Wednesday, September 7, 2016

Live Events: Wanamaker's Worry and the Pedigree Problem

Half the money I spend on advertising is wasted; the trouble is I don't know which half.
John Wanamaker

B2B CMOs spend more than 50 cents of every dollar on live events.

But they don't share Wanamaker's Worry.

They never ask, how much of my money is wasted? They simply boost event budgets when sales are up; and slash those budgets when sales are down.

Event managers will gripe all day about spotty crowds, the cost of drayage, and the bungling of lead follow-up. But the foolhardy spending begins and ends with CMOs—specifically, with their pedigrees.

CMOs ascend to their lofty jobs through predictable routes. Advertising. Digital. PR. Research. Product management. Sales. 

Have you ever heard of a CMO who once held the job of event manager at his—or any—company?

The consequence of their pedigrees is: CMOs bring blinders to the job, when it comes to live events.

It's why they don't share Wanamaker's Worry.
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