Growing revenue by acquiring new subscribers: here’s how the experts do it
The last two weeks have been very busy for my team. Not because we’ve been swamped with new business enquiries, unfortunately. I hope these will come in in a few weeks once the world has worked out that nobody can ever cost cut their way out of a crisis in customer confidence. Especially if most of those cuts are in marketing investment!
So, what have we been so busy with? The phone has not stopped ringing. Clients and others in our network have been calling us to ask the following three questions:
- What is everyone else doing with their live events for the rest of 2020? Are they still running them or cancelling them? Or making them virtual or hybrid?
- Do you think we should be planning for virtual or hybrid events?
- What tech should we buy to ‘digitize’ our events?
And in response to these 3 questions, I have said three things:
- There is very little, if any, precedent here. So, whatever advice we give you will be based on our best judgement and what we think is logical and sensible. Anyone who claims to have the absolute answers right now is probably someone writing a blog to flog a virtual event platform (I almost got taken in by one of these very well-disguised pieces just this morning…it was the ‘request a demo’ at the end that gave it away…)
- You may be asking the wrong people, and…
- You are most certainly asking the wrong questions!
But before we proceed any further: it’s important we’re clear about our very strong views on the future of events. Events will HAVE to either be fully virtual or hybrid in 2020. And from 2021 onwards, anyone who wants to continue running their events in the same way they did before Covid-19 is being at best unambitious and at worst oblivious to how much our world has already changed.
If you’re planning to run live events in late 2020 or early 2021, your PLAN A should be to run these as hybrid events. So, keep your in-person offering on the table and build livestreaming (for content-led events) and digital directories (for tradeshows) into the fabric of your event, making it clear to all stakeholders that all content, showcasing of products and many of networking opportunities will still be available digitally alongside the in-person experience. And also make it clear you have a strong PLAN B to just run with the digital event, should it suddenly become impossible to host large gatherings, or gatherings of any size due to a further ‘waves’ of the virus making more lockdowns necessary.
But to get back to the issue of ‘are you asking the right people the right questions?’…
The conversations I’ve had over the past few days have gone something like this in terms of my response:
“Before you called us, how many of your customers did you call?
Of these customers, how many were in your ‘end-user audience’ i.e. the ‘core’ of your community as attendees, visitors, delegates to your events – the people you attract to your events to buy from your sponsors and exhibitors?
And for those end-user conversations you did have, did you ask them the following questions?
- What do you think you’ll need in the coming months in terms of learning, knowledge sharing and networking?
- How can we help you get what you need here?
- If we were to run all or part of our events in digital format, possibly alongside some in-person events – how do you see yourself participating and benefiting?”
My team and I will always encourage you to ask the above three questions of your community before doing anything else.
And then we will offer you the following six pieces of advice that we think could help you not only save your events and your business, but more importantly, help you take advantage of the immense opportunities facing B2B media and events businesses in becoming ‘community first’ brands:
- Make understanding the shape, size and needs of your community your #1 priority.
By this, we mean ‘end-users’ – that valuable audience that you sell on to sponsors, exhibitors and advertisers. Because we tend to ‘follow the money’ and most of this tends to come from vendors selling to our audience, we’re putting the cart before the horse by starting with tactical responses to their needs.
This can degrade our content and the value we’re creating for the valuable members of communities who make up our audience. Audiences WILL disengage and they will disappear. And then what do you have to offer your clients?
- Don’t think about your events just as events. ‘Events’ are just a format. Think about what goes into your events and what makes them valuable.
Ask your core community members what they value most and work out how to serve this up digitally – to replace in-person experiences in the short term and be the ‘core’ of the events product in the long term, with in-person experiences then added on (not the other way around!).
We’re working on some strategic projects where clients have seen great opportunity in either rolling digital event content into their subscriptions product to create a more community-focused membership offering, or launching a membership with digital event content they’ll be creating (and in some cases have already started delivering).
The thing to do here and now is to ‘think different’. Essential innovation happens by turning your current formats inside out and upside down and shaking them about to see how you can get the most valuable stuff out and serve it up in a way that gives your community what they need – digital for now, then digital-first with face-to-face added on in the longer term.
- Don’t throw the baby out with the bathwater. Keep your valuable content and networking opportunities you can facilitate, in-person or online, front and center.
What is hugely valuable right now and potentially unique, is the relationships you have with the ‘biggest names’ and senior decision-makers in the community you serve, along with their confidence in your content and ability to help their businesses move forward.
Continue to invest in these relationships. They are the key to collecting valuable knowledge from these ‘top minds’ and then curating and packaging up this up for your community – along with facilitating important connections and discussions between people who really need to talk to one another right now.
You hold a privileged position and have an important role to play in helping your community face their current challenges and identify potential opportunities that may present themselves in the coming months.
- Only choose your tech once you’ve worked out what your new value proposition needs to be, based on what your community needs.
Tech companies have fantastic salespeople who usually won’t ask you what you really need before they sell you their kit. So, it is up to you to first figure out what your value proposition should be, then what your requirements are, and only then evaluate what is out there in terms of tech solutions.
And remember – it is the content you put in to the tech, how you manage the data and customer journeys around and in through the tech and how your people make the tech work for your communities and clients that matters most. No tech can make up for poor content or bad operational delivery.
- Double-down on marketing. Invest in the skills you need to make content marketing, marketing data and marketing technology work in the way you need it to.
Of course, I do have a vested interest in recommending this. But the truth is that now is not the time to be cutting investment in the internal people and external partners who probably understand how to make digital events work better than anyone else in your business – the marketers!
You need strong marketers now more than ever to make your 2020 events portfolio work. Digital and hybrid events need even smarter and a higher volume of digital marketing than traditional live events ever did. Getting your audience to notice, commit to and engage with your virtual and hybrid events will take strong marketing skills and lots of hard work. If you under-invest in marketing over the next few months, you’re making a fatal mistake. Your delegates and sponsors won’t want to invest in your events going forward unless they can see you’ve invested first. And what more obvious way to show them you’ve invested than with good marketing – which stakeholders will notice. And they will certainly notice absent or bad marketing even more.
Looking ahead to 2021 events: it’s nearly May! If you want your large annual events in the first half of 2021 to succeed you have to start working on the marketing now. Start now in building the strategies, databases and pipelines of sponsor, exhibitor and delegates leads if you want to make 2021 events a success. If your events in 2021 fall flat after the pain you and your event stakeholders have experienced in 2020, you’ll most certainly enter the dreaded ‘event death spiral’ that is almost impossible to reverse.Not investing in planning and marketing your 2021 events – starting now – could cost you everything in the long term.
- Help your clients – sponsors and exhibitors – understand and realise the value of digital event formats.
What they may lose in the ‘intimacy’ of in-person events they will almost certainly gain in scale. The digital reach of your events will be far greater than your live events could ever be (if you invest in marketing of course).
Also consider how you can help sponsors develop and execute their strategies to qualify, nurture and convert leads generated by digital event formats. Instead of taking direct enquiries, orders or doing deals in the live event format, as they’re used to doing, sponsors and exhibitors will have to work out how to identify and engage with their most likely future customers in different ways. So, take the initiative! Set up a ‘sales and marketing taskforce’ to help your clients build and optimise their lead funnels so that they end up with a good and measurable ROI from your events.
We all know that most of the money in the world of B2B events comes from clients. It will take some time to shift our models towards the safer subscriptions-led, recurring revenues. You will notice in our list of top six areas to focus on – I have still put ‘clients’ last. Because that is how the value chain works. Whatever you do, don’t let short term tactical moves to ‘keep our clients happy now’ sabotage the strategic priority of putting your audience first and in so doing creating and looking after your community.
Play the long game. Focus on delivering community-first value and hold your nerve. Don’t let the bumps in the road and inevitable setbacks knock you out of the premier league of the smartest and most valuable B2B media and events brands. Like top athletes, winning is about being determined, intelligent, psychologically resilient and laser focused on the end goal.
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