participants. Their slogan is: “Happy People. Happy Companies”, so whatever they do, there is a 100% push for quality. Imagine Disneyland for B2B events - they’re your team!
Pricing update in this year’s edition of the event was the most impactful change we’ve made. Most importantly, of course, it allowed us to send more money to Everest Foundation’s pupils. But on top of that, the Valueships team gave us organizational confidence and analytical capabilities to make those big changes and contribute even more in years to come.
Kamil Janik, CEO Compani
Once a year, Compani and Everest Fundation organize Bieg Firmowy (‘Corporate Run’), which is a charity run for businesses. Organized in Wroclaw and Warsaw, Poland, they’re one of the biggest running events in the country.
The event’s goal is to raise funds for children with various chronic diseases. Since 2012 more than 2200 corporations and SMB companies and over 77,500 people have participated in the event. In the course of years, the event raised 2 283 518, 87 PLN to 56 children in need.
Due to the covid aftermath, ongoing crisis, inflation scare, and war in Ukraine, organizer’s team was highly doubtful about the upcoming edition of the event. They were unsure if companies would still be willing to contribute their tight budgets to charity in such an uncertain time.
So, due to the growing uncertainty among the event organizers, they wanted to do everything in their power to gather as much money as possible for the charity’s pupils. And that’s why he contacted us.
The goal was pretty straightforward - maximize the fundraising potential of the event and push the overall revenue to the highest.
However, the tricky part was that we weren’t dealing with any product or service in the traditional sense. After all, it’s a charity, so the willingness to pay factor isn’t tied to any measurable metric or benefit for contributors.
So, we had to determine what factors play the biggest role in the decision-making process and use them to create new pricing and packaging.
Of course, the noble cause was the main driving force, but we knew that there were other elements that may decide whether a company would or wouldn’t sign up for the run. There are promotional aspects, gift packs for runners, and much more. We wanted to list all those elements and understand their role and value for event participants.
So, we started with a workshop meeting, a detailed survey, and a conjoint method analysis. In other words, we have applied the most advanced statistical method in pricing science to get the results right. With the amount of data and feedback we’ve gathered, we were fully confident to make some massive changes.
Our research found two things: the overall willingness to pay was substantially higher when companies didn’t manage to purchase the regular plans. While price was important, there were some nuances we had to explore. In other words, you want to pay more if you’re late. We have added a strong early bird, regular, and late access plans to maximize penetration vs. revenue potential. On top of that, some features were clearly more wanted than the others, e.g., everyone wanted to get a commemorative medal - it simply had to be maintained.
Different utilities for various product attributes:
One of the most significant elements for participants was the environmental aspect of the event. Ecology was already crucial for Compani as an organization, but it wasn’t a focal point of the communication in Bieg Firmowy. We wanted to change that because we knew that companies are more willing to take part in green events.
So, the Compani team used its experience as zero-waste event organizers to create a Green Run plan focused on carbon neutrality. In the plan, each participant would receive a t-shirt made from recycled materials, and one tree would be planted in their name.
The next crucial step was getting rid of the cheapest plan. The decision to contribute was mainly driven by other factors, and we estimated that even without the cheapest plan, the number of companies that sign up should remain on a similar level.
What’s interesting, together with Compani, we have used conjoint analysis results to create a forecast. Despite a very small sample, it allowed us to understand the general preferences and create a budget - a necessary thing if you’re building an event for 11k people. We have combined it with the data from previous years to create a potential business impact recommendation.
Before the team of organizers approached us, they had some internal discussions about pricing updates, but there was too much hesitance to follow through with the changes. The team was afraid that even the smallest price increase might turn away businesses, especially given the difficult time in many industries.
But in the end, thanks to all the leg work we’ve done, they were ready to make some big changes and update their pricing in a major way. And what happened then?
The number of participants went from 11490 to 11520.
Oh, wait. But that’s not much, is it?
Well, that’s true. The number of participants didn’t change too much, but the income from Corporate Run grew by an impressive 56.3%.
significantly bigger contribution to the cause (56.3%)
a record-breaking 540 423.87 PLN (126 888.82 USD) raised for charity
new capabilities in analysis and data-based decision-making