Going Virtual: 7 Tips for Media Profitability
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The publishing industry suffered one of its worst years in 2009 with many titles either folding, selling or at the very least trimming down. This is expected to continue throughout 2010 with many publishers facing enormous pressure as they watch print advertising continue to drop, traditional online concerns stall and trade shows struggle. But the news is not all bad. The one area where publishers are seeing revenue and profit growth is in virtual events—either through webcasts or virtual trade shows. Even further, those publishers that have adopted a hybrid model combining their physical events with a virtual element are truly on the cutting edge of where the industry is going and reaping the benefits. Before embarking on any virtual event business plan there are certain nuances and best practices that publishers need to follow in order to maximize their efforts and achieve the highest return on their investment. Join Tom Cintorino, formerly at PennWell and now with Northstar Travel, as he walks you through, step-by-step how his organizations have embraced this model successfully. Also hear from Robin Klombers, Vice President of Client Services, InXpo, as she discusses the importance of committing the appropriate staff and resources to a virtual show production.
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Going Virtual: 7 Tips for Media Profitability
- 1. Going Virtual: 7 Tips for Media Profitability
- 2. Growing Market Potential Source: Market Research Media
- 3. Revenue Opportunities Virtual Exhibits grew by 12% from first virtual trade show to second. (Source: InXpo 2009) We have an obligation as Publishers to reach out to an audience the way they communicate best – 360 degree approach to marketing, 24/7
- 4. WEBCASTS “75 percent of business decision-makers said they attended three or more Web-based events during the past 12 months” Source: American Business Media and Forrester Research
- 5. VIRTUAL EVENTS Northstar Travel Media Example
- 6. HYBRID EVENTS “We adapted a blended approach to augment our FDIC [Fire Department Instructors Conferences] conferences with a virtual companion. This enabled us to deliver high-quality training to fire service professionals in the most convenient format for them— physically and virtually” Eric Schlett, Vice President/Executive Director of Fire Engineering
- 7. 7 Tips for Media profitability
- 8. TIP #1: Plan Ahead
- 9. TIP #2: Appoint an Internal Champion
- 10. TIP #3: Content is STILL King
- 11. TIP #4: Engage Your Audience * * *
- 12. TIP #4: Educate Everyone
- 13. TIP #6: Multi-Prong Marketing Approach
- 14. TIP #7: Select the Right Technology Partner
- 15. 7 MORE Tips for Media profitability
- 16. TIP #1: Fewer bigger or lesser smaller? By ameer1234567890 via flickr
- 17. TIP #2: Process Permutation for Prudent Production By adamcarroll via flickr
- 18. TIP #3: Success Metrics – get them or die a thousand deaths
- 19. TIP #4: F2F or F2C (computer) – Event Alignment & Leverage * * *
- 20. TIP #5: Crazy Eddie’s Lead Generation
- 21. TIP #6: Multiple vertical or single horizontal By nocklebeast via Flickr
- 22. TIP #7: Differentiation Strategy
- 23. Contact Information Robin Klombers InXpo contactsales@InXpo.com www.InXpo.com Tom Cintorino Northstar Travel Media (http://www.northstartravelmedia.com Download the “Virtual Events, Real Profits: 7 Tips for Media Profitability” white paper at www.InXpo.com/pubexec.
Editor's Notes
- According to Market Research Media, the Virtual conference and tradeshow market will be a $18.6 billion market from 2010-2015. Frankly, we believe that this is under reporting the potential when you consider that the global conference market is over $100 billion according to Meetings & Conventions’ market research report.
- Let’s also look at the myth that this will cannibalize on your exiting revenue opportunities. As you can see here, we noted that virtual exhibits actually GREW by 12% from the first virtual trade show to the second. Physical exhibition space is declining by 13.3%. let’s look at three models for going virtual that we see within the media & publishing industry. Report Methodology: http://www.tradeshowweek.com/article/CA6718634.html Quarterly Report of Tradeshow StatisticsHow the Report Was CompiledOnly tradeshows with at least 30,000 net square feet of paid exhibit space are included in Tradeshow Week’s Quarterly Report of Tradeshow Statistics. While the quarterly report includes medical shows, a separate report is compiled to analyze that specific industry segment.The quarterly report only includes shows whose managers supplied figures to TSW. Managers of 736 shows were telephoned, faxed and e-mailed up to three requests for statistics; 58 of them responded. Of those, 51 were eligible for inclusion in the report, producing an 11.5-percent response rate.Although every effort is made to be accurate, not all statistics are subject to total verification. TSW accepts the statistics of show management as factual, while making as many inquiries as necessary to resolve apparent exaggerations or inconsistencies. In the past, facility managers, decorators, exhibitors or managers of competing shows have identified inaccuracies. Such assistance is appreciated, and a correction will be printed when an inaccuracy can be substantiated.In order to footnote that a show was audited, the show must provide TSW with documentation of the audit. If an audit still is pending at press time, TSW will note as such, only if the previous consecutive show also was audited.The next quarterly report, analyzing shows held from January through March, will be published May 24.
- First webcasts. This is the basic of all virtual events with minimal engagement and complexity to the environment.
- The next level is virtual events that drive much more engaging experiences. Info from Eric regarding Northstar travel
- Finally we see 2010 as the year of the hybrid event.Goals: Reach new audiences, drive new sales leads to exhibitors, and provide quality educationImplementation: Physical event held first, virtual held 3 months later – all education focused. Limit number of exhibitors at virtual.Reaches different audiencesResults: 3,700 registrants and a 62% attendance ratePennWell deliver over 30 virtual events in 2010
- Depending on your needs and audience, you want to make sure that you have the right virtual event partner. This includes: - A platform that is flexible enough to grow with your needs, including audience sizes, reliability, and integration with third-party Web 2.0 technologies and other applicationsMust be easy-to-use so your exhibitors can easily select, create and brand their exhibit booths without a lot of effort on your part The right reporting backend to provide detailed reports in a easy click and run format, as well as to provide lead scoring to identify a – f leadsFinally, assuming that you have the “SASS” being SASSE (next slide)