Choosing the right events is critical in building an effective portfolio. With the right number, type, frequency, and cadence of events you can accelerate your pipeline and maximize your ROI. In our last post, we talked about the four most important things to consider when selecting an event to sponsor or exhibit in. As you go deeper however, there are several other considerations to take into account.
1. Timing
Does the event fulfill timing requirements? There are 365 days in the year and there are all kinds of reasons why the timing of an event might be right or wrong for your needs. Some of these include:
Pipeline
Understand how the event fits in your pipeline and if the format and experience of the event contributes to your biggest needs at the time. Need more awareness? Need to close more deals? Make sure you have the right experience at the right time.
Other Events
Are there other industry or competitive events that may be attracting similar audiences at the same time? Make sure opportunities for success are not cannibalized. Select the event that has the best chance of success here, or attend both. Maybe pass on both if these is a better opportunity at another point in the year.
Holidays / Time of Year
Does the event take place near a major holiday or holiday weekend? Is the event in the summer during high vacation season? Is the event at the end of a quarter? Consider this before selecting an event that might underperform vs. other potential events for your portfolio.
Other Tactics
What else do you already have planned? Consider the number, frequency, and cadence of tactics within a cycle of similar activities. Don’t spam your target audiences with too many choices to engage with your brand.
2. Location
For in-person Events, is the location viable? Is the location nearby clusters of your target audiences? Is the event taking place in a destination that would be attractive to your customers? Are there multiple events in the same location over the course of the year that might be better leveraged? These questions can help you understand if the location is right for this event at this time.
3. Event Format
Is the event format right for achieving your objectives? In-person events are best for networking, relationship building, and commerce. Virtual events are best for education. Hybrid can have the best of both worlds if executed appropriately. What are you trying to accomplish and is the event format the best way to achieve your objectives? Consider the platform, the delivery, and the engagement.
4. Competitive Participation
Are your peers or competitors participating? You may think this would be an automatic reason to participate. It’s not. Sometimes your competitor may have a different division offering fundamentally different products or solutions than you at the event. Or, the competitor is targeting an entirely different audience, or might even have different objectives. Sometimes it’s good to let competitors waste their money at events rather than you.
Look closely at the number of competitors, and what their participation is / has been in the past. Do they seem successful? Are their objectives, products, and solutions similar to yours? Are they targeting the same audience as you? Are they attracting a viable level of that target audience?
Understanding competitive and peer participation can be a secondary point in your event evaluation.
5. Event Significance
Would this be considered a key, “must-attend” event? Consider industry relevance, analyst, press, and media participation, content, and target audience participation. These are the events to target first.
6. Event Viability
Does the event have “staying power?”, meaning that it has passed the test of time, or has the potential to. Would you consider this a “Tier 1” event? Has it proven that it can retain and grow its audience? Is the social and digital footprint strong? What about the community before, during, and after the event? The more boxes that are checked, the stronger the event is as a contender for your budget dollars.
Producer Credibility
Is the event / producer credible? Often overlooked, producer credibility is an important factor in determining participation. Has the producer consistently delivered a qualified audience? Is the content relevant? Have they attracted marquee speakers? What about data availability and transparency? Do they give you a hard sell, or are they authentically trying to create a valuable event for attendees and sponsors? Also consider ethics in business dealings.
Overall, there are several things to consider when selecting an event to participate in. Unfortunately, it’s not an easy task, but remember, in many cases there are hundreds of thousands, or millions of dollars at stake – Not only in your investment, but in the potential returns. These considerations should help you make the right decisions.