Tag Archives: pay-to-play

Industry Conferences and Seminars: How to Extract their Real Business Value

dog-and-ponyRegardless of industry, conferences and seminars can be a significant waste of time, money and opportunity. But the conference sponsor is typically not at fault for the lack of return on this marketing investment. It’s often the result of poor planning, lack of creativity, outright laziness or unrealistic expectations by the companies that participate in them.

Here are three issues marketers should address, in advance of investing in a conference of any kind:

Do I understand the inherent marketing value of conferences? Before it became a “pay to play” world, there was some brand stature and inherent 3rd party endorsement associated with participation as a keynote speaker or panelist on a conference agenda. Nowadays, however, even if you’re invited to speak, attendees will likely assume that you’ve paid for the privilege, so the brand cachet is diminished.

The real marketing value of participation in any conference agenda is not based on what you say to the 100 attendees during your 15 minutes on the podium. Instead, it’s based on what you do, both before and after the conference, to reach, influence and engage the 1,000+ or 2,000+ decision-makers who were either too busy or too important to attend the event. In many respects, a conference simply provides a legitimate reason to communicate with those individuals who are most important you.

Do I have the internal discipline to make conferences a worthwhile investment? Because conferences are expensive, inefficient, haphazard and often difficult to evaluate, you must establish an internal discipline and specific strategies to harness their marketing value. For starters, you need access to a robust, accurate database of your clients, prospects and referral sources. Possessing a list of conference attendees, either before or after the conference, is helpful, but of lesser importance.

You also need to create a detailed communications strategy – tailored for each event – that addresses how you intend to:

  • Share intellectual capital associated with the event (either generated by you or someone else), and how to…
  • Leverage that intellectual capital to drive engagement with your target audiences either before and / or after the conference.

For example, if you’ve given a conference presentation, you can send highlights of your remarks to your database shortly after the event, and offer to send them your complete remarks or PowerPoint slides. Or you can convert your presentation into a bylined article for publication in an appropriate business or trade journal, and then send target audiences the published piece along with a personalized cover note.

If you’re not on the podium, you’ll need to be more creative. For example, you might send your target audiences a “Sorry I missed you…” communication that provides your insights on the conference’s highlights, or expresses a contrarian viewpoint related to its underlying theme. Or you might even consider hi-jacking the conference agenda, by inviting high-value targets to a roundtable discussion / reception at a very exclusive venue near the event. (Conference sponsors do their best to prevent this type of guerilla marketing.)

In all cases, the strategic goal is to amortize the time and money you’ve invested in the conference, in order to reach a wider and often times more appropriate audience. By using the conference credibility (or its related topic / theme) to showcase your intellectual capital, drive top-of-mind awareness and foster direct engagement, you’ll have a much greater likelihood of yielding a connection between the event and tangible business metrics, including new client engagements and revenue growth.

Are my expectations for this conference realistic? Sometimes lightning actually does strike: you’ll make a connection at a conference that eventually leads to new business. But most of the time, putting your company’s logo on a lanyard, participating in a panel discussion, or sponsoring a mid-morning coffee break will lead to absolutely nothing. If there were a consistent direct connection between conference participation and business growth, there would be a very long waiting list for sponsorships.

If you understand that conferences will always be a low percentage marketing strategy, then you have a clear choice. You can either:

  1. Avoid conferences altogether, by hosting your own private events or programs.
  2. Leverage your participation to showcase intellectual capital with a wider audience.
  3. Simply enjoy the camaraderie, the golf / tennis / beach, and the nightlife…and hope for the best.

In short, conference participation is similar to all other marketing-related tactics. Smart, focused and strategic behavior will always produce better outcomes than “one-size-fits-all” solutions.

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Stop the Insanity. Fire Your PR Firm in 2014.

The attribution is unsupported, but Albert Einstein is often credited with the quote: “Insanity is doing the same thing over and over again, and expecting different results.” Its source notwithstanding, the axiom applies perfectly to the great number of companies that retain PR firms, year after year, to generate publicity that will have little or no impact on tangible business outcomes.

Over the past 5 decades, to rationalize hefty monthly fees, the PR profession has successfully promoted three underlying assumptions:

  • Any publicity is good publicity.
  • The more publicity, the better.
  • Publicity generates revenue.

Here are just a few reasons why it’s insane for most businesses to base their marketing strategy on any of those assumptions:

  1. Lots of Media Exposure is Worthless. The “worthless media” category can include one-off quotes or mentions in round-up stories that also reference your competitors…if you’ve gained no unique mindshare.  It can include appearances on network and cable TV…if the topics have a short shelf-life, or are unlikely to be of interest to target audiences.  And it always includes exposure in advertorials (regardless of the sponsoring publication’s stature) and feature articles in pay-to-play vanity publications…because you gain no credible 3rd party validation.
  2. Counting Media Clips is a Zero Sum Game. PR firms often justify their value by the sheer volume of media exposure they generate…regardless of whether it stakes out intellectual territory, supports a client’s value proposition, or differentiates them in the marketplace. The goal should be to create an arsenal of effective credibility tools; not simply to generate clippings to hang like hunting trophies in the “Media” section of a website.  This zero sum game is also played in social media, where scorecards of “likes” and “followers” are used as hollow substitutes for meaningful business metrics.
  3. It’s All About Merchandising. Business leaders must address two key questions in advance of seeking any publicity: “1. What type of media exposure will benefit us most?” and “2. If we gain that exposure, what will we DO with it?” Responses to Question #2 must provide clear direction regarding how it will support the firm’s sales and marketing strategy; how it will be used to drive leads; how it will initiate meaningful conversations with clients and prospects; and how it can be leveraged to gain other opportunities for targeted exposure.

Most PR firms fail to deliver on the potential of their craft because performing it correctly requires really hard work, takes time, and demands accountability for business results. Your role as a responsible client requires that you hold your PR agency’s feet to the fire by expecting results that have a measurable impact on your company’s balance sheet. It also means that you must provide your agency with the time and guidance necessary for them to deliver something more than a pile of useless press clippings.

If you’re unwilling to make that commitment, or if they’re incapable of delivering on your expectations, then it’s time to stop the insanity. Fire your PR firm in 2014.

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Thought Leadership For Sale: Surviving in a Pay-to-Play World

Pay-to-Play Is a PR Business Reality

Most PR practitioners quickly learn that the Chinese Wall protecting editorial integrity from the influence of paid advertising can be, like the Pirate’s Code, “more of a guideline than an actual rule.” For better or worse, at a great number of well-known and respected media sources, advertising can purchase anything from regular coverage of meaningless news items, to top billing in an industry roundup, or even an outright puff piece.

Despite denials and indignation from journalists, money does talk at many print, electronic and online media sources; often in direct relation to the financial health and business prospects of its corporate owners. These quid pro quo arrangements are never in writing, and typically communicated over a lunch with a publisher or sales rep who, with a smile or a wink, assures the client or agency that, “I have no influence over editorial…but I’ll see what I can do.”

Trade and professional associations are not burdened with an obligation of intellectual honesty akin to that of the Fourth Estate. But it’s safe to assume association membership expects that guest speakers and “experts” featured on the agenda of their organization’s annual conference will be selected on the basis of experience, insight and presentation skill. A small number of these groups do restrict vendors from agenda participation, but at most industry conferences, any outside 3rd party can purchase a prominent place on the program agenda…and many of those presentations are poorly disguised sales pitches.

This sale of “thought leadership”– market visibility with inherent credibility – is neither a recent development nor a crime that deserves a congressional investigation. Pay-to-play is a fact of business life, and to deal with this reality, PR and marketing professionals can either:

  • Use the market advantage that deep-pocketed companies have over their (limited budget) client or employer as a convenient rationalization for their inability to generate (unpaid) thought leadership; or they can
  • Stop whining, get creative, and lacking economic resources, promote bona fide content and foster personal relationships as currency to generate thought leadership.

With the media, succeeding in a pay-to-play world means two things.  First, it means creating content that’s timely, tailored for the recipient and never delivered in a press release. Secondly, it means building good will with key journalists by consistently providing them with relevant information and ideas, regardless of whether it relates to your company or client, without any expectation of immediate return.

With public platforms, succeeding in a pay-to-play world mostly means advance planning. It can begin by attending the prior year’s event to get a sense of the organization’s membership, priorities and culture, and to meet the group’s leadership. Conference agenda development can start 9 or more months in advance of the event, so it’s important to be on line early with a topic likely to resonate with members. It also helps if your proposal features a dues-paying member of the sponsoring organization.

In both cases, succeeding in a pay-to-play world means managing internal expectations. From the outset, your CEO or client needs to understand that you’re running against the wind, and in exchange for that effort, you must be given permission to fail.

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