Social Media in Event Marketing – A Lesson Learned

I came across a bit of a flare-up around the upcoming ad:tech New York, one that resulted in Mike Flynn, the Event Director for ad:tech North America, issuing an apology on the company’s blog.

The blog was a mea culpa for an email sent out essentially incentivizing past attendees to post tweets, blog posts, and/or info on Facebook in exchange for a discount to attend the show. The email made its way to (at least) a couple of bloggers, hence the appearance of a “pay for play,” scenario ultimately leading to the apology.

I can imagine the storm that brewed, leading to this post. At the same time, I’ll go out on a ledge and ask: was an apology really necessary? My take:

• The ‘offer’ itself was an offer for a discount to attend or a free exhibit hall pass (ostensibly a $35 value). In other words, this incentive, conceptually is the same as the legacy “register four attendees and a fifth attends for free” or “bring a colleague for ½ price” offer. It wasn’t offering to pay cash for an endorsement.
• Anybody responding to the incentive had interest/intention of attending prior to this email. This communication was ostensibly sent to ‘hot‘ leads (past attendees). To that end, the person receiving this email and accepting its terms would not be fabricating by tweeting/posting; if they were to take action to gain a discount to attend the event, they must have gotten value from their prior attendance … why else re-register?
• I’d take a guess that the strategy behind this was as much to re-engage past attendees to attend as it was to build buzz around the event.
• Unless I’m missing something, typically qualified press & bloggers are be able to attain some sort of press access – again raising the question of whether this was a barter for editorial coverage.

If this effort was an incentive to have past attendees use Social Media to engage followers, friends, etc. about their past experience at the ad:tech show, this was nothing more than ad:tech using the medium for traditional tactics, adopting them to Social Media. [Note: The one aspect I would call into question is that the incentive/email was a strict in the requirements that a person posted “no less than three times;” this is old-school thinking that should have been avoided.] It seems (given bloggers and writers got a copy of the email) there may have been imperfections concerning the data; conceptually this incentive should have only gone to paid attendees. And if the data was an issue, its underpinnings of the issue are in an all together different vein.

If, on the other hand, this email did go out to bloggers and writers specifically to gain coverage – well, as a journalism major – I certainly do see where the issue lies; in that case the apology is certainly warranted.

But again this does not seem to be the case. The underlying issue seems to be the use of Social Media – that there is still sensitivity regarding the channel. So the real lesson is an old one: in new uses of Social Media, event marketing professionals need to take the time to ensure they think through strategies and tactics – especially from an external perspective – given the concerns concerning its use.

And whatever the scenario, I’d also like to offer kudos to ad:tech for quickly and decisively reacting to the situation as they saw fit.

Good luck!

John

What's the (Price) Point?

I don’t usually ask questions that I don’t know the answer to but in this I case will. Because, frankly, I would argue that the events industry as a whole does not have a firm sense of what the optimal price to attend an event is. As discussed in the last post, part of this is the variety of events in the mix. But not defining (or understanding) what price would maximize an event’s profit margin (as a function of price and attendee volume) is leaving money on the table.


Historically, a point at which a typical event price emerged. For a two-to-three day event organizations charged approximately $1,195 to attend a 2.5 event in 1995. I don’t have any visibility as to how this came about, and can’t comment on it. The issue, and the point of this post, is that from that point, there has not been a slew analysis placed on pricing strategy across the industry. I’ve seen and heard of many organizations, in the course of planning events, base pricing on:

• A need to deliver margin (“We need to generate $XYZ more revenue – let’s increase prices $100!”).
• Comparative/competitive landscape (“ABC Conferences upped prices – so let’s do the same”).
• Just because-ism (“We didn’t increase prices last year – let’s increase them this year”).

None of which comes anywhere close to promising that you are maximizing the profit margin attainable.

Calculating the optimal price – and/or price increase – is inarguably challenging due to the variables in play. Specifically, the number of attendees you draw also impacts sponsor satisfaction. So if you do some serious number crunching and determine that increasing prices $300 increases your profit margins BUT decreases your attendance by 10% (the decrease in volume offset by the increase in revenue) is all well and good … but asking your sales manager to explain that to their exhibitors is a different story.

I’m not going to detail price point calculations here – Google lists many options for free calculators. A key element these calculators require, however, is the price elasticity of your event/product – or, knowing the answer to the question “if I raise my price by X it will impact attendance by Y.” There are free tools available to calculate this as a “what if” scenario as well, but to truly answer this question, pricing needs to be tested on a continued basis - even and especially within one event; variations in topic, audience, and calendar are all variables which would impact analyzing two different events at two different price points.

Overall, strategic pricing holds various functions in an events organization – different prices addresses different level audiences and communicates a level of value proposition. But in the context of the overall events environment, event marketing managers need to know and guarantee that the product they are marketing is being sold at the price which delivers the highest value to the organization. And this is based on understanding the impact of price changes to overall attendance. Learning and knowing this will go a long way towards increase profitability – and adding to your value in the organization.

Good luck!

John

PS - Do note a "Share" button has been added to the upper left - so please feel free to share this and future/past posts among colleagues!

Getting Existential: What is an Event?

As event leaders and marketers plan into 2010 (and beyond), and given the challenges the economy continues to place on the industry, it is valuable to re-visit what we are talking about when we discuss “an event.” It is certainly a question that can get lost in the day-to-day activity of planning, marketing and executing successful events. The challenges we’ve experienced over the past year, however, should be a stark reminder for Event Marketing professionals and leaders that we need to focus on ensuring that events being planned map to and integrate with the organization’s ultimate goals and strategies.

The issue is that there is not a one-size-fit all answer to the question; I’ve seen and experienced different organizations utilize events to different ends. However, some outcomes, given today’s business environment, are stronger ends than others. While the five categories below may not be comprehensive (and I of course welcome thoughts and comments), IMHO an Event can be:

• A revenue stream. These are events and event organizations that exist fairly exclusively as stand-alone products, events that are held as one-off, targeted, topical events. These events are high-churn, with content focused on the hot topic du jour. The downside to events in this category is they are strategically short-sighted and pay little attention to the concept of Customer Lifetime Value. From a marketing perspective there is a constant need for new attendees/customers, and little to offer surrounding retention – thus ultimately incurring more cost in new customer acquisition.
• A Lead Generation & Engagement Tool. Virtual events and traditional Webinars are the buzzwords in today’s Events. They are certainly a customer and prospect engagement tool. And from a marketing perspective, these events certainly add value in enabling the organizer to gain data on marketing touch points, information admittedly not as easy to glean in a live event environment. As noted previously, surveys continue to show preference to live engagement, but these events inarguably add value to an organization’s overall lead and demand generation initiatives.
• A live, client/prospect facing experience. The traditional face-to-face event format, utilized by media companies, trade groups, vendor user groups, etc. continues to hold the most utility for the organization – it is a direct client-facing opportunity for sales teams, a content-delivery platform for the organization, and, of course, a networking experience for attendees. Companies (wisely) using the live event, however, need to realize and leverage each of these facets in the event delivery to maximize efficiency. And Event Marketing Teams need to message around said elements in their attendee acquisition efforts.
• An experiential platform. These would include small, hands-on, senior/C-level boot camps – events which typically take place over the course of a few days (or up to a week), and are small, high-ticket items. These are high-touch, learning and/or network-based events, typically for organizations with a valued, high-level audience. Properly managed (and attended), these events can yield good margins, yet because attendance is small, these events are ultimately best as part of an overall portfolio as an incremental revenue stream. From a branding perspective, these events can also provide strong advocates for other products/services your organization has to offer.
• Training. The mirror image of the high-ticket boot-camp, training events are more a wholesale product, replicated multiple times throughout the year with the same content. Educational credits can be affiliated with these types of events, and marketing these events, much like the events themselves, are done on a wholesale basis. The price point to attend these events are low, the name of the game is volume.

Given this mix of formats, again the question should be asked: is your organization utilizing the mix of events optimal for the company overall? Put another way, what, specifically, does the event hold for the organization? Is it a way to generate prospect demand and leads which are channeled to a sales organization? Is it part of a client/membership experience? Or is it the sole revenue stream of the organization? Are there strategic holes to be filled by adding - or eliminating – events in the portfolio?

In short, as plans for 2010 and beyond are finalized, event and event marketing leaders need to evaluate and ensure the event mix matches the ultimate corporate goals.


Good luck!

John

The Employment Picture for Direct & Event Marketers

Bernhart Associates Executive Search, LLC released results of a job search survey they conducted last week, focused on the direct marketing industry, with results which were very telling. I found the results insightful first of all because, of course, the Events Marketing community is a subset of this group. And secondly, because … well … participants in the survey were, like me, people in the Events Marketing industry looking for employment in a very challenging industry and economy. (I’m one of the 9.7% of the workforce in seeking employment.)


You can read the details of the survey results here – detailing length of time direct marketers are out of work, as well as details parsed by salary. Two points jump out at me:

• Survey results showed direct markers duration of unemployment as longer – almost double – the national median as reported by the Bureau of Labor Statistics. This is not an apples-to-apples comparison (survey responses to federal statistics), but certainly shows the tenure of unemployment for event marketing professionals is longer than the national average. And the national average is, of course, too long as a whole.
• 50% of the responders have been looking for work for seven months are longer. This, obviously, is an alarmingly large percentage (the survey did not include national averages as a benchmark.) The only silver lining is that “only” 20% of the respondents had been looking for work between 1-3 months – which, to take a leap of faith, could imply a lower # of layoffs over the past three month period. (The report also notes that unemployment may be “bottoming out.”)

In short, the employment picture for direct marketing professionals is more challenged than in other professions. And, of course, it’s challenged all over. Which begs the question “what’s an Event Marketing professional to do?” Trust me, unemployment is no fun, and I also have empathy for people fortunate enough to be employed, as I’ve certainly heard stories of individuals doing multiple jobs to compensate for lack of staffing.

While I wish I had a magic wand (I would have selfishly pointed it to myself if I did!), lacking that, a few thoughts and suggestions to Event Marketers on both side of the employment fence – ones that have kept me sane at times throughout this process:

• Positive attitude: I am a firm believer in the importance of this. Karma carries, both internally and externally. Go to a job interview resentful that you’ve been out of work for seven months, and it will show. Let the situation eat at you and it will negatively impact the effectiveness of your search. The same obviously goes for attitude at work. When you feel negative clouds building, take a break – go for a walk, a cup of coffee, clear your head and get back to being positive.
• Keep yourself relevant: The landscape for event marketing is changing – if you’re unemployed, take the time to learn about new initiatives in Social Media and think about how you’d implement that into a multichannel strategy. If you’re employed, make the time to do the same. Learning something new is a “feel good” activity, and it adds value to you as a commodity. Hubspot, by way of example, offers Inbound Marketing University certification (which I completed in August), with a new round of testing taking place the end of October, and would suggest exploring.
• Networking: I’ve found my last two jobs through networking, and suspect, the end of the day, I’ll land somewhere this time because of it as well. And – as I keep learning – keeping your network fresh while you’re employed is important. You don’t want to spend time dusting off old names if you ever need them in a hurry!

With regards to networking, I’ve had discussions questioning the value of this in these tough economic times. And if you’re employed, I’m guessing you’ve fielded a number of calls. But I’d heard (and unfortunately don’t have a source) that, on average, a large job board posting receives 800 applications. So quick math: even if the job is perfect for you, it’s probably perfect for 10% of the others. Putting you up against 80 people who are (hate to say it) on par with you, from which the employer will choose maybe 10 candidates to have an initial round of interviews with. If these assumptions seem reasonable, that leaves you a 1.25% chance of getting called in for a job board interview for a job you’re perfectly qualified for. Given those numbers, I again suggest the networking route.

I again do wish I had the magic wand to wave – but lacking that do hope the above provides some thoughts and encouragement. The landscape is not one we created … but need to be diligent in improving our situations.

Good luck!

John

DM Should Not = Desperation Marketing

I am floored. Flabbergasted. And, honestly, a bit saddened: saddened to see that, even today, some events organizations' direct marketing efforts are not only not getting it right, but are getting it very wrong.

The background: I recently registered on a (reputable) portal which, along with producing blogs, newsletters, etc., supports an online community, which struck me as a smart Social Media-based initiative. The company also organizes well-known industry events, including a fairly sizable event in a couple of weeks.

As part of their event marketing strategy – which may work perfectly well for this organization – the Early Bird deadline was set for two weeks prior to the event [this strikes me as a late Early Bird – more on that later]. Unfortunately, the deadline fell on September 4 – which, in the U.S., was the beginning of the Labor Day holiday.

Given that, I received an email on August 31st (last Monday) letting me know the Early Bird deadline was expiring on Friday. A perfectly reasonable communication to push the deadline and associated savings.

Then I also received another reminder on Tuesday.

And Thursday. And Friday. All with fairly similar messaging around the Early Bird Deadline discount which I Could Not Miss.

Of course, I missed it. So, on Monday (on Labor Day itself), I received an email that the deadline had been extended until Tuesday. And two emails on Tuesday letting me know The Deadline Was Near!

In short, in the course if six business days, I, Joe Prospect, received seven emails with fairly identical messaging that the Early Bird savings to this event was ending soon. Interspersed with a pair of emails (one last Wednesday – the one day I didn’t get an Early Bird email – and one today) letting me know I could get a free Exhibit Hall pass.

I forwarded one of these emails to a colleague, Roger Jarman, who very succinctly replied “They think that DM is short for Desperation Marketing.” I initially laughed … but then it bothered me. It’s these strategies and tactics which continue to present the Event Marketing in a negative light – historically, as perpetrators of “spray and pray” direct mail, and more recently as spammers. And of course, it does smack of desperation.

As Event Marketers, we need to move beyond such tactics. In this case, with proper planning, an alternate Early Bird deadline should have been utilized. (Also – see this previous posting regarding Early Bird strategies.) A longer lead time (more than two weeks) would have also allowed contingencies to be implemented if attendee numbers were below internal targets.

I certainly know and empathize that the industry continues to struggle both in generating attendees and sponsor revenue in our down economy. But in short, in the face of these challenges, resorting to a series of fairly identical daily emails is not the answer. Far from it, I would be surprised if this campaign doesn’t drive up opt-out rates and drive down open rates.

We, as Event Marketers, need to ensure our efforts and campaigns are using industry Best Practices, that we continue to go to market strategically and innovatively, and that we really need to think before we hit the “transmit” button.

Good luck!

John

Live Events: "I'm Not Dead!"

Forbes Insights just published an Executive Report, “Business Meetings: The Case for Face to Face.” While the report, for the most part, is positive news for live events and events marketing professionals, there are also results which provide some food for thought.

The good news for live events is – to quote the peasant in Monty Python’s Life of Brian, “I’m not dead.” That was proven very true in the survey – of the 750 business executives surveyed, 84% responded that they preferred “in person, face-to-face meetings” to “technology-driven meetings” and 87% said face-to-face meetings had "tangible benefits" over technology-driven meetings. So despite speculation and discourse around technology squeezing the live event business out of existence, there is a strong recognized, identifiable value to convening. In this light, the struggles the industry has recently seen can certainly be attributed more to the economic environment than technology replicating or replacing the value of the face-to-face.


There are valuable points for Event Marketing professionals to consider regarding the identified benefits of face-to-face events. In a nutshell (and to not reiterate what’s in the report), there is a strongly embedded value in networking, meeting people, reading people, and being able to take deeper, more strategic onsite dives into issues and challenges attendees face. To that end, a couple of questions/observations:

• Is your marketing message leveraging networking/face-to-face interaction as a USP? While content delivered at an event is critical (if the event is not presenting anything germane, don’t expect huge turnout), in this day and age this information, overall, is not truely unique. The unique value is the interaction – and marketing messaging needs to drive that home throughout the course of the campaign.
• Structurally, is the event geared towards leveraging on-site interaction? I’ve contributed to and seen some very innovative initiatives around small discussion roundtables, attendee networking badges/pins which indicated attendee verticals or expertise (to facilitate discussion) as well as traditional show floor interaction, sponsor receptions, etc. These all improve the on-sight experience - and score well on attendee satisfaction surveys - and provide a facet of the event to manage your marketing message around, as well.
• To bring the social media aspect to the live event – do you have, or are you planning on building communities around attendees? Outside of traditional “Alumni discounts,” the SM technology available should be utilized to continue the interaction initiated onsite to build greater lifetime value for the attendee.

The lesson overall is to survive the storm – business executives still value the live event for a set of identifiable, unique reasons. However, event marketers do need to be diligent in communicating this value, and working to ensure the advantages inherent in the live setting are leveraged and delivered.


Good luck!


John

P.S. Remember - please do feel free to re-Tweet this with the icon on the lower left.

It’s Not (Only) What You Say, It’s How You Say It

I recently read an interesting post by Marc Munier of Pure360 on Econsultancy detailing social media tactics and incorporating them into marketing channels – mainly email (Pure360, FYI, is an email marketing service). A couple of specific nuggets he suggested:

• Encourage response: Part of the allure of Blogging is its interactivity – the potential to engage, post comments and participate in discussions. Munier suggests including this invitation to respond in email communications –and not to expect flood of response, but because including this feature of two-way communication increases the value to the reader.
• Unsubscribe comments positioning: Moving the unsubscribe to the top of the email, while this it would make some marketers nervous, would show you are a “legitimate Marketer, and that you don’t want to email people who don’t want to receive your emails,” Munier notes.

While I won’t reiterate the entire blog here, the post raises a good point: social media, aside from being a different platform/channel (which underlies part of the “buzz”), uses a different communication/tone (which is the unspoken part of said buzz). And it is time to take a look at the voice used in traditional channels.

For example, printed collateral (a.k.a. those direct mail pieces that are just not delivering ROI) has not changed its core components in ages: intro letter, session descriptions, sponsors, registration/hotel info. All of which speak to the recipient, not with the recipient. The same scenario frequently exists with Event-specific emails; although there have been advances in weaving more content into promotional marketing e-mail communications, the overall message remains ‘register for my Event!’

In the face of challenged clicks, opens, and ROI on traditional channels in an integrated Event Marketing campaign, we are not (yet) at the point of cutting these channels from a campaign. Event Marketing leaders are, however, certainly at the point of needing to think through (and test) incorporating key elements driving Social Media, specifically:

• Making it a conversation: Include informational elements to brochures – for example, I’ve done brochure with one page (in a 12-page brochure) dedicated to results and discussion around a pre-event survey on topics, issues and solutions. This could be done in conjunction with a drive-to-Web link to a discussion board or further information on the site.
• Pull, don’t push: intersperse content, insight from White papers, statistics, etc., from the organization that the prospect would find helpful.
• Allow prospects to interact with the event: include speaker Twitter IDs and LinkedIn URLs (easier done in email unless customized); also, share your event Twitter ID, Facebook fan page, and/or LinkedIn Event page at every available opportunity. (Make it easy to communicate and be transparent in how they can find you!)
• Share the organization’s expertise: if you have a free e-newsletter, whitepaper, podcasts, Webinars, etc. let it be known – make mention of it and provide links in your print and email.
• Truncate it!: As Munier suggests, part of the success of Twitter is its brevity. The same can be applied to emails and print: put the 75-100 word session descriptions on the Web. Aside from being green, this will produce a more visually palatable piece.

In regards to print, incorporating the above will and should go hand-in-hand with thinking about covers – moving away from traditional Event/Location/Key Reason to Attend messaging to content points – drawing people to specific pages in the brochure.

And again, these are suggestions and elements to test – I welcome comments from anybody with examples and results of any initiatives taken along these lines to date.

Good luck!

John