When you boil it down, there are really two main objectives for event marketing.
I. Business Development/Improvement (Revenue and Cost)
II. Marketing Communications
Events may be aimed at one, the other, or both. The focus for a particular event may vary from year to year, based on the product cycles and your company. When we perform event measurement, the key determinant of event value is consistently the number of addressable, high value contacts reached through that event.
Revenue Related Business Development accomplishments include:
• Customer acquisition (adding new prospects to the database and sales to new
customers)
• Growth of the existing customer/ revenue base (sales to existing customers)
• Customer retention
• Acceleration of the sales cycle
Targeted audiences for revenue related Business Development activities are:
• Prospects
• Customers (direct)
• Channels
• Integrators and Aggregators who buy from you
Cost Related Business Development accomplishments impact on the cost side of the profit equation. You can impact cost, quality and availability or resources and affect mutually beneficial partnerships for joint offerings and accomplishments.
Targeted audiences for cost related Business Development activities are:
• Suppliers (improve price, quality or availability)
• Partners
• Strategic Alliances
• Others who can lower costs or improve resources, processes or market positioning
Marketing Communications accomplishments include:
• Brand development/ reinforcement
• Market positioning
• Product positioning
• Product and program introduction/ launches
• Company news
• Community affairs
• Communications with standards bodies and other market forces that reduce cost and or improve probability of sale
• PR Impact (influencing positive coverage of your company and products in trade or general press.
Targeted audiences for Marcom impact include:
• Press
• Analysts
• Pundits
• The market at large
• In some cases the public at large
• Regulators and politicians, bureaucrats, etc.
• Standards bodies, industry alliances, etc.
• In some cases financial analysts and investors
Getting the Job Done –
Business Development and Marketing Communications objectives are usually best accomplished by establishing appointments for face- to- face meetings with high value contacts, held during an event. At a consumer event, the interaction needs to be personal as possible. This has proven time and again to be the greatest source of value at most marketing events.
Effectiveness of getting things done is dependent upon a sound communication strategy and execution. Prospects, customers, suppliers, influencers and press have to know what value you offer and what you want them to do. What you show and tell should be completely tailored for the benefit of the various targeted audiences (outlined above) addressable at each event.
To create a simple strategic brief for an upcoming event, simply follow this format and provide a description of how and what you intend to accomplish in each area, and describe the specific individuals you must meet in order to reach those goals.
And remember it is usually what happens after the event that delivers payback. So your post event plan is usually more important than the event plan. Keeping all of these targets continuously engaged in a communal relationship with your company is an essential element in Event 2.0. (with apologies to Web 2.0 :) )
Ed
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Wednesday, August 27, 2008
Monday, August 25, 2008
Poll - Interest in Simplified, Web- based Planning Tool for Tradeshows and Events
I would like response on the need for a simple, web- based planning tool for tradeshows and events, and some input on what it needs to be.
Small events and decentralized events - I am thinking about a tool to help those people who run small and or remote events. Those people are the ones who do not get the planning and care normally provided for the larger "corporate" events. They need to know what to consider to produce an effective event and need some coaching regarding how to communicate effectively and stay on brand and message.
Larger events - Perhaps, you need a tool that provides a consistent databased approach that would help you communicate with, focus and unify the extended team for the largest events.
The reason I ask is that Constellation and another expert industry resource are considering developing this tool. We we would like to have input on what it needs to include from a capabilities perspective.
The basic model would be a sound planning structure that includes seven or eight main reasons for doing marketing events. The respondent will pick applicable objectives among those offered and choose one or two measurable outcomes for each as event goals. The tool would email the manager a "strategic brief" that can be used internally with executives and managers who must participate to make the event work, and externally with the exhibit house or production agency, etc. Completed plans will reside in a database.
Results tracking - The tool would include support for the event manager to report on the success of the event against the selected goals. The tool would email the manager an event summary based upon their input that can be shared with the team and communicated "upstairs." The results among all events would keep the accumulating in a database throughout the year for quarterly and annual analysis.
What do you think? How in your organization would need and use such a tool? Please comment on this post or email me. edjones at constellationcc.com
Small events and decentralized events - I am thinking about a tool to help those people who run small and or remote events. Those people are the ones who do not get the planning and care normally provided for the larger "corporate" events. They need to know what to consider to produce an effective event and need some coaching regarding how to communicate effectively and stay on brand and message.
Larger events - Perhaps, you need a tool that provides a consistent databased approach that would help you communicate with, focus and unify the extended team for the largest events.
The reason I ask is that Constellation and another expert industry resource are considering developing this tool. We we would like to have input on what it needs to include from a capabilities perspective.
The basic model would be a sound planning structure that includes seven or eight main reasons for doing marketing events. The respondent will pick applicable objectives among those offered and choose one or two measurable outcomes for each as event goals. The tool would email the manager a "strategic brief" that can be used internally with executives and managers who must participate to make the event work, and externally with the exhibit house or production agency, etc. Completed plans will reside in a database.
Results tracking - The tool would include support for the event manager to report on the success of the event against the selected goals. The tool would email the manager an event summary based upon their input that can be shared with the team and communicated "upstairs." The results among all events would keep the accumulating in a database throughout the year for quarterly and annual analysis.
What do you think? How in your organization would need and use such a tool? Please comment on this post or email me. edjones at constellationcc.com
Wednesday, August 20, 2008
TSEA 3rd Annual Master's 2008: Providing Strategic Guidance at the Executive Level: Aligning Actions and Values
Trade Show Exhibitor Association will hold it's 3rd Annual Master's Conference on the topics of "Providing Strategic Guidance at the Executive Level: Aligning Actions and Values."
Jones to Speak and Present Case Study -
I will speak at the conference and conduct a case study on the topic of aligning trade show activity and business objectives including how to communicate with executives and those in other departments, on September 12th:
9:45 AM - 11:00 AM
Strategic Communications Part One: Business Improvement
If you frame your event program in terms of business improvement, you can use this framework to communicate more effectively with internal customers, external suppliers, members of your team, C level managers and your company’s decision makers. Presented by Ed Jones
11:15 AM - 11:45 AM Case Study Exercise 1: Business Improvement
Presented by Ed Jones
11:45 AM - 12:15 PM Group Debrief Case Study Exercise 1
Presented by Ed Jones
Please consider attending if you live within easy travel distance or are interested to make the trip. The conference runs from a opening reception on Sept. 11, 6:30 PM through Sunday September 14 around noon.
The full agenda is as follows: AGENDA
Invitation, conference details and registration may be found at: Conference Invitation
The conference overview is:
Trade Show Exhibitor Association’s 3rd Annual Master's 2008
This is a real eye-opener! Sharpen your mind, strengthen your career and ramp up your CEU credits toward your CME with this unique power-packed boost of an educational banquet. Learn from among the industry's most knowledgeable presenters in an intensive and interactive environment designed to facilitate open dialogue and discussions of best practices.
Presentations, exercises and case studies will enable you to build upon your knowledge and experience while enhancing your communication skills and ability to increase the value that you, your team and your show/event program provide. CEU credits earned through TSEA have double value.
Topics include:
• Executive Speak – The language of decision makers
• Develop Insight – Identify each decision maker’s:
o Vision and challenges, opportunities and needs
o Criteria for comparing and contrasting marketing mix elements
o Process for decision making and budget allocation
• Planning Your Program Strategically
• Going Green: Exhibit Design – Think and Design Strategically
• What does ‘going green’ really mean in practical terms.
You’ll leave Master's 2008 re-energized and re-committed with new ideas and fine-tuned skills, well on your way to completing your CME and motivated to provide strategic guidance to your company’s C Level managers and other internal customers.
Please feel free to call me with questions. +1.770.391.0015
Ed
Jones to Speak and Present Case Study -
I will speak at the conference and conduct a case study on the topic of aligning trade show activity and business objectives including how to communicate with executives and those in other departments, on September 12th:
9:45 AM - 11:00 AM
Strategic Communications Part One: Business Improvement
If you frame your event program in terms of business improvement, you can use this framework to communicate more effectively with internal customers, external suppliers, members of your team, C level managers and your company’s decision makers. Presented by Ed Jones
11:15 AM - 11:45 AM Case Study Exercise 1: Business Improvement
Presented by Ed Jones
11:45 AM - 12:15 PM Group Debrief Case Study Exercise 1
Presented by Ed Jones
Please consider attending if you live within easy travel distance or are interested to make the trip. The conference runs from a opening reception on Sept. 11, 6:30 PM through Sunday September 14 around noon.
The full agenda is as follows: AGENDA
Invitation, conference details and registration may be found at: Conference Invitation
The conference overview is:
Trade Show Exhibitor Association’s 3rd Annual Master's 2008
This is a real eye-opener! Sharpen your mind, strengthen your career and ramp up your CEU credits toward your CME with this unique power-packed boost of an educational banquet. Learn from among the industry's most knowledgeable presenters in an intensive and interactive environment designed to facilitate open dialogue and discussions of best practices.
Presentations, exercises and case studies will enable you to build upon your knowledge and experience while enhancing your communication skills and ability to increase the value that you, your team and your show/event program provide. CEU credits earned through TSEA have double value.
Topics include:
• Executive Speak – The language of decision makers
• Develop Insight – Identify each decision maker’s:
o Vision and challenges, opportunities and needs
o Criteria for comparing and contrasting marketing mix elements
o Process for decision making and budget allocation
• Planning Your Program Strategically
• Going Green: Exhibit Design – Think and Design Strategically
• What does ‘going green’ really mean in practical terms.
You’ll leave Master's 2008 re-energized and re-committed with new ideas and fine-tuned skills, well on your way to completing your CME and motivated to provide strategic guidance to your company’s C Level managers and other internal customers.
Please feel free to call me with questions. +1.770.391.0015
Ed
Friday, August 8, 2008
Leveraging Every Aspect of a Trade Show - The Value of Meetings - Pod Cast
My friend Joyce McKee interviewed me for a pod cast on the value of meetings with high value contacts at marketing events such as trade shows. I think you will find this practical and valuable.
Leveraging Every Aspect of a Trade Show
Leveraging Every Aspect of a Trade Show
Wednesday, August 6, 2008
Tying Events to Business Improvement and ROI “Business Speak”
BY: Ed Jones Date: August 6, 2008
Today I read a great post by David Carter on ROI and social media. It provided a simple structure for linking marketing activity to business improvement. As you know, I am all about simple structures for things that are perceived to be difficult. I suggest you read it. The structure he presents is entirely consistent with what we teach about event ROI. I was encouraged to make the same case for events, so with appropriate acknowledgment to Mr. Carter, and borrowing from the structure and questions he presented, here is the event version for tying activity to ROI.
Identifying something to measure is perhaps the most difficult hurdle in event measurement. Once crossed you are well on your way to justifying an event expenditure. You may have 1,000 customers and prospects visit your exhibit or conference, but none of those visitors have an identifiable value until you can link them to an element in the simplified profit equation. Revenue – Expense = Profit.
To be successful you must think of event activities in terms of value to the company. Consider the simple relationships between typical event activities, business processes and the simplified profit equation:
• Seeing and documenting new prospects (sometimes referred to as developing leads) is really customer acquisition.
• Seeing existing customers and thanking them for the business, providing executive access and introducing them to preferential programs is really customer retention.
• Briefing customers at a conference on how to use, manage and troubleshoot a system or product is really customer support.
• Asking customers and prospects questions at an event is really product or market research.
• Spreading and reinforcing the brand and priority messages is really advertising.
So, tying event accomplishments to value might be more straightforward than previously thought. Ask the people who manage these functions within your company for the following values:
• What is the cost of acquiring a customer? How much are you willing to spend to get a customer?
• What is the annual value of a customer? Do you sell a one time service or product, or do you have a recurring stream of revenue?
• What does it cost to support the customer? For example, what is the average cost of a call to the support center?
• What do you spend on product or market research? Be sure to include focus groups, attitude and awareness, perception, brand research and testing?
• What is the cost of our advertising on a gross and targeted impression basis?
Most event interaction goals can be tied to the numbers above. Then you can speak about event accomplishments in business terms. Report accomplishments as either an influence on revenue or cost. Those are the two ingredients of profit.
As Mr. Carter points out, the difference between the cost to acquire a customer, and the average value of an existing customer is the value of retaining a customer. Customer retention should be a primary event marketing goal. Mention customer retention and you will get any executive's attention.
How many customers were briefed on a new product at your last show? What would be the cost to do that in the field? How many technical questions were fielded at your conference or at a show? How many calls to the call center were avoided? Those are direct influences on cost reduction/ expense avoidance, one of the four key values from event marketing. What was the impact on customer satisfaction and the associated impact on customer retention?
Linking event activity to these types of business accomplishments puts events in the context of business improvement.
Ed
Today I read a great post by David Carter on ROI and social media. It provided a simple structure for linking marketing activity to business improvement. As you know, I am all about simple structures for things that are perceived to be difficult. I suggest you read it. The structure he presents is entirely consistent with what we teach about event ROI. I was encouraged to make the same case for events, so with appropriate acknowledgment to Mr. Carter, and borrowing from the structure and questions he presented, here is the event version for tying activity to ROI.
Identifying something to measure is perhaps the most difficult hurdle in event measurement. Once crossed you are well on your way to justifying an event expenditure. You may have 1,000 customers and prospects visit your exhibit or conference, but none of those visitors have an identifiable value until you can link them to an element in the simplified profit equation. Revenue – Expense = Profit.
To be successful you must think of event activities in terms of value to the company. Consider the simple relationships between typical event activities, business processes and the simplified profit equation:
• Seeing and documenting new prospects (sometimes referred to as developing leads) is really customer acquisition.
• Seeing existing customers and thanking them for the business, providing executive access and introducing them to preferential programs is really customer retention.
• Briefing customers at a conference on how to use, manage and troubleshoot a system or product is really customer support.
• Asking customers and prospects questions at an event is really product or market research.
• Spreading and reinforcing the brand and priority messages is really advertising.
So, tying event accomplishments to value might be more straightforward than previously thought. Ask the people who manage these functions within your company for the following values:
• What is the cost of acquiring a customer? How much are you willing to spend to get a customer?
• What is the annual value of a customer? Do you sell a one time service or product, or do you have a recurring stream of revenue?
• What does it cost to support the customer? For example, what is the average cost of a call to the support center?
• What do you spend on product or market research? Be sure to include focus groups, attitude and awareness, perception, brand research and testing?
• What is the cost of our advertising on a gross and targeted impression basis?
Most event interaction goals can be tied to the numbers above. Then you can speak about event accomplishments in business terms. Report accomplishments as either an influence on revenue or cost. Those are the two ingredients of profit.
As Mr. Carter points out, the difference between the cost to acquire a customer, and the average value of an existing customer is the value of retaining a customer. Customer retention should be a primary event marketing goal. Mention customer retention and you will get any executive's attention.
How many customers were briefed on a new product at your last show? What would be the cost to do that in the field? How many technical questions were fielded at your conference or at a show? How many calls to the call center were avoided? Those are direct influences on cost reduction/ expense avoidance, one of the four key values from event marketing. What was the impact on customer satisfaction and the associated impact on customer retention?
Linking event activity to these types of business accomplishments puts events in the context of business improvement.
Ed
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