strategies for attracting and growing the right audience
DESCRIPTION
You seldom awake in the morning with people waving money in your face to register for your event. There comes a time in every conference's history when there is a need to identify and pursue the right markets for conference growth and sustainability. Instead of trying to be all things to all people and offer something for everyone, organizers need to focus programming and services that attract the top three audience segments of economic buyers and decision makers.TRANSCRIPT
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Strategies For Attracting &
Growing The Right Audience
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4
5
Growth Growth
Increase & Sustainability
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It Happens
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Plateaus
Declining
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Plateaus
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Never learned how to
acquire new customers
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More than new
customers – the RIGHT customers
15
Depending upon easy sale
& past marketing methods.
• Which groups do you provide
programming for at your
conference?
• Who decides content/speakers
for those groups? 16
Shotgun Approach
All things to all
people
Big box department store
discounted quantity for masses
Content defined by committees
Laser approach
Highly amplified
Coherent focused beam
• What is the primary objective
of most conferences?
22
Revenue - profits
Revenue - profits
Monetize over a long time period
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Product Centricity
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Product Centricity
More product you sell, cheaper it
becomes to produce, sell more &
make more money
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Most Conferences Have Product Centricity Mentality
The more content offered for all
stakeholders more likely people will
register
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Product Centricity – Shampoo Model
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Create a conference.
Market the conference.
Sell the conference.
Repeat.
Product Centricity
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Tweak conference slightly
Product Centricity
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Cracks in Product Centricity
Attendees:
1. Demanding better experience.
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Cracks in Product Centricity
Attendees:
2. Expect better ROI.
1. Demanding better experience.
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Cracks in Product Centricity
Attendees:
2. Expect better ROI.
3. Like free agents, loyalty is fickle.
1. Demanding better experience.
34
Product Centricity Vulnerable
vulnerable than in past.
Way you’re planning conferences more
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In The Past - Stacked Deck
Expertise in industry.
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In The Past - Stacked Deck
Expertise in industry.
Info delivery models that secured market share.
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In The Past - Stacked Deck
Expertise in industry.
Few competitors
Info delivery models that secured market share.
38
Perfect Storm
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Perfect Storm
1. Easy access to experts today.
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Perfect Storm
1. Easy access to experts today.
2. Info widely available online.
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Perfect Storm
1. Easy access to experts today.
3. Increased competitors.
2. Info widely available online.
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Not all registrants created equally
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Customer Centricity
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Customer Centricity
strategic advantage.
Focusing on the right customer for
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Customer Centricity
Not a philosophy
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Customer Centricity
Not a philosophy
Not customer service
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Customer Centricity
Not a philosophy
Not customer service
Not being nice to customers
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Customer Centricity
Cannot be fostered via mission/guide
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Customer Centricity
Cannot be fostered via mission/guide
Strategy: align topics with needs, solutions for most valuable customers
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Customer Centricity Aim: more profits for the long term
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Is customer always right?
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Is customer always right?
Right customer always right!
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Two Types Of Conf Customers
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Two Types Of Conf Customers
1. Good customers
2. Everyone else
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Your Org Better Served If
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Your Org Better Served If
1. Spent more time on attracting right, good customers for your conference.
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Your Org Better Served If
1. Spent more time on attracting right, good customers for your conference.
2. Right customers hold key for long term profitability.
58
Your Org Better Served If
1. Spent more time on attracting right, good customers for your conference.
2. Right customers hold key for long term profitability.
3. Right customers give strategic advantage over competition.
• How would you identify the
right customer for your
conference planning?
59
Economic Buyers
Decision-Makers
Economic Buyers
Decision-Makers
Market to grow
Economic Buyers
• Are these companies customer
centric?
Nordstrom
Starbucks
Walmart 63
64
Customer Centric?
Nordstrom, Starbucks, Walmart don’t collect long-term data about their loyal customers.
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Customer Centric?
Nordstrom, Starbucks, Walmart don’t collect long-term data about their loyal customers.
66
Identifying Right Customers
Requires data collection
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Identifying Right Customers
Requires data collection
Collecting, tracking & monitoring
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Identifying Right Customers
Requires data collection
Collecting, tracking & monitoring
Past purchasing habits
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Identifying Right Customers
Requires data collection
Collecting, tracking & monitoring
Past purchasing habits
Investing in tech & staff to collect, sort
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Product Centric Conferences
Develop and sell education sessions
they think their customers want.
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Flip The Conference Model
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Flip The Conference Model
Customer Centric Conferences develop
& sell education sessions they KNOW
their customers want.
73
Flip The Conference Model
Content satisfies a pain point
Provides relevant solutions to problems
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Flip The Conference Model
Content satisfies a pain point
Provides relevant solutions to problems
Aggregation to curation
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Flip The Conference Model
Content satisfies a pain point
Provides relevant solutions to problems
Aggregation to curation
Requires audience segmentation
76
Customer Acquisition
Sales & marketing processes used
77
Customer Acquisition
Sales & marketing processes used
Includes staff time & benefits
78
Customer Acquisition
Sales & marketing processes used
Includes staff time & benefits
Web, print, postage, pr, social media
79
Costs 6-7 X more than loyal customers
New Customer Acquisition
80
Revenue: $1,116,338
Attendees: 1,600
Conference Example
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Revenue: $1,116,338
Attendees: 1,600
Conference Example
82
Conference Example
Revenue: $1,116,338
Marketing: $342,000
Speakers: $70,000
Attendees: 1,600
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Conference Example
Revenue: $1,116,338
Marketing: $342,000
Speakers: $70,000
Attendees: 1,600
Marketing is $214 per attendee
Experience is $44 per attendee
84
Acquisition Cost Of New Customer Vs Loyal Ones
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Most orgs do not measure LTV
LTV: Life Time Value Of A Customer
86
Mailbox members/customers
Most orgs do not measure LTV
87
Total number of events attended 3 yrs
Add the amount of revenue
Compare customers
Most orgs do not measure LTV
LTV: Life Time Value
88
Unbalanced Conference Model
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Balanced Conference Model
For Conference Growth?
Who Is Your Ideal Target Market
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92
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