The value of running events in a downturn
Some organisations take a very short term and narrow view of the effectiveness of their events and activities; they measure their success in terms of immediate cost and return, forgetting the concept of Lifetime Value.
Lifetime Value is the total amount of business that is generated year after year either directly or indirectly (through referrals) from a client, customer, sponsor or donor.
Lifetime Value is as vital to your organisation as compounding returns are to your investments.
A $100,000 event that generates a $100,000 client is seen as not successful.
If the $100,000 client stays with you for 10 years, you have a $1million client.
If you had cancelled the event, you would have missed out on $1 million dollars (the Lifetime Value).
In response to current market conditions, organisations have cancelled activities and events.
I think this is short sighted. By cancelling an event or activity you effectively:
Besides the financial return, events allow you to:
How else would you generate these same outcomes?
Cold calling, direct mail and advertising? I don’t think so!
Where do you want to be, pole position or back of the grid?
People’s needs haven’t disappeared, they’re just on hold and you need to be in pole position when they decide that it’s time to buy or give again.
Have the courage to keep activity going, keep your organisation at the front of the grid and sow the seeds for long term rewards.
Practicing what I preach, I have listed below public workshops and events that I will be speaking at over the next few months.
I could have postponed these activities until someone told me the downturn is over and it was safe to return, however experience tells me that activity leads to results.
Public Workshops
How to Attract More Business November 23
A one day workshop for people who need to become effective in business development.
Presenting to Attract More Business November 24/25
A two day workshop for people who need to become effective in business development presentations
How to Attract More Sponsors December 7/8
A two day workshop for people who need to become effective at attracting sponsors and corporate partners
Speaking