You and your company have proven expertise in event management with a client base who has trusted you for a long time. You help create unbelievable brand experiences for your clients and their guests, while also advising them on the strategic topics of brand building, positioning, and messaging. The question then is -
In this challenging environment, how do you continue to be not just competitive but also plan to gain future market share?
"Whosoever desires constant success must change his conduct with the times." - Niccolo Machiavelli
Let's face it - for a lot of companies in the space, the near-term is all about cash-flow and making payroll. Some are even leaning towards pivoting to keep surviving.
"In the midst of chaos, there is also opportunity" - Sun-Tzu
Investing in optimizing your processes to reduce your costs AND overhauling your products and offering - has the potential to leave you better positioned with your clients than your competition. This is part of strategic planning to prepare you for when life gets back to normalcy post covid-19 and something that we’ll focus on in this article.
Unquestionably, as a leader you have to juggle and make progress on both the short and the long end of time horizon! In this article, we focus on some long-term opportunities for you to consider.
As a business owner or a strategic leader, some of the strategic questions you need to be always asking yourselves:
If you are not regularly asking yourselves these questions, you stand to lose business to your competitors
When conducting events, corporate marketeers and event planners care about the experiences they can offer to their valued attendees. After all, it costs significant time and money to plan and run these events. Experiences make the events extra memorable for everyone. Every opportunity to offer a highly personalized and unique experience builds your brand. Whether it was
Every detail matters. Taking care of these details is not just the right thing to do but every guest at your event is a potential future client. If they are impressed by the uniqueness of personalized interactions, they are likely to bring in new business to you. This word of mouth approach is obviously a significant benefit!
As an expert in your field, you knew that already. The question you are probably asking yourself - How do I offer these amazing delightful experiences? Won't it cost me an arm and a leg?
"The desire to gather with others in flesh and blood lives in all of us. Not simply to claim we were present in life, but truly connect through a shared live experience. Events aren’t just for attending. They exist to fulfill a desire to leave different from when we walked in: to be smarter, wiser, happier, more engaged, more excited, more thoughtful, more in touch with yourself, with your community, with the world. They offer the possibility to have transformational moments and be part of something bigger than ourselves." - Julia Hartz, cofounder and CEO of Eventbrite, [interviewed by Forbes]
Food, Entertainment, Decor, Technology, Destination Management, Travel - there's a lot of detail to get right in each of the areas. If you don't do this already, consider partnering with domain experts, who can help offer the best of breed experiences to your clients and their guests.
But - this is easier said than done. You need to make upfront investments in picking domain experts who are super specialized and know their trade well.
Choosing domain experts has the potential to offer your clients differentiated unique experiences - that will keep your clients talking about you and your event for months after!
Well - to begin with, you might know a few providers directly who you trust. Or other people in your network might have worked with them in the past. While trust is great and very important, it's worth asking yourself a few questions
There are a few reasons for this advice
But what about a fully automated software tool then? They are usually cheap and do the tricks, correct?
A Tech-Enabled service has the potential to be hyper personalized, cost effective, and uniquely differentiated. Moreover, tech-enabled services can offer modern experiences to the contemporary attendee who is social media savvy and spreading the word about you.
Meanwhile, I invite you to help share your perspective by answering a few questions. This will help us better understand who you are and your point of view.
Hope some of this made sense and is food for thought. In a future article, I’ll share some examples of what I mean by Tech Enabled Experiences and How do you evaluate a fit for your needs and setup. I'll also talk about some timing considerations in light of Covid-19.