Conferences & Seminars: A Waste of Time, Money and Opportunity?
Regardless of industry, conferences and seminars can be a significant waste of time, money and opportunity. But the conference sponsor is typically not at fault for the lack of return on this marketing investment. It’s often the result of poor planning, lack of creativity, outright laziness or unrealistic expectations by the companies that participate in these events.
Here are three issues marketers should address, in advance of investing in a conference of any kind:
Do I understand the inherent marketing value of conferences? Before it became a “pay to play” world, there was some brand stature and inherent 3rd party endorsement associated with participation as a keynote speaker or panelist on a conference agenda. Nowadays, however, even if you’re invited to speak, attendees will likely assume that you’ve paid for the privilege, so the brand cachet is diminished.
The real marketing value of participation in any conference agenda is not based on what you say to the 100 attendees during your 15 minutes on the podium. Instead, it’s based on what you do, both before and after the conference, to reach, influence and engage the decision-makers who were either too busy or too important to attend the event. In many respects, a conference simply provides a legitimate reason to communicate with those individuals who are most important you.
Do I have the internal discipline to make conferences a worthwhile investment? Because conferences are expensive, inefficient, haphazard and difficult to evaluate, you must establish an internal discipline and specific strategies to harness their marketing value. For starters, you need access to a robust, accurate database of your clients, prospects and referral sources. Possessing a list of conference attendees, either before or after the conference, is of lesser importance.
You also need to create a detailed communications strategy – tailored for each event – that addresses how you intend to:
Share intellectual capital associated with the event (either generated by you or by someone else), and how to...
Leverage that intellectual capital to drive engagement with your target audiences either before and / or after the conference.
For example, if you’ve given a conference presentation, you can send highlights of your remarks to your database shortly after the event, and offer to send them your complete remarks or PowerPoint slides. Or you can convert your presentation into a bylined article for publication in an appropriate business or trade journal, and then send target audiences the published piece along with a personalized cover note.
If you’re not on the podium, you’ll need to be more creative. For example, you might send your target audiences a “Sorry I missed you…” communication that provides your insights on the conference’s highlights, or expresses a contrarian viewpoint related to the event's underlying theme. Or you might even consider hi-jacking the conference agenda, by inviting high-value targets to a roundtable discussion / reception at a very exclusive venue near the event. (Conference sponsors do their best to prevent this type of gorilla marketing.)
In all cases, the strategic goal is to amortize the time and money you’ve invested in the conference, in order to reach a much wider and sometimes more appropriate target audience. By using the conference credibility (or its related topic / theme) to showcase your intellectual capital, to drive top-of-mind awareness and foster direct engagement, you’ll have a much greater likelihood of yielding a connection between the event and tangible business metrics, including new client engagements and revenue growth.
Are my expectations for this conference realistic? Sometimes you’ll make a connection at a conference that eventually leads to new business. But most of the time, putting your company’s logo on a lanyard, participating in a panel discussion, or sponsoring a mid-morning coffee break will lead to absolutely nothing. If there were a consistent direct connection between conference participation and business growth, there would be a very long waiting list for sponsorships.
If you understand that industry conferences and seminars will always be a low percentage marketing strategy, then you have a clear choice. You can either:
Avoid conferences altogether, by hosting your own private events or programs. (We are BIG fans of controlling content, audience and costs in this manner.)
Leverage your participation to showcase intellectual capital with a wider audience.
Simply enjoy the camaraderie, the golf / tennis / beach, and the nightlife…and hope for the best.
In short, conference participation is similar to all other marketing-related tactics. Smart, focused and strategic will always produce better outcomes than “one-size-fits-all” solutions.