Rationalizing Events – Decisions and Investments

Published by Lodestone Logic on

For many businesses, events provide an essential channel for connecting directly with customers and generating revenue. Events give businesses the opportunity to show their thought leadership and extend their brand presence. They also provide opportunities for employees to learn and connect with peers. Alternatively, some businesses see events as total boondoggles; not recognizing them as a valuable investment for the employees or for revenue generation.

No business wants to waste time or money towards events that do not provide some value. Yet, time and time again, businesses invest in the wrong events and miss out on the right events. Hence, event activities feel like waste and mis-use of budgets and resources.

Continuing to invest in events using the old mindsets will not help businesses be more strategic and increase their return on investment (ROI). Here are just a few examples of how the event decision mindset needs to shift and evolve:

Old mindset (O): All of our competitors are there…
New mindset (N): What evidence or information do we have to confirm that we this particular event is the right event for us and our business? If all of our competitors are there, it is going to be a very noisy event, what do we need to do to differentiate our products and brand? How much will we need to invest? How does this event impact the rest of our sales and marketing efforts and event strategies for the remainder of the year?

O: Our customers are there…
N: What evidence or information do we have to confirm that we this particular event is the right event for us and our business? Are the customers that are going to the event considered decision makers? Influencers? They will be bombarded by other people (eg competitors) wanting their time, what do we need to do pre-event to make sure that they spend their time with us?

O: We have always gone to that event …
N: What evidence or information do we have to confirm that we this particular event is the right event for us and our business? Are we investing in the right way? Should we increase or reduce our investment? How does this event impact the rest of our sales and marketing efforts and event strategies for the remainder of the year?

O: I earned going to this event…
N: What will you bring back and implement with your projects and team? Who will you pro-actively seek out for conversations and networking? What could you do to help extend our company’s brand?

O: There’s not enough budget to…
N: If these are the right events, what are other ways that we can get value out of these events? Can we use the public agendas to target new customers? Can we review the exhibit hall floor map to gather competitive intelligence? What type of budget will we need next year to ensure that we are at the event and investing at the right level?

O: We didn’t have time to measure or collect data…
N: We don’t have time to waste budget and resources.