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Each issue of CMO Close-up features an interview with a CMO, as well as other marketing executives answering that issue's "Big Question."
This week's feature:
Close-up with Laura Howard, CMO, ECI Telecom
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Survival Skills: The importance of event marketing in a down market
Survival Skills: The importance of event marketing in a down market
Erin Biba
Story posted: March 9, 2009 - 6:01 am EDT
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It's no secret that the recent downturn in the American economy is affecting the events industry. Budgets are being slashed; event attendees are less willing or able to travel; and those attendees who do show up are also feeling the effects of the poor financial state of the country. As a result, exhibitors are being forced to scrutinize every detail to prove the value of their events.
The upside, however, is that with good strategic planning, a little creativity and a few tweaks to traditional marketing methods already in place, b-to-b marketers will be able to continue holding successful events. Here are some strategies and trends to keep CMOs allocating dollars toward events:
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PROVE ROI NOW
If you only make one change to your marketing strategies, implementing ROI tracking programs should be the change; managers and CEOs will be asking marketers to justify the expense of events.
“If you're not on the measurement train, you better get on right away,” said David Rich, senior VP-strategic marketing at George P. Johnson (GPJ), an experience marketing agency. “Those who have data are going to be in a much better position to have an informed conversation around that cost-cutting conversation than those who don't.”
GPJ's recent “EventView” study, in conjunction with the Event Marketing Institute and Meeting Professionals International, found marketers that measure ROI are 2½ times more likely to receive increases in their marketing budgets than those that don't.
“We can surmise the reality underneath all of this is that it's not just about increasing budgets, it's about maintaining campaigns, programs and staff positions as well,” Rich said.
The study was conducted from last December through this February. More than 1,000 individuals in marketing management positions in Asia/Pacific, Europe and North America were interviewed via telephone with the goal of clarifying the value of and role that events play in the marketing mix. The results of the 2009 survey have a margin of error of 3%.
In order to institute metrics quickly, most marketers advise hiring a company familiar with how it is done. Some methods include polling attendees before and after a show via e-mail or surveying attendees during a show. Marketers that would rather take on the task themselves can use Exhibit Survey's free ROI toolkit, available at http://roitoolkit.exhibitsurveys.net/.
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BOOST PRE-EVENT MARKETING
When convincing attendees of an event's worth, marketers should also be providing potential attendees with the tools to enable them to persuade them on that score.
“The quandary that marketers are in right now is that companies are being asked to reduce costs. It's very important to continue to show the value in getting people together,” said Alison Jenks, VP-marketing at event marketing agency TBA Global.
“Showing the long-term, intangible benefits of an event is very important. Most likely attendees will need to make an argument about attending. Helping them talk about it with the people who approve their attendance and making that individual very aware of what the benefits will be is a good idea,” she said.
One method is to have the thought leaders and speakers who will be giving presentations at the event help spread the word in advance. Have them connect to attendees through social networking or via the Web to give a preview of the types of useful information they will be providing those who attend.
Perks are also good: Cisco Systems recently introduced its NetVet program, which gives special VIP privileges to attendees who have been to three Cisco events in a row. In addition, many companies have been offering discounts for early registration.
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GO DIGITAL OR GO HOME
Aside from the fact that digital events provide a significantly greater opportunity for measurement and attendee tracking, they also tackle the travel problem, since Web-based events make it easier for attendees to choose your event over other, non-Web-based ones.
And if they are keeping close track of audience and early registration numbers, marketers can determine the need and scope of Web-based activities.
“If you're starting to have worries about attendance level, develop an online channel early,” said Phil Collyer, senior VP-creative services for Cramer, a digital marketing and events company. “You need to have time to market the online experience to attendees. Interestingly enough, these virtual event products are at a point now where you can populate content into a virtual event very quickly.”
Keep in mind, however, that attendees expect different outcomes from an online event. “They are expecting interactivity, choices and brevity. They have a lot of other things they can do online,” said Rob Everton, creative director at Cramer.
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CORPORATE RESPONSIBILITY
Spending money on large, lavish events can have a negative impact on brand image during a period when attendees themselves are being negatively affected by the recession. Instead, many b-to-b event marketers are using the events themselves to invest in their local communities.
LexisNexis, a company that provides Web and information services, has developed an event program called LexisNexis Cares. For its employee and partner meetings, the company participates in local charity events. Some of these—which have involved employees and business partners—include helping to rebuild a New Orleans playground, constructing 100 bicycles for a boys and girls club in Orlando, Fla., and volunteering at an orphanage in Malaysia.
“When you're going to hold a meeting, spend money in your local community,” said Robert Rigby Hall, senior VP-global human resources at LexisNexis. “Spend money in a responsible way where you're combining business with something that's good for society. You can play golf or go "Jet Skiing' at a corporate event; but corporations should be doing things that help the communities they're in and cost less money.”
Additionally, says TBA Global's Jenks, it's important to remember that employees need attention during these troubled times as well. Organizing team-building community activities can bring people together and have them interact in new ways, she said. Ultimately, business partners and customers will be happier and more willing to do business with a company that spends their money in a responsible way.
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SOCIAL NETWORKING
Find people where they gather on a daily basis. In many cases this means using social networking sites.
John McIndoe, VP-corporate marketing at Information Resources, a provider of solutions for tracking packaged goods in the retail and health care industries, said his company added blogging, Facebook and LinkedIn to the list of marketing strategies for its upcoming summit, assisted by Jack Morton Worldwide, in Las Vegas.
“We took a very hard look at understanding what was going on in the worlds of our attendees,” McIndoe said. “We understand that our prospects and clients are networking in different ways today than a year ago. This is a far more targeted event that says: "We understand your challenges, and here's how we're going to address that.' ”
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THINK OUTSIDE THE BOX
The overall message from b-to-b marketers in regards to changing strategies to adjust to the economy is simply to have an open mind and be willing to make changes. Marketers that create true value in their event, target exhibits directly to attendees based on their emotional and personal as well as professional needs. And they use metrics to prove ROI should weather the financial storm and come out the other side with a new set of tools for successful marketing. M
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5 Comments
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Michael Thimmesch
Skyline Exhibits
March 10, 2009 03:25 pm
Your article is timely. We also wanted to know how exhibitors are adapting, so we just surveyed them on how they are increasing their trade show results and stretching their budgets.
Tactics that repeatedly drive better results include better promotions, choosing only willing and able staffers, more open and clean exhibit designs, and more organized and thorough lead follow up.
To help stretch their budgets, popular exhibitor tactics included better planning, reusing exhibit components, sharing with partners, and choosing lighter weight exhibits and rental exhibits.
But only one tactic was very popular for both boosting results and reducing expenses: Exhibiting at only the right shows. Once exhibitors measure their results, they avoid shows that aren't a match for their audiences, and can invest in shows where their buyers are.
Similarly, last year we published the white paper, Successful Exhibiting Strategies in Uncertain Times, which can be requested here: http://tinyurl.com/aeymbo
Derek Miller
March 22, 2009 08:12 am
As good as technology is, companies still will benefit when people gather together, and the energy is more present.
Some events such as trade shows can't be replaced because of the multi dimensional expeience.
I do like webinars, using webex, it is very convenient.
Nathan King
Insight Exhibits
March 26, 2009 02:01 pm
Although attendance has been down for many shows, we've received reports that indicate better and more meaningful attendee interaction with exhibitors. As travel expense budgets have been tightened, decision makers are more particular about which shows they attend and what they intend to accomplish at those shows. This economic environment is challenging, but it also presents opportunities for aggressive marketers to gain market share from those who decrease their event activity. It's important to specifically target your content to each venue in which you participate; driving home a clear and concise message to attendees.
John S. Gibb
johnsgibb.net
March 26, 2009 03:37 pm
These are all excellent points - and feeds into the overall point that event marketers need to focus on a CRM strategy which engages attendees and prospects on a continued basis. Events are no longer blind dates in which you kiss the attendee good-buy after the closing keynote and hope to see them next year - retention through social networking and continued content delivery building are key elements to delivering ROI.
Check out http://tinyurl.com/aao53g for insights and strategies for effective event marketing.
Larry Kilbourne
LK Associates
March 9, 2009 06:25 pm
Your comments on Go Digital are particularly on mark. With travel budgets slashed, and conventions/trade shows being canceled or shortened, the opportunity for web-based marketing has never been greater. I think this is especially true for webinars as lead generation tools. I commented on this recently in a blog entitled " Bad News for Travel Budgets = Good News for Webinars (http://tinyurl.com/bxe8po).
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