Is 2024 the year of cost-cutting for your event or corporation?
Across industries, even profitable companies are focused on reducing expenses to improve their margins and reassure shareholders amid continued inflation. The Wall Street Journal cites interest rates, diminished pricing power, and geopolitical threats to supply chains as other reasons behind the belt-tightening.
Since the pandemic, the silver lining is that companies have realized the value of face-to-face and in-person events.
The con is that the Street and executives are still concerned about rising costs.
What does this mean for you?
You can't treat your events as simply a cost of doing business.
Because from an ROI perspective, the math rarely will math. However, when you integrate your events into your sales, marketing, and HR strategies, your ROI will show increases.
Some signs you are a "cost of doing business" company
- You produce the event the same old way, "because you always have."
-You book a celebrity speaker because you think you need a celebrity name.
- You don't know if you produce ROI or measure positive business outcomes.
- Key stakeholders or leadership doesn't value events, so it gets little direction and lacks alignment from the top down.
- When you shop for a new event production partner, you email "Please send price for the attached services," or you ask "Send me some concepts and pricing," all before having conversations about your production frustrations, goals, customer target, and company initiatives.
- More concerned with logistics than strategy because the person running the production is inexperienced, under-resourced, and lacks direction from leadership.
- Have someone as the main point of contact who then has to run back to a committee of senior people with all decisions, and that committee has very little buy-in.
Approaching your events strategically and intentionally means; you build a strategy and approach around some of the following...
- Get an understanding of why you are there. What is your intention?
- Get an understanding of what your company would like to accomplish. What are the goals and KPIs?
- Get an understanding of your audience/customers and why they are there. What are they doing there, why are they there, and what do they want?
- Get an understanding of what problem you solve for your audience/customer. What is your value proposition?
- Key stakeholders, leadership, sales, marketing, HR, and event team are in alignment.
- You seek event partners that elevate you, solve problems you have, and align with providing you with a strategy and approach that produces the results you seek.
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