strategy


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.


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.

 


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?


The Blueprint for Launching a New Event

As it turns out, creating an event blueprint is pretty simple – at least in theory. These are the key components:

 

Idea
You need to have an idea and that idea has to be better than what already exists. It must be smarter, more exciting, have better participants, or a new model that suits the current time and/or place. Most new events mimic what already exists, so invest the time to ensure that your event will be different and that the difference is meaningful, can be marketed and you can make money doing it!

 

Event Resume
Once you have the idea, you must write up a one-pager that answers the following questions:

  • What is the event?
  • Where and when does the event take place?
  • How many attendees/exhibitors are expected?
  • Why it is compelling?
  • Who is it for?
  • What benefits an exhibitor will get by participating?
  • What are the benefits that attendees will receive?

 

You’ll also need to have an idea about the fees for attendees and exhibitors.

 

Champions
Now that you’ve persuaded yourself, you need to get 3 or 4 others (whose judgment you respect) to agree that the event you’ve conjured up is worth doing. That agreement should confirm the opportunity cost (which could be huge), the financial risk, and the amount of you are likely to make within the initial 1 to 3 years.

 

Venue Search
Once you’ve picked a prospective date, make it real by getting a sense of the venue options available, given your event’s ‘footprint’ in terms of the number of sessions and the projected number of attendees and exhibitors. What is the required financial commitment necessary to secure that venue, inclusive of the room blocks?

 

Budget Hypothesis
Given the time and effort of above, you should be able to estimate the expenses in terms of conference room rental, A/V support, food, exhibit area, staff hotel rooms, airfares, related T&E, etc. Put those costs into a spreadsheet, together with expected revenues, to determine whether 1) you can afford to do the event, 2) what your expected profits would be, and 3) the investment and cash flow assumptions in producing it.

 

Attendee Testing
With the information compiled in your Event Resume, you’ll want to test the viability of your event with prospects in your database to confirm that your assumptions. You’ll want to have a call-to-action, such as ‘to get more information when it’s available, click here.’ To ensure the responses are actionable, you should target a 15% open rate and a 2% click-through rate.

 

Revenue Testing
Can you raise the exhibitor revenue that is part of your assumptions? Pick the top 20 most relevant exhibitor prospects and have your best sales person set up calls or meetings with each decision maker. Get feedback to confirm whether they would support the event financially. Compile the results to see whether your revenue expectations are real or a pipe dream.

 

Refine Event Resume and Budget, Based on Feedback
Perhaps the preceding steps have suggested that you must tweak the concept for your event or you’ve discovered that initial revenue projections are overly optimistic. Redo the numbers. Then look in the mirror and confirm that you want to do this event.

 

Launch!
If all the above testing has left you as confident as when you started, then it’s clearer that you should launch. But if the results are only neutral or something less than that, consider delaying the initiative until you come up with a better approach. Or perhaps you should shelve the idea altogether.

 

If all of the above sounds like a hassle, imagine how you would feel if you chose to launch without doing your homework. Be brave! But be smart! You have the unique position of being able to see the future, so let that be a guide in building something great.

 

Good luck!


How to Get Your Freebies to Pay

Many of my publisher clients offering events have found that one of the main hurdles they face when launching an event is the challenge of converting customers – often accustomed to free content – into paying conference attendees. You may have also have this problem as a non-publisher if you are trying to upgrade expo visitors to conference delegates.

How is it possible to get freebies to pay?

Getting people to pay for something that once was free is always a challenge. But it’s possible if you follow the right plan. My prescription for making it happen is:

 

Get to know them

When connected digitally with clients, it’s usually a one-way conversation. To earn your revenue- growing chops requires getting to know the prospective spenders. That means picking up the phone or getting on the plane and visiting. What do you have in your event that offers value for which it is worth paying? It might be an event where they can mingle with like-minded people is enough to get them to come, or it might be specific information they need to know delivered by experts. But be clear as to what problem your content is targeted to solve and focus on those for whom that is an issue.

 

Know Your Target Personas and Personalize Your Messaging

Do you know your prospective customers and what they want? How are you going to start the awareness stream that shows your event has value and motivates those people to register? Make sure that you’ve built customer archetypes (known as “target personas”) and that you are segmenting and personalizing your messaging in ways that communicate like you are having a one-to-one conversation every time consistently with an expert ‘voice’, not an intern who doesn’t know what they are talking about…

 

Have a one-page value sheet

If you’ve done all the above work, it should be easy to build a one-page value sheet, specific to each target persona, and ensure that it’s easily available to those targets. That tool is what will help them convince their bosses to attend. Make sure it’s easily found and communicated.

 

Build exclusivity

Everyone wants to feel special and believe that they are getting something that their peers cannot get. Build this into your offer and reward people for the behavior you want to encourage (e.g. registering early.) That means offering discounts, private meetings with key speakers, tchotchkes, etc. If you’ve done your homework, you’ll know the likely targets and what these offers should be.

 

Getting freebies to pay requires both thought and a commitment to a make it happen. But it’s very doable. So, get it done!

 


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?


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….

 


Are You Running a Reactive Event?

Unfortunately, the answer is likely to be ‘yes.’ If so, it’s likely that your event will be entirely forgettable for your attendees as soon as they leave. They’ll have learned nothing new and will be dreading the meeting with their boss when they must explain why they’ve spent $2 – 3K of the company’s money to attend.

 

Consider an attendee’s perspective:

You’ve committed both the time and money to attend. The event might be part of a circuit in which one show is fairly indistinguishable from others or it might be a top industry show. Or perhaps it’s a new show with some potential, but also a risk that it will disappoint. Experience suggests that these kinds of events fail to meet expectations and you wish you’d never left the office. After all, it will take two weeks to catch up on the work that you’ve missed. And that does not consider the hotel’s terrible mattress, the delayed flight, the lost bag, etc. As everyone knows, business travel has lost much of its luster.

But you begin, perhaps with a bad night’s sleep that precedes the 8:30 AM keynote, followed by a walk to a first session – at which you learn nothing new. Then there’s a trek down the hallway and up the stairs to another session at which you again are told nothing you have not heard previously. Next, you stand in line to grab a bun and some coffee. And the day continues: rinse and repeat.

When the exhibit floor opens, you walk the floor with hundreds of others. Untrained vendor staff either try to cajole you into their booth or exhibit a posture of disdain that makes clear their disinterest. It’s not clear who has the products and services you want. And, despite the lanyard that displays your name and company, nobody seems to know anything about you.

The late afternoon/evening reception is full of cliques. People from the same company or who have history from past events seem content to speak with each other. If you are not part of one of the cliques you grab a beer and end up speaking with someone trying quite hard to sell you something. The beer is free, but is your time?

Then you leave for the evening, but with an expectation that the same sequence of events will be repeated the following day.

 

Why is it like this? Because event organizer profits are good. And events can’t possibly cater to every attendee and their unique needs. The job of an event organizer is to create the same comprehensive experience for everyone. So, you copy what has worked for you previously or you mimic someone else.
What do I mean by “reactive”? It means your event copies the formula of thousands of others. All the principals – advisory board, speakers, sponsors, media partners – have an agenda and want what’s best for themselves. Given that mindset, are you strong enough (or smart enough) to do what’s best for everyone given all these others trying to drive your event?

 

It’s easy to do what has been done before and/or copy what’s been done by a major player. But ultimately, you must decide: are you a market leader or a market follower?

 

Some questions to ask yourself:

What are the takeaways you expect for your attendees? Do you know why they are of value? Who is in charge of assuring that they are delivered and is there alignment amongst all parties? And I really hope that you are not marketing deliverables without actually having any.

Can you incorporate industry events within your conference agenda, even if the conference program was established many months earlier? Have you allocated open spots, so you have the flexibility to plug in last-minute things?

Is there something unique that you are doing with your event that you HAVEN’T copied from another?

Are you courageous enough to change major elements of your event the week before it happens – if the situation warrants doing so?

 

It’s easy to do what has been done before and/or copy what’s been done by a major player. But ultimately, you must decide: are you a market leader or a market follower?