An article by Josh Linkner posted on Forbes.com in June warns marketers of the dangers of letting budget constraints undermine quality of visitor experience at corporate events. "Cheap out somewhere else," advises Linkner. This article really hit home for our 3D Exhibits team.
Linkner, whose resume includes tenures as a CEO, author, keynote speaker and venture capitalist, goes into great detail to describe two scenarios—one where the budget was adequate to ensure all details were well managed and all content outstanding, and another where budget restrictions dictated a lower quality of experience.
Linkner goes on to illustrate the meeting costs and resulting ROI of each event. "A dollar saved may actually be $100 lost," concludes Linkner. This isn't to say that companies should spend as much as possible on events. Rather, what it says is that when event marketers don't have the resources to create an event that will lead to their desired results, they may be wasting money—or possibly loosing ground—if they proceed at all.
"As you plan your own corporate meeting or event, think about the overall impact, not just the expense side of the equation. If you don't plan to do it right, skip the event altogether since it may end up doing more harm than good. On the other hand, events can be a powerful driver of meaningful results when carefully planned and executed," says Linkner.
The challenge is that there are always budget constraints. So how can a marketer determine at what point their budget crosses the line from tight to inadequate? It isn't easy, but it can be done—if you ask lots of hard questions about what you are planning. Some examples:
- Will you be able to attract your target audience?
- Does the ambiance of the venue match the perception of quality you are trying to convey?
- Will the quality of food, beverage and entertainment match the perception of quality you are trying to convey?
- Will you have adequate space, team members and equipment to ensure visitors participate in the experience with a minimal wait? (The last thing you want is for people to get frustrated or annoyed.)
- Will your attendees find value in the content?
- Will your attendees be engaged by the way you will deliver the content?
- Will you be able to provide anything out of the ordinary that will be new and exciting for attendees?
- Have you been able to incorporate any elements that will surprise, enchant or motivate attendees?
- Will the experience you have planned be memorable?
- Will your attendees feel that attending your event was a good use of their time? (Especially considering cost and distance of travel.)
For each of the above, ask the question and then ask yourself why or why not. Tally up the number of no answers—as each one is a red flag to be considered. Then conclude the exercise by asking yourself the most important question of all:
Will the event, as it is planned, achieve our goals?
These goals could be brand awareness, brand preference/loyalty, sales, product education or pretty much anything else.
If the answer is no, you need consider what you would need to do to turn this answer into a yes—and if there is any way possible to make that happen. Brainstorm what it would take in terms of solutions and budget to transform each no from the list above into a yes.
Document your thoughts and share them with your manager. Regardless of what happens, you will have managed expectations somewhat and illustrated your strategic value in understanding what needs to be in place for an event to succeed.
How do you assess if a proposed event is funded adequately to achieve its designated goals? We'd love to hear. Read Josh Linkner's complete Forbes.com article.
