manage change


Why looking out for #1 makes sense

One of my touchstone books is “Looking Out for Number One”  Sounds like a selfish idea right? Wrong. Knowing what your needs are and ‘delivering’ them to yourself is a critical first step to making sound transactions and building lasting relationships. Of course, you need to meet the expectations of partners, customers and friends for it all to work, so you need to understand the wants and needs of others for it all to work. I urge you to check Robert Ringer’s book, as it has provided some of the guidance I’ve followed in running my own business since 2005.

 

Here are some of my favorite quotes from Robert:

 

“Enjoy life, but be flexible in your planning. It’s dangerous to base your decisions on the assumption that everything is going to continue as it now is. It won’t. Worse, because circumstances have a habit of changing with little warning, you are often caught off guard.”

 

“Unfortunately, most people live in a totally unreal world. They create a world in their own minds based on the way they would like the world to be rather than the way it actually is. They would much rather delude themselves by ignoring the facts, even if their self-delusion only prolongs the inevitable.”

 

“When it comes to custom and tradition, people tend to spend a great deal of time and energy doing things for which they hope to be appreciated. It’s nice when it happens, but it’s a big mistake to base your actions on the desire to gain the gratitude of others.”

 

“Never do anything with the expectation of being appreciated. The most valid reason for taking an action is that you sincerely want to do it.”

 

“People who use bad breaks as excuses are often victims of the World-Owes-Me-a-Living Theory, which states: Anyone who believes that others—or, worse, ‘the world’—owes them something are destined for failure and disappointment. Until a person cleanses this poisonous notion from his mind, he is unlikely to leave the starting gate, much less win the race.”

 

“People who see themselves as victims of bad luck have a difficult time understanding that the surest road to success is to create one’s own breaks. Sadly, most of them are victims of the Waiting-to-Be-Discovered Theory, which states: If you’re waiting for something to happen, you’re not in control of your destiny. Don’t wait for something to happen; make it happen!”

 

“Remember: People will bother you until you no longer allow them to.”

 

“Remember, everything worthwhile has a price. The price of friendship varies in amount and form, but, make no mistake about it, there is always a payment involved. The payment may require your investing a certain number of hours per week in conversation, it may mean that you are counted on for continual inspiration, or it may translate into your having to forego a facet of your life that is important to you. Whatever it may be, just be aware that there is a payment.”

 

Enjoy and prosper!


How to Master Attendee Acquisition When Launching a New Event

I have a few event launches under my belt, having been in the business for the past 28 years. Many elements of a launch are the same, regardless of the event, and there’s a proven formula for success. But first-time events are a different story. What is unique there is the need to get enough knowledge and ‘control’ over the prospective attendance. Oddly enough, the plan to get these future, first-time attendees is often the weakest part of a launch, with decisions based on gut feelings rather than a systematic approach. The irony is that quality attendance is one of the most important outcomes of an event, but actions often bely that importance. Frequently the philosophy is ‘if we build it, people will come.’

 

For me, that’s not good enough. So, I sought out one of the best event-marketing minds in Kimberly Hardcastle-Geddes of mdg for comment on how the marketing of a launch should be done. She and her mdg Partner, Vinnie Polito, recently spent some time with me to discuss event launches in general, and their event marketing strategies more specifically.

 

Warwick Davies (WD): What’s your strategy in launching an event and what steps on the marketing side are necessary?

Kimberly Hardcastle-Geddes (KHG): The first step in launching a new event is writing a detailed, comprehensive strategic marketing plan. And I’m not talking about how many emails will go out or when your website will go live. That’s the tactical execution. I’m talking about identifying and quantifying the market opportunity that you perceive and how you plan to seize it. This is where you take a deep dive into the competition to see what needs aren’t being met. It’s where you’ll define and segment the target market. It’s where you’ll study the industry in terms of its size, growth, makeup, as well as the trends driving it, etc. You’ll talk to key suppliers, buyers, media, influencers, and ask a lot of questions. If you end up uncovering a solid opportunity, this plan will then serve as the foundation upon which the event will be built.

 

WD: How do you go about creating the attendee revenue and volume goals that will be necessary to have a successful launch?

KHG: We will usually get this from the clients with whom we work. They are usually familiar enough with the budgetary limits and revenue necessities to be able to calculate those. Actually, Warwick, that’s an area you are pretty well versed in. What would you say?

WD: You’re right about the budget and revenue side. I would say that giving a thumbs up on the quantity metric would depend on doing some testing of your database to see whether the concept you developed, at the date and time you picked, is compelling enough to calculate educated guesses on the number of paid/non-paid attendees and, therefore, your revenue and likely attendance numbers. There are various ways of doing that, and until you ‘know’ and feel confident about these numbers, it’s hard to get sufficient confidence to know whether the event will be well received. Best to do this before you spend lots of time, effort, and non-cancellable contracts with facilities, hotels, etc.

 

WD: What constitutes ‘research’ from other perspectives that can give the team a ‘thumbs up’ that the stated revenue and attendance goals will be met?

KHG: Let me bring in Vinnie to answer that.

WD: OK Vinnie, what do you think?

Vinnie Polito (VP): I think, as you well know, you can answer this a variety of ways.

For me, the key drivers are an ability to clearly answer ‘who is this for’? And what are the options for your target audience to garner this elusive “x”, whatever it might be, that represents the show’s focus? There obviously can’t be an easy alternative.

We counsel those managing these projects to achieve certain milestones prior to launching. These would be in the area of exhibitor participation, partners (media/association) willing to ‘actively’ support, and influencers/speakers demonstrating a desire to speak/actively promote to their networks. For each of those groups, a willingness to have their name attached to an event in some fashion is as strong or stronger indication than would be financial commitment during the pre-launch Although I wouldn’t refuse any pre-launch financial commitments either. Depending on the risk tolerance and size of the proposed event, the level of necessary commitment will vary.

Personally, I like a mildly crowded and fragmented marketplace. That tells me that the interest is there on both the attendee and exhibitor/sponsor side, but that no one has yet sorted out how to address the opportunity successfully.

 

VP: Other questions I’d like to know:

Why hasn’t someone else seized this opportunity – what’s the competitive landscape?

Does this event have a life span worthy of the risk? I’d say if you don’t comfortably feel this has at least a 5-year run to it, other opportunities might be better.What likelihood is there that a category killer might change the game in ways that are to your disadvantage? Examples are plenty if you need them.What’s the likelihood of an economic incident changing the landscape? For example, cheap natural gas cost me $$$ when I was in the energy space.

 

WD: Great stuff, Vinnie. Now Kimberly, once the plan is set and you’ve made a decision to move forward, what’s next when launching an event?

KHG: Next comes the development of the brand or identity of the event – including the name, the event logo, the creative platform on which the campaign will be based, the messaging planks, etc. This step is essential in ensuring that attendee and exhibitor prospects receive the right messages, those that create the perceived value needed to drive their decision to participate. The importance of this step is often underestimated by event organizers, but it’s not easy building a compelling case to attend a brand-new event. Why take a chance on a new event when it’s so much easier not to? It’s easier to stay home, not travel, and not book a room, not leave the office that day, or not drive into the city, etc. Despite these hurdles, many organizers still don’t allocate enough budget and effort on attendee acquisition as compared with speaker acquisition, picking the right venue, and managing every other detail. And those details are HUGELY important, don’t get me wrong, because if the experience isn’t right, then we won’t get attendees to come back. But if we haven’t made the necessary investment in marketing, it’s unlikely we’re going to get them there in the first place.

 

WD: What do you believe are the required deliverables from the non-marketing team members to assure a successful launch?

KHG: Clearly, the roles of sales, content, operations, etc. are all vitally important to a launch. What’s even more important, though, is that the launch team takes a truly holistic approach to event planning and promotion. This means that if the sales team is selling a lot of space to exhibitors that want to see a certain kind of attendee, the marketing team should ensure they are making a concerted effort to attract those buyers. And the content team should be developing educational programming that will attract them. Teams need to be communicative, collaborative, and agile – as plans may change and several pivots may be required based on actual versus perceived performance.

 

WD: Are there any other tips to get outside support?

KHG: In addition to your internal team, it’s important to look to industry partners, too. We’ve learned that you can’t go it alone when launching new events. The more that groups out there – associations, industry suppliers, media brands, etc. – feel some sense of ownership in the new event, the more success you’re going to have in achieving critical mass. That’s why identifying strategic partners is an essential step in launching an event.

 

WD: I mentioned earlier about testing your database. In your opinion, how big should your database be for success?

KHG: It depends. mdg launched a successful conference aimed at brand marketers a few years ago with a tiny database. Instead of working to build a comprehensive network of prospects, we instead identified influencers who would be willing to serve as event evangelists. Once identified, we offered non-paid admission to the top 10% and variable admission rates based on influencer scores to the next 30%. We also used sophisticated digital tools that allowed us to provide the influencers with financial incentives for signing up members of their networks. The event was small (about 1,000 attendees) and the admission price was high, so this strategy ended up working well. For other events, I would assume a .5 to 1% rate of return on your database. So, you should expect one attendee for every two hundred in your database to show up, provided your list is of high quality.

 

WD: What is the optimal time frame from launch to the event?

KHG: In our history of marketing new events, I can assure you that we’ve never complained about having too much time to launch. Ideally, planning will start at least 18 months out. An awareness-generating campaign should begin about 12 months out, with a strong conversion campaign starting at about 4 months out.

 

WD: Any other items that I have missed?

KHG: I would just add that event launches aren’t for the faint of heart, the unimaginative, or the ‘traditional’ direct marketer. Launches require teams with special skills who can make fast-on-their-feet course corrections, who can craft messages that overcome objections and convince prospects to take a chance on attending an unproven, unknown entity. Being able to pivot when things need changing make all the difference.

 

WD: Great stuff! Thanks, Kimberly and Vinnie!

KHG: You are welcome. Good luck to those would-be launchers out there!

 

————————-

https://www.mdg.agency/people/kimberly-hardcastle-geddes/

https://www.mdg.agency/people/vincent-polito/

 


Is Arrogance Professional Suicide? 1

I’ve worked with many confident people and, as is true with other Type A’s, I’ve had the occasion to clash with some of them. There were times when it was about agreement on performance metrics; other times it was a matter of how to get things done. With respect to the latter, I have come to learn how to step back and avoid battles about how tasks are executed, particularly if there’s a track record of success. I’d characterize my philosophy as “if it’s ethical, legal, and moral, I’ll usually tolerate the errant behavior IF the results are there.”  So, substance trumps style (though, in sales, style is often a key contributor to success.)

 

Steve Jobs

But what about the world at large? Will most people tolerate arrogance in the workplace? Consider Steve Jobs. He had all kinds of failure in his life, but he was driven by an incredible self-belief that transcended those circumstances. That drive had an impact on those around him. I ran Macworld for several years and was well aware of the fear within Apple that Jobs produced. Yet, the success of most of Apple’s products is directly attributable to his vision and his dogged determination to fulfill that vision.

 

Now that Jobs is gone, people are free to analyze his legacy, both for the brilliance of his ideas and the harsh ways he treated some of the people around him. Does his product legacy excuse his arrogance? Probably yes, since he changed many of the markets with his products (iPhone, Apple 2, iPod, iTunes, etc.) Perhaps he had personal regrets at the end, but he certainly was a game changer.

 

But what about mere mortals like the rest of us? Can we get away with arrogance? Perhaps. But you had better be extremely good at what you do, as the “fall’ is precipitous if you’re not.

 

And people have very long memories….


Whose Attention is the New Currency?

The more attention you can commit to things, the more value you will derive. Unfortunately, it’s not a matter of awareness; attention spans are now shorter than ever and paying attention is a challenge. With the many information inputs available, people are easily distracted in ways that interfere with the focus needed to understand what they are seeing.

 

What’s the impact? You are making decisions with ‘shallower’ information than before. Thus, the chance of making a bad decision is proportionately greater.

 

Let’s look at this “attention economy” differently: as a way to create competitive advantage. How about this? I challenge you to find ways to devote more attention to the things that are important, assuming you can distinguish between what’s important and what’s not. That means avoiding the often guilty pleasure of distractions. A complementary skill would be to train yourself to focus on a fewer number of things. That could mean you are spending less time overall, but a getting the bonus of making better decisions.

 

How do you put yourself in such a ‘resource-rich’ position?

 

Put away the phone, turn off internet access, and do something in disconnected mode. Change things up by finding opportunities to do things in completely different ways. Maybe it’s having a business meeting outside while walking around the block or your office campus. Or perhaps it’s reading a book that has nothing to do with your day to day work activities, but gives you a perspective that extends beyond the here and now. Meditate. Find ways to force yourself to pay attention to (or think about) something without distractions for 5, 10, or 15 minutes.

 

Try it for a week and see if your attention span is longer and, as a result, your understanding is deeper. Having done some of these things myself, I’ve certainly seen huge improvement…..

 

Extra Credit articles on the Attention Economy:

https://www.huffingtonpost.com/entry/attention-is-the-new-currency_us_58ef947ee4b04cae050dc526

https://www.cuinsight.com/attention-is-our-new-currency-pay-attention-to-what-matters-most.html

https://www.hrchitects.net/attention-new-currency/


Your Network is Terrible and It Will Kill You

A couple of questions:

  • Could you quickly secure a new job solely on the strength of your connections?
  • Could you start a business and achieve self-sufficiency immediately based upon your connections?

I suspect that the answer is ‘no’ to both questions, as it proved to be for me in December 2005 when I chose to start my business. At the time, my thinking was “Hey, I used to run Macworld. Once people know I have my own company the phone will ring off the hook.” Unfortunately, reality proved to be different and I struggled for the first two years.

 

The Event Mechanic! struggles

The main reason for my early struggles? My network was only 10% of what was needed to make a living. With both time and considerable effort that network now is much healthier and now financially I do well. As a result of my network, I often get referrals for new opportunities or, because of the range of my network, I can usually reach whoever I need through a couple of connections.

If you have the six months to two years of savings to support the lean times between jobs, then you might be fine. If not, you should be working on your network. And the time to work on it is when you don’t need it, not when you are scrabbling for financial survival.

 

How can you create a vibrant network? 

  1. Focus on connections that offer value.
  2. Make sure that any connection is recognized as being mutually beneficial, rather than a one-sided ‘extraction.’
  3. Offer value before expecting it from others.
  4. Be open to making connections on behalf of others.
  5. Don’t neglect your core network in deference to focusing on new connections.
  6. Use LinkedIn as a roadmap.
  7. Treat your efforts as a business; develop a board of directors for advice.

 

More or better?

Is the goal to have more connections or better connections? My old boss, Ron Gomes, often would answer that kind of either/or question with a ‘yes,’ since ideally, you want both. But, if there’s a trade-off, I would argue that it is better to have fewer, stronger connections than have many distant connections who you don’t really know. As a metric, I’d recommend trying to develop a network of one hundred core connections with whom you connect at least annually. That number should be complemented by several hundred “secondary” connections who will, at a minimum, respond to an email or take your call on an “as needed” basis.

 

Don’t be an Extractor

Building and maintaining a network takes work, but you should consider it an investment in your ‘rainy day’ fund. And, as was noted earlier, remember the importance of reciprocity. To be successful with network building you should enjoy helping others, as there will be times when members of your network need YOUR help. Relationships that are one directional will not be sustainable and your network will have the fraction of the power it should have.. When you’re only seen as an extractor, there soon will be nothing to be extracted as your connections will leave in droves.

I learned the value of a good network the hard way, and now enjoy the benefits of having invested in that effort. Will you make the same effort or risk being caught short when you need the resources?

 

Extra Credit reading:

https://www.fastcompany.com/90246816/the-5-people-you-must-have-in-your-network

https://www.americanexpress.com/en-us/business/trends-and-insights/articles/7-ways-to-build-a-strong-network/

https://www.fastcompany.com/90265127/how-to-build-and-maintain-an-effective-linkedin-network

And thanks to Dan Schwabel for his outline of the seven steps to creating a sound network.

 


Take Responsibility for Your Actions

Recently I have started to notice a trend where people will blame others for situations that are truly their own responsibility. You probably know what – or who – I’m talking about.

 

Can you sell or what?

Typically, as a sales manager, I am fairly cautious when setting sales goals. Some would say that I am too conservative. If I were managing someone like me, I’d certainly want a larger commitment. But, as a sales person, I’d also want to be known as someone who always exceeds my goals and who will agree to a ‘stretch’ goal where the push for higher results makes sense.

Regardless of whether the target is aggressive or conservative, accountability is the important thing. I remember a time when I fell short of selling the desired number of sponsors for an online event. In a conversation with my boss, I started to roll out all the reasons why I had missed the number – until I stopped myself. Not hitting the goal was my fault, despite all the factors that I could name. My responsibility! Fortunately, it was a small piece of the $1 million that I was due to produce and I had already made up the deficit by overachieving in other areas.

 

Yet the episode was instructive in several ways:

Taking responsibility, now a rare act, can be a competitive advantage if you do it consistently.

It’s liberating to know that, because an outcome is within your control (regardless of circumstances), you can and will make it happen.

Acknowledging a “failure” is almost never as painful as you fear it will be.

 

Do you have the character?

A willingness to take responsibility is a character trait that I seek out in those with whom I work or considering to hire. It signifies power, leadership and independent thinking. Of course, when you are the CEO, the buck should naturally stop with you but most of us typically report to someone, so indications of accountability at any level are positive signals necessary to be a star, no matter what role you perform.

I’m not going to descend into the messy pool of today’s politics for less affirming examples of the trend to blame others.  Make sure however that you frequently conduct your own objective self-review and acceptance of your responsibilities if you plan to succeed in the long run.

 

See you soon?

On a separate note, I’ll be in New Orleans for Expo! Expo! in December. If you’d like to discuss this or other newsletters that I’ve written, I’d be thrilled to get your perspective. And I love to meet event people as passionate as I am about our business.

 

Until the next time, consider how you can make ‘the buck stop’ at your own desk….

 


The Power of the Increment

When I reflect upon the success I’ve achieved to date and consider the details, I’m always amazed to consider the origins and my journey so far.  Given different accomplishments, it’s instructive to consider how things got started. Everything that’s happened has done so in a series of increments, some of which have been positive and others less so. Even the big achievements have come as a progression of small steps.

 

A Lesson from the Owner of COMDEX

My experience is not unique. A good example comes from Masayoshi Son, the founder of Softbank and someone I consider a living legend even though one of his events was a well-known competitor at a past company: COMDEX.

 

While Son was a full-time student at UC Berkeley, he sought a way to earn $10,000 a month. It was perhaps too challenging a goal for most of us, but not for Son. How did he do it? By investing a mere five minutes daily in thinking about new business ideas. With no support from fellow students (who thought he was wasting his time, he persevered in thinking about inventions that he could patent – but for just five minutes a day.

 

Now you and I would probably consider five minutes daily as trivial. Why not go away for a week or so, if you were really committed to getting something accomplished. But Son’s efforts were grounded in the belief in the “Power of the Increment”.

 

And what were the results? Son conceived and created an electronic dictionary that could translate words from English into Japanese, eventually selling it to Sharp for $1.7 million. Another business idea involving the importing of video games generated $1.5M. By the age of 19, he was a millionaire.

 

 

The Concept of “Kaizen” vs. Sudden Big Changes

The Japanese word “kaizen” captures the concept of making big life changes through small, incremental steps. It translates as “continual improvement” and has been implemented everywhere. With kaizen, you can tackle projects through daily routines. Rather than completely overhaul and reorganize things in the hopes of achieving success, kaizen centers on how ideas can evolve over time and how small changes can have big results if they’re nurtured properly.

 

The continuing nature of a kaizen approach allows for continued measurement and analysis to ensure that things are headed in the right direction. Sudden transformations often don’t allow you to properly keep track of your goals. Good processes should always allow for measurement along the way, so make sure you measure what you are doing.

 

The Power of the Increment really is a winner. Give it a shot!

 


Am I Important to You?

While on a recent a business trip, I continued reading a book, The Magic of Thinking Big, that I had first started reading a number of years ago. The book has many great insights, but one that particularly struck me was the recommendation to “treat everyone you deal with as if they are important.” The idea is that if your interactions with others assume that each person is important, you will most likely notice major improvements in your attitude, positive impact on your success, as well as gaining insights regarding how you come across to others.

 

I thought to myself “Don’t I do that already?” But, upon some reflection the answer was “no” when you talk about everybody.. The volume of communications that I receive means that I often screen phone calls, mail, and emails. And that screening means that I am prioritizing the communications of some over that of others. In addition, face to face I may judge someone poorly if they ‘don’t look right’ or approach me in the right way. The result might be that I disregard them and lose an unknown opportunity. They could very well be important and someone I need to treat better.

 

I want to test the book’s recommendation. For one day in the future (in the next month) I will treat everyone encountered as though they were of equal importance – and I will report on what happens as a result.

 

Here’s a challenge to you. I want you to do the same and email me with what you get for results. I’ll compile the responses in a future newsletter and see if we have any breakthrough ideas…..

 

Will you join me?


Six things that you must do between shows

The show is over, and you can breathe a sigh of relief. If you are smart, you’ll also do these things before taking too long of a pause.

 

1. Clean your database

You’d be shocked how many event companies don’t ‘sanitize’ their contact lists on a regular basis. Cleaning out the bounced emails and returned mail (if you do direct mail) is critical, particularly if you want to improve the open and click-through rates in your next campaign. If GDPR is a concern(and you should have a plan here), you also should consider removing the contacts in your database from whom you’ve had no activity in the last five years. You also may be considering plans to add new contacts that can be implemented later.

 

 2. Finish your rebook for the following event

If you know in advance that you are going to repeat an event, you should have prepared and implemented a rebook or resign process for the following year’s event. At the very least, try to get feedback on how you are doing, as well as information on your client’s budget cycles, any changes of decision makers, etc. Successful rebooks can save you hundreds of sales hours since you will have already taken care of the low-hanging fruit and can focus on newer companies.

 

 3. Survey your attendees, including making outbound calls for feedback

Most companies conduct on-site and/or post-show surveys. What I am suggesting   is that you make a shortlist of the changes/improvements you already are committed to make for the next event. That list can be part of your marketing effort to this year’s attendees   and it also signals your continuing effort to improve your program.

 

 4. Check in with your suppliers for event feedback

We event organizers tend to treat suppliers like ‘red-headed stepchildren’, failing to pay as much attention to their opinions. That’s a big mistake. Many have worked on hundreds of events and can offer valuable feedback on an event, both independently, as well as in comparison with others. Thanks to Nicole Peck for this one.


5.  Find 10 more influencers and figure out what to do now

Though buzzing from a recent show, you may know a number of key people who didn’t attend. They might be influencers who could have helped attract more exhibitors or attendees. Make a list of these people and start working on getting them involved – sooner rather than later.

 

 6. Write up and implement strategic and tactical changes to make for the next show

In addition to the above-referenced feedback from attendees and exhibitors, you likely have also compiled structured feedback from your on-site team regarding what went well, what didn’t, and what you can change for the next one. Make a list of these ideas, with a deadline regarding when you will decide on the actions to take.

 

 

Although what I suggest might be wearying to contemplate so soon after the conclusion to a [hopefully] successful event, all the above recommendations will save you hours and money when you begin planning the next one. Wouldn’t it be great to start things off and find that you are way in front of the starting line?


Is There an Attendee Acquisition Disaster in Your Future?

Having just read an article on GDPR that suggests a silver lining for the events business can be found in that new EU regulation, I’ve concluded that the author is right for the most part, if you have a solid data strategy. But if you don’t, welcome to the nightmare.

Why?  If you follow good marketing practices, then everyone to whom you are actively marketing is either a past customer or those who’ve opted in to receive your messages. That means, presuming that if you have multiple events and/or multiple modes of communication, you are only sending outreaches to your prospects in ways to which they’ve explicitly agreed and about matters for which they’ve agreed to be contacted. For example, you would not be sending emails promoting an event to those who have only opted in for a newsletter.

 

Bad Practices Will Cost You

This means there should be no unauthorized adding of names to a database, nor the harvesting or scraping of names from different web sources to populate lists. It also means there’s no sharing of names between partners (without explicit permission of the prospect) nor the adding of names obtained via business cards or LinkedIn profiles, etc. More proactively, how diligent are you about cleaning your database (at least twice a year?) to remove those who have changed companies, retired, or otherwise are no longer where they once were? What about the practice of ensuring that you have full contact data for each person in your database, rather than just the email address?

 

Being Smart About Following Best Practices

Who actually follows such guidelines? My guess is very few since it is quite hard, time-consuming, and expensive to do so. But if that’s true, your marketing department might well be in trouble. Many people are sick of the onslaught of emails and other modes of harassment they must endure without having provided permission to be contacted. If you have European prospects, GDPR now means they can react to such activities with complaints to the authorities that might result in the levy of huge fines that can total as 4% of your annual revenues or $24M, whichever is larger. And though the US is less rigorous in its protections, the State of California has recently passed legislation that mimics GDPR in significant ways.

Consider one company I heard of which has a prospect database that numbers 40-50K names, 80% of which have only an email address as the mode of contact. Their marketing strategy is to send everyone in their database an email about the latest webinar, event, or white paper – doing so as many as five-to-seven times a week. With an annual opt-out rate of 30% per year, what’s their future likely to be?

How can a smart event organizer launch a new event if the pool of existing clients, together with opt-ins, is not substantial enough to support the new venture? You’ll have to ‘cheat’ to get started.

 

The Future Could Be Bright

it’s imperative to start thinking about how to navigate the challenges that are ahead. The future of the event business will depend on those who invest in sound marketing strategies vs. isolated marketing tactics.  Who wants to react to this week’s poor attendee numbers in panic and cross into the ‘gray’ area? Without a long term and market endorsed strategy you are heading for trouble as year after year it’s only going to get tougher.

If GDPR helps event organizers at all, it will force you to come up with long term data acquisition strategies, with smart enabled staff to implement them. You’ll use your tools and the available content in ways that attract attendees based on what they want to experience at an event and how it will contribute to their business success. This approach is the antithesis of trying to extract money through the bombardment of unknowing prospects with a frequency more determined by weekly registration goals than customer needs.

 

Welcome To The Winners Circle

Who will be the winners? They will:

 

  • Have a current opt-in database that is segmented by product line.
  • Have a staff responsible for devising and executing the marketing strategy and who can change and pivot as needed, using the tools that are available.
  • Have content that is worth the investment of time and money of the paying attendees.
  • Be able to crystallize the right message to send to the right person by the right means at the right time.
  • Have a frequent, two-way dialogue with the audience so that client needs are identified and addressed on an ongoing basis.
  • Have the ability to monetize all of the above by attracting the right audiences, which in turn attracts the right sponsors (doing so without foolishly spending.)
  • Use analytics to identify opportunities and exploit market gaps.
  • Have a passion to serve a market that will get you through the tough bits.

 

 

The companies that do this are few and far between, particularly in terms of doing it at scale. But given the iceberg that is approaching, it’s time to get your house in order or face the disaster….