Monday, March 14, 2016

2 Huge Mistakes that Will Sink Even Your Strongest Event

Warwick Davies contributed today's post. With 25 year's experience running conferences and trade shows, he owns and operates The Event Mechanic!

Having been around in the business a while, I have had the luxury of watching great shows come and go, like watching cruise ships in the harbor. 

What are the critical factors that will hasten the decline of an event? I’d boil them down to two:

1. Losing positive engagement with your key stakeholders, who are: 
  • Top 10 sponsors
  • Top 10 content drivers or thought leaders
  • Top 10 attendee groups
  • Top 10 suppliers (hotels and general service contractors)
Someone has spent years building the relationships that grew the event to be a market leader. As the event grew, you may have started to take things for granted or gotten greedy, with large profits rolling in, and forgot the nuts and bolts of keeping relationships healthy and mutually profitable. As the market grew, your competitors became hungrier than you, and started treating your stakeholders better than you, and they started to drift.

2. Not knowing what’s going on in your market from a DNA level 

Is your knowledge of your marketplace ‘imported?” Are you part of the market or just serving it?  If the latter, how do you know which innovations to feature without being too forward or not forward enough? 

That’s the bad news. How do you reverse the trends? Just do the opposite of the above: make a commitment to keep all your relationships healthy and your knowledge current and relevant. Resting on your laurels in this business is going to eventually end in disaster…
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