sales management


Gratitude is one of your biggest sales tools

Most of the sales people who I know have lots of confidence. With some, it might even border on arrogance. Confidence is a critical attribute for successful sales, as believing you can get a result is vital to making it happen. But another attribute is almost as important: the often-underappreciated trait of gratitude.

Ridiculous, you might think. Why would someone in sales need to be grateful? How is humility helpful?

Consider this. How many of you find overconfidence to be a turnoff, particularly when the offender is trying to sell you something? The feeling conveyed is that the seller is smarter, knows more, and overall is just better than you are. Of course, nobody likes that feeling. But so many in sales behave that way and never change.

What about gratitude makes it a great quality in a salesperson?

A grateful sales person is grounded in reality and can see things for what they are.

A grateful sales person does the necessary homework on an opportunity, doesn’t try to wing it in a presentation, and doesn’t assume that personality will overcome objections.

A grateful sales person can walk in the shoes of others, recognizing that while they may represent a different perspective, they are a peer with respect to any transaction or relationship.

A grateful sales person doesn’t push ideas too hard, recognizing that a sale should come more naturally, and the case made that it’s obvious that the prospect should buy, rather than be forced.

Who wants to feel that they are being forced to buy something? Don’t get me wrong, gratitude without confidence is a non-starter. But having the right balance can be the difference in a well-rounded sales approach.

In sales, as with many things, being grateful for what you have is the right foundation for getting what you want and perhaps what your prospect needs.


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?


The secret to success is……

The secret to success is the ability to stand in another person’s shoes. That’s particularly true if you are trying to do business with that person.

 

An Old Tale Still Rings True

Remember the story of the two brothers who had to share a piece of cake? The elder brother managed the situation in a way that ensured his younger sibling got the smaller piece. When the situation repeated itself with the same result, the younger brother complained to their mother. In her wisdom, she advised the elder brother that he could continue to divide their treats into portions, but “from now on, your little brother gets to pick the piece he wants.” From that point on, you can imagine they got equal pieces.

 

Transaction or Relationship?

It’s the same in business. If you are going to try to take advantage of every situation, then you’ll always be doing individual transactions where you try to maximize your advantage. But those transactions will rarely lead to long-lasting relationships that are mutually beneficial. Building relationships requires both sides to let down their guard and trust the other party in the long term, and to go into a transaction not expecting the other to take advantage.

 

Business is not a zero sum game where the gains of one participant must be achieved at the expense of another. If you take the long view where each transaction is part of a relationship to be developed and nurtured, then a concession is not a concession, but rather an investment in the relationship. Conversely, it’s usually a struggle if you are always engaged in transactional business.

 

Which would prefer? Are you willing to stand in the other person’s shoes?

 

For extra reading on this kind of thinking, I’d encourage you to check this out.

 


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?


Brace Yourself for the Analytics Nightmare

There’s considerable talk within the events industry about analytics and how it can be used to attract and convert prospects into attendees and exhibitors. Much of the discussion is quite enlightening. Creating content that is of interest to your targets can engage them in ways that can get them to register. The event becomes a logical extension of online interactions, a physical venue for learning about the topics that have been explored online. And seeing what people click on – tracking their web behavior – is a great way to identify the topics that matter to your audience. In short, it makes great sense to use analytics to attempt to build an audience and fill your exhibit hall. We’re all doing it now.

 

Beware! You Are Being Watched and Tracked

But those who seek to benefit from such analytics should recognize it in action. Your own experience should give you a sense of what it’s like to be tracked and segmented. Have you ever been called while you were in the middle of something, cornered at the wrong time by people who really have no idea who you are, but speak to you as if they do know you?

I recently attended a digital revenue conference during which I asked one of the speakers if they understood what it was like to be a ‘hunted’ prospect and whether such understanding affected how they conducted their marketing efforts. My intention was not to embarrass the speaker; I truly presumed that he would have thought this through. But all I got was a blank stare; he had no idea what I was talking about. The answer I received was pretty much equivalent to “this one goes to eleven.” (Check out this YouTube clip if you’re not a Spinal Tap fan and don’t know what I mean.) ie I never considered what you are describing and have no intention of understanding what you are talking about.

 

Technology Solves Everything?

Unfortunately, despite the technology that is available to connect with prospective customers, many event organizers still don’t get it. In their minds it’s all about transactions and getting people to hit the register button. It’s not about forming relationships at any level for the long term. It’s often a simplistic view of customers: if someone is spending big, we will pay attention. If not, then automate an email blast with the right message based on their past behavior and have someone who does this work do it without any innate understanding of the prospect.

As an event manager, are you defaulting to dashboards and spreadsheets, delegating action to technology tools and numbers? If so, consider your own behavior when, as a prospect, you are the recipient of such attacks. What actions do you take to repel the effort?

 

Build Your Wall and You Can’t Be Ensnared

If you’re like me, you erect barriers so that you can’t be reached: spam folders that are rarely checked, cold call voice mailboxes that are often ignored, and executive assistants who are trained to find and delete junk emails, filter incoming calls, and toss out direct mail. Quite often websites no longer provide phone numbers that encourage inbound calls; they offer forms to be completed as a mechanism to vet the contact requests(and ignore them).

 

Should There Be a Marketing Code of Conduct?

Why has this happened? Because we, as an industry, have abused email. Analytics is not a silver bullet unless you have sound customer practices behind it that reflect that you really care about – and know – your customer. Trying to use analytics to automate a company philosophy that’s poorly conceived or outdated will not succeed. Automating poor practices just means you are doing the wrong things more quickly and more often. And that’s a proven way to annoy those who you are trying to attract.

 

Do you like to be hunted? If not, don’t do it to your prospects….

 


Is Your Event Leaving Money On the Table?

When I launch an event, one of my goals is to ensure that, from the very beginning, we are doing everything possible to maximize profitability. Given that goal, I’ve become pretty savvy about identifying opportunities where an event could generate a greater gross margin. The trick, of course, is to go beyond that step and take the necessary actions that avoid leaving any money on the table.

There are a number of signs that an event’s not operating to its full profit potential. Often, it’s a matter of being attuned to situations where things might be going “fine”, but your experience and expertise suggest that there are opportunities to do better. Here are five scenarios:

 

1) You lack a crisp value proposition

If you can’t explain in a concise and compelling manner why exhibitors or attendees should come to your event, then you’re really operating with the hope that your prospects can figure it out for themselves and then act. And, as the saying goes: “hope is not a strategy.” Garbled, unclear messaging will leave some of your prospects confused and uncertain. Uncertainty is not a pathway to maximizing sponsorship and attendance fees. It’s the road to lost revenue.

 

2) Exhibitors and attendees are wildly enthusiastic

This might seem counter-intuitive. When your target prospects are clamoring to sign up for booth space and conference registrations – and not balking at the fees – that’s obviously a good sign. Consider it as validation of your value proposition in terms of why your event is worthy of the investment and different from – and better than – others.

But also consider whether it’s a signal that your fees might not be priced appropriately for the demand. Is there an opportunity to raise prices (how much is up to you) the next time? Consider this year’s event as an investment in knowledge that should inform next year’s plan. Otherwise, the money you don’t make is just lost forever.

 

3) There’s a lack of urgency in actions or communications

It’s difficult to imagine anyone who would take on the risk of running an event, but not figure out how to instill the necessary sense of urgency about getting the money needed to pay all those incoming bills. But that cavalier attitude about cash flow often exists! The maxim I followed at my first events job was that you wanted 80% of the exhibitor money collected at the time you announced the conference program. Admittedly, that is a high bar to meet but doable if it’s your discipline.

More typically, for an existing event, you should try to rebook as many previous exhibitors as possible and attempt to get attendees to commit to the next year (If you can). And the ideal time is while the event is happening or shortly thereafter. From this, it follows that you want to have incentives (e.g. money-back guarantees for attendees, free stuff they can’t get otherwise) that make it worthwhile for exhibitors/attendees to commit early.

 

4) You don’t reach out, either in person or on the phone, to your attendees

This indicates an ‘I don’t care to know my audience’ attitude and it’s an unforgivable flaw to be found in any event professional who doesn’t personally know at least 10 attendees. Engaging personally with your customers is the best way – the only way – to know what they care about. And what they care about is what drives where they will spend their money.

Perhaps this is illustrated by a recent argument I had with someone at an industry event where concerns were raised about where her industry was going. Yet, at the same time, she argued that she had no time to speak with 10 attendees a month. To me, that kind of time spent is an investment that will pay off in the future. Ask the right questions and you’ll know where your industry is going. And you’ll be well positioned with the right offer to take advantage.

 

5) Your event isn’t making enough money

This is the toughest situation because it’s real, tangible, and has an urgency that requires prompt action, especially when you have other choices to make money. It could be attributed to a variety of reasons, some of which I have already listed above. If this is your scenario, you should probably hire someone from outside who can give you a fresh perspective on the likely causes and the prospective remedies that may not be obvious to someone inside who works on the event daily.

 

Whatever the situation, leaving money on the table is a bad strategy. It leaves opportunities both for new and old competitors. So why would you do that?

 


Warning: Event Launch Disaster Ahead 1

 

I recently read an article in Convene which captured the mistakes that were made during a two-year effort to launch a content marketing event in Europe.  For those who have not read the story, the conference manager of LavaCon – a successful, though relatively niche, US-based event – had been urged by a number of his exhibitors to try to replicate that success in Europe, where it was assumed that it could attract a new set of attendees.

 

In 2016, the conference manager tried to do so in Dublin, but failed. Undaunted, but presumably having learned from that first year’s experiences, he ran the event again this past May (again in Dublin, but in a different venue) only to falter a second time. Why did two successive efforts fall short of expectations? Simply put, he had some bad luck with an unexpected competitive event, but compounded the problem with some rookie mistakes.

 

Despite the lack of success, I still take my hat off to him. First, he had the courage to launch something new. Second, though it didn’t work, he still agreed to share his experiences in ways that could benefit others. How many of you would be willing to do that?

 

What factors contributed to the poor results?

  1. A lack of local market knowledge, such as an understanding that “bank” holidays in that region are not exclusive to banks, so should be avoided when scheduling a conference.
  2. The fact that a significant presence of target companies situated close to a conference location does not ensure that the right level of employee – senior decision-makers – work at those offices and are likely to attend.
  3. A misjudgment about the price potential attendees in Dublin would be willing to pay.

 

Why did those factors hurt his event?  In his own words, “because of the market research I didn’t do, and still haven’t done yet.” I believe that he’s correctly identified most of the problems and he has my congratulations for finally getting it – after two white knuckle rides. There is nothing worse than suffering the stress of a launch, then failing, and then suffering the same fate the following year.

 

Are there lessons you can learn from this?

  1. Hire someone from the target market area (or who knows it) for initial and ongoing advice about the feasibility of launching and sustaining an event. For example, Ireland is not Europe. Effectively there is no “Europe” as far as events are concerned; events are, if not local, then certainly regional.  That should guide decisions about location – and expectations about attendance.
  2. Ensure you do market testing and P&L analysis to understand the financial risk involved and the likely outcomes, given the many contributing factors. Approach any opportunity with a model that includes an understanding of what “success” is.

 

In addition, other questions I would ask to qualify an event opportunity are:

  1. In terms of attendee research, has any testing been done to see whether you can draw an audience to make the numbers work?
  2. What is the size of the target email audience on the attendee side and can it be expected to support the paid attendee number in your model? For example, I believe you need 100 names for each expected paid attendee, all other variables being accounted for.
  3. Were speakers and exhibitors engaged early on to help get attendees?
  4. Was there a budget with best- and worst-case P&L’s scenarios established prior to the decision to launch?

 

As I mentioned, this particular event manager is courageous and honest; I salute him for that.  But the things that I reference above seem common sense guidelines to me and reflect the advice I give my clients prior to a launch.

 

Are you equipped on your next launch or are you heading down a potentially rocky road?


Launch, Acquire – Or Die….

Before I started The Event Mechanic! there were two types of companies for which I worked: 1) an event generator and 2) an event buyer. In both situations, the owners of those companies realized that revenue growth and profitability required a pipeline of new products. Such offerings could be added to the ‘cash cow’ events upon which they relied, as well as stem the revenue loss from those events that showed signs of declining.

 

My experience in this business has found that event generators are rare and far more valuable over the long term. The assessment of value is attributable to the fact that these generators are in complete control of the events they choose to launch, rather than having to wait for a property owned by someone else to become available to purchase. Of course I certainly acknowledge that an event buyer has some options available to them to initiate events: they can choose to clone existing events and execute them in new markets or do niche events that are marginally different from those that they already operate.

 

I believe the failure to frequently launch or acquire events is a recipe for failure for event companies.

 

For those interested in avoiding that failure, you should attempt to invest in a number of creative people who can conceptualize new events and help build the business case needed to support their launches as part of your organization’s strategic plan. In a recent article, Eventbrite provided guidance on the way to correctly launch an event. Their instructions include advice on how to:

  1. Find your audience,
  2. Develop a unique and effective value proposition,
  3. Get your pricing right,
  4. Set a realistic budget,
  5. Build momentum by creating an early support network,
  6. Set up your web page for success,
  7. Promote your event with great online marketing,
  8. Deliver a world-class onsite experience for your attendees,
  9. Go from strength to strength after your first event.

 

Obviously, the toughest steps are the first two. For further insight about the need for creativity in the process, check out some of my previous postings, including one about the “3 Guys” needed for events and another on the importance of the “creative” role.

 

The challenge you’ll face is the scarcity of creative types (which is why you should cultivate your own). If only 5% within the event industry qualify as ‘creative’ and that person is not on your current staff and you can’t seem to hire any, what can you do?

 

I’d suggest:

  1. Look at your current event portfolio and investigating whether you can hire or contract with someone who can conceive a new event.
  2. Challenge someone on your current staff (likely someone younger whose experience will not hinder their creativity) to develop your next concept.
  3. Continually network outside your comfort zone to meet and engage people who may have a new twist on an idea that can be developed into something that could make you money and hire or engage them.

 

Pick one of the above, or find your own way. But remember “failure to launch” is an assurance that your company’s final days will be sooner, rather than later.

 

 


The Traits of an Indispensable Event Person

There’s been considerable discussion in recent years regarding the imminent replacement of many elements of the labor force with robots. The proposition got me thinking about times in the past when I managed a staff of seventeen people who executed four reasonably-sized events in a year. Now, I would have to do the same number of events with just half that size staff.

 

Phil Fersht, in this recent blog posting on Horses for Sources, writes about the trend of businesses within the IT market to proactively downsize – with no urgent, imminent need. Automation is conspiring to make people less and less necessary. It’s a trend that used to be concentrated in manufacturing and other “blue collar” industries, but now is making inroads within the service sector.

 

Given the threat of this new paradigm, what attributes are needed to become indispensable at work? Or, should things happen and you were to end up out on the street, what’s needed to get back into the game?

 

Here are my thoughts:

 

  1. Project the right attitude. In my mind, this is the number one asset any person can have. What’s the personality and style that will convey that you can get things done: Eeyore (from Winnie the Pooh) or John McLane (from Die Hard)?

 

  1. Have an eye for the numbers. Do you know what it takes to make a profit? Can you create revenue? Can you build something from scratch? Do you know how to spend just enough to make something great while not wasting money?

 

  1. Be someone who listens. Do you have your head down, oblivious to what’s happening, or are you alert so that you can pivot in response to outside feedback or changes in the market?

 

  1. Persist – and adjust – in the face of difficult circumstances. Can you change direction midstream? When things are going badly, can you positively influence others and alter the dynamic? Are you aware enough to know what must be changed – or stopped altogether – when the numbers are bad and flexible enough to take the requisite action?

 

  1. Be attuned to the inevitable politics. Can you avoid the pitfalls, while dealing with the inevitable challenges that are found in every company? Or do you risk being the fall guy because your focus is exclusively on the work and not other influences?

 

  1. Act with a sense of urgency. Can you accelerate the pace of activity and deliver results more quickly, as needed? Can you close a sale today, thus freeing up tomorrow to sell to someone new? Can you get the ‘meat and potatoes’ stuff done early, so you can develop something new?

 

  1. Have the network. Have you mustered the resources to ‘break your fall’ if such a fall looms ahead of you? Could you secure another position, one with comparable compensation, were you to be let go today?

 

  1. Know the value you deliver. Do you know the financial value of your contribution to the company? This should be easy for sales people. Are your calculations based upon past success or do they reflect what you are delivering today? Can you make your case clearly and confidently?

 

I’m sure that all of us can find something in the above list deserves attention. I know I can. If you want to stem the tide of obsolescence and ensure you do not become dispensable, consider focusing on the areas where you are weak.

 

Or await your fate.


Six Factors That Will Kill Your Event

During my time in the events business I’ve seen a fair number of successful events, as well as witnessed some failures. In my experience, there are some key factors that, in some combination, will guarantee the failure of your event. Here’s what I believe are the critical mistakes that event organizers make.

 

1) Taking attendees for granted

This can mean that you don’t seek their feedback or, even worse, if you do solicit it, you fail to take any action in response. If you are not paying attention to your customers you are also not likely to be paying close attention to the direction your market is heading in either. You are likely not that attentive to the attendees’ onsite experience as long as you succeed in getting them onto the exhibit floor. And you have probably never picked up the phone and spoken to an attendee with the intent of engaging with them vs. responding to a problem that they bring to your attention.

This is the ‘build it and they will come’ factor.

 

2) Taking exhibitors for granted

You fail to go the extra mile for exhibitors when something is needed onsite or you ignore them until it’s time to rebook. You raise prices without good supporting reasons. You have no idea what creates the ROI that will attract exhibitors to return to your event. You don’t have personal connections with any of CMO’s or VP’s of Marketing that make the decisions about coming to your event.

This is the ‘my show is more important than you’ factor.

 

3) Hiring the wrong people

I’ve hired many people and the best were those with a “can do”, rather than “9-5” attitude – regardless of their skill or experience level. These are the staff members who will dig in when things are hard and will find the answer when it’s not obvious. The good ones are those who allow you to sleep at night because you know they have your back. In contrast, the wrong people are ‘the throw you under the bus’, the ‘it’s not my job’, or ‘it’s not possible’ people. They will fold under pressure and disappear when their effort is needed.

This is the ‘not my problem’ factor.

 

4) Not doing your homework

When doing your annual forecasts, do you understand the market conditions or the state of the competition? Are you able to react when something changes or are you unaware of what is really going on?  Do you know the strengths and weakness of your show and are you in a position to do anything about them?

This is the ‘what me, worry?’ factor

 

5) Not building and tapping into your network

Most people only tap into their network when they need something, often then finding that the network is not extensive enough to address what’s needed. There is enough expertise in this business such that you should be able to find expertise within or outside of your network and gain assistance quickly. If this is not the case, get out of the office and meet some people not just sit behind the computer.

This is the ’Me Myself and I’ factor

 

6) Not taking care of your database

Do you know what the bounce rate of your attendee base is? The opt out rate? Have you segmented your database so that you can easily send out targeted messaging to your top personas? If the answer to any one of these questions is “no”, then you have some back office work to do. If you don’t understand the numbers, or the content of one of your prized assets, your event will suffer.

This is the ‘my tools don’t need cleaning’ factor.

 

Having any one of these factors will damage your event, but two or more in combination will eventually kill it. Beware and act so that your event does not become one of the victims….