Turning Events Into Investments

From golf tournaments to grand galas to global conferences, events have become an integral thread in the complex tapestry of strategic marketing. But how can you make your events truly strategic? How can you turn your events into real investments?

Start With the "What"
Before you start planning any event, it is critical to determine the strategic business objectives underlying your decision to invest the time, capital, and resources to produce the event. By asking astute questions that clarify your business objectives, you can craft an event framework that directly, effectively, and cost-efficiently achieves those objectives. Ultimately, by starting with the "what," you will be able deliver a sound return on your event investment.

Strategic Business Objectives
Strategic objectives can be externally oriented or internally oriented. Below is a sampling of both. It is important to note that many objectives are not financially driven. Nevertheless, if leveraged successfully, they can, and will, impact the bottom line.

External Strategic Business Objectives:

● Attract new prospects or members
● Bolster customer relationships
● Reward vendors or clients
● Build your brand
● Enhance community awareness or relations
● Secure media coverage
● Feature a new product or service

Internal Strategic Business Objectives:

● Reward or motivate key associates and employees
● Brainstorm new product ideas
● Foster teamwork
● Facilitate networking
● Overcome internal conflict
● Problem-solve
● Provide continuing education

Event-Worthy Milestones
A variety of milestones in the life cycle of a business can be leveraged into investments. Below is a sample list:

● Purchase, sale, or merger of a business
● Closing of a key deal
● Acquisition of a new client
● New service offering or product launch
● Addition, promotion, or retirement of an employee
● Receipt of an industry award
● Office move or remodel

The Retirement Party - A Case Study
A professional service firm plans to throw a retirement party for a key rainmaker partner. How can this event be leveraged into an investment? By asking the right questions, you can find the optimal event solution.

For example, is the firm in jeopardy of losing the partner's book of business? If so, a small intimate dinner at which "at risk" clients (and their spouses) are strategically seated next to the partners taking over their accounts can facilitate the retention of these clients. This event format gives the firm 90 minutes of subtle, yet captive time for personalized relationship building. If the firm is actively looking for new clients, an event strategy featuring a cocktail party format would allow for a broader marketing campaign and a larger number of prospective clients to attend.

Ultimately, to take the right step forward, it is necessary to take a critical step back. By always starting with the "what," you can-and will-turn your events into meaningful investments.

Tracy Kwiker is president of Pivotal Events, based in California. Contact her at: tracy@pivotalevents.com.

The information and views of this contributing columnist are not necessarily the views or opinion of Meetings + Events or its parent company, Tiger Oak Publications.