Strategies for Attracting and Growing the Right Audience

Strategies For Attracting & Growing The Right Audience 1

Growth Growth

Increase & Sustainability

It Happens 10

PlateausDeclining 11

Plateaus 12

Never learned how to acquire new customers 13

More than newcustomers – the RIGHT customers 14

Dependingupon easy sale & past marketing methods. 15

• Which groups do you provide programming for at your conference?• Who decides content/speakers for those groups? 16

ShotgunApproach

Allthings to allpeople

Big box department store discounted quantity for masses

Content defined by committees

Laser approachHighly amplifiedCoherent focused beam

• What is the primary objective of most conferences? 22

Revenue - profits

Revenue - profitsMonetize over a long time period

Product Centricity 25

Product CentricityMore product you sell, cheaper itbecomes to produce, sell more &make more money 26

Most Conferences Have Product Centricity MentalityThe more content offered for allstakeholders more likely people willregister 27

Product Centricity – Shampoo Model 28

Product CentricityCreate a conference.Market the conference.Sell the conference.Repeat. 29

Product CentricityTweak conference slightly 30

Cracks in Product CentricityAttendees:1. Demanding better experience. 31

Cracks in Product CentricityAttendees:1. Demanding better experience.2. Expect better ROI. 32

Cracks in Product CentricityAttendees:1. Demanding better experience.2. Expect better ROI.3. Like free agents, loyalty is fickle. 33

Product Centricity VulnerableWay you’re planning conferences morevulnerable than in past. 34

In The Past - Stacked DeckExpertise in industry. 35

In The Past - Stacked DeckExpertise in industry.Info delivery models that securedmarket share. 36

In The Past - Stacked DeckExpertise in industry.Info delivery models that securedmarket share.Few competitors 37

Perfect Storm 38

Perfect Storm1. Easy access to experts today. 39

Perfect Storm1. Easy access to experts today.2. Info widely available online. 40

Perfect Storm1. Easy access to experts today.2. Info widely available online.3. Increased competitors. 41

Not all registrants created equally 42

Customer Centricity 43

Customer CentricityFocusing on the right customer for strategic advantage. 44

Customer CentricityNot a philosophy 45

Customer CentricityNot a philosophyNot customer service 46

Customer CentricityNot a philosophyNot customer serviceNot being nice to customers 47

Customer CentricityCannot be fostered via mission/guide 48

Customer CentricityCannot be fostered via mission/guideStrategy: align topics with needs,solutions for most valuable customers 49

Customer CentricityAim: more profits for the long term 50

Is customer always right? 51

Is customer always right?Right customer always right! 52

Two Types Of Conf Customers 53

Two Types Of Conf Customers1. Good customers2. Everyone else 54

Your Org Better Served If 55

Your Org Better Served If1. Spent more time on attracting right, good customers for your conference. 56

Your Org Better Served If1. Spent more time on attracting right, good customers for your conference.2. Right customers hold key for long term profitability. 57

Your Org Better Served If1. Spent more time on attracting right, good customers for your conference.2. Right customers hold key for long term profitability.3. Right customers give strategic advantage over competition. 58

• How would you identify the right customer for your conference planning? 59

Economic Buyers

Economic BuyersDecision-Makers

Economic BuyersDecision-MakersMarket to grow

• Are these companies customer centric? Nordstrom Starbucks Walmart 63

Customer Centric?Nordstrom, Starbucks, Walmart don’tcollect long-term data about their loyalcustomers. 64

Customer Centric?Nordstrom, Starbucks, Walmart don’tcollect long-term data about their loyalcustomers. 65

Identifying Right CustomersRequires data collection 66

Identifying Right CustomersRequires data collectionCollecting, tracking & monitoring 67

Identifying Right CustomersRequires data collectionCollecting, tracking & monitoringPast purchasing habits 68

Identifying Right CustomersRequires data collectionCollecting, tracking & monitoringPast purchasing habitsInvesting in tech & staff to collect, sort 69

Product Centric ConferencesDevelop and sell education sessionsthey think their customers want. 70

Flip The Conference Model 71

Flip The Conference ModelCustomer Centric Conferences develop& sell education sessions they KNOWtheir customers want. 72

Flip The Conference ModelContent satisfies a pain pointProvides relevant solutions to problems 73

Flip The Conference ModelContent satisfies a pain pointProvides relevant solutions to problemsAggregation to curation 74

Flip The Conference ModelContent satisfies a pain pointProvides relevant solutions to problemsAggregation to curationRequires audience segmentation 75

Customer AcquisitionSales & marketing processes used 76

Customer AcquisitionSales & marketing processes usedIncludes staff time & benefits 77

Customer AcquisitionSales & marketing processes usedIncludes staff time & benefitsWeb, print, postage, pr, social media 78

New Customer AcquisitionCosts 6-7 X more than loyal customers 79

Conference ExampleAttendees: 1,600Revenue: $1,116,338 80

Conference ExampleAttendees: 1,600Revenue: $1,116,338 81

Conference ExampleAttendees: 1,600Revenue: $1,116,338Marketing: $342,000Speakers: $70,000 82

Conference ExampleAttendees: 1,600Revenue: $1,116,338Marketing: $342,000Speakers: $70,000Marketing is $214 per attendeeExperience is $44 per attendee 83

Acquisition Cost Of NewCustomer Vs Loyal Ones 84

Most orgs do not measure LTVLTV: Life Time Value Of A Customer 85

Most orgs do not measure LTVMailbox members/customers 86

Most orgs do not measure LTVLTV: Life Time ValueTotal number of events attended 3 yrsAdd the amount of revenueCompare customers 87

Unbalanced Conference Model 88

Balanced Conference Model 89

Who Is Your Ideal Target MarketFor Conference Growth?

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Strategies for Attracting and Growing the Right Audience

by Jeff Hurt on Jun 11, 2012

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Strategies for Attracting and Growing the Right Audience Presentation Transcript