January 2008 Cheat Sheet: Prepare to Launch By Linda C. Chandler
Producers who launch successful new events rely on both market research and that gut instinct that only experience gives. Experts share what they’ve learned about getting a new event up and running.
Get the facts about the marketplace. ■ Go to associations, trade publications and Web sites in the industry and find out all you can about the scope and health of the market. Look for information about mergers and new players entering or exiting the industry. ■ Know what’s happening that can affect the industry you’re targeting. Read The Wall Street Journal, Financial Times and other business publications. Don’t overlook international news related to your industry. ■ Look at advertising ratios in industry magazines and check advertising inventory on Web sites. Which companies are big advertisers and sponsors across various sites and publications? Are these limited to only a few players? ■ Use government statistical data, such as that available from the Department of Commerce, and public information from regulatory bodies. Get financial data on the value of the industry to the economy, sizes of companies involved in production and distribution, and other key economic factors.
Step up research. Use your connections to get introductions to industry analysts and leaders so you can “pick their brains” about the type of new event that would work best or best serve the market. Look for well-attended industry conferences that do not include a trade show or that have only tabletop displays. Explore the fringes of current industry events. Are any sub-areas growing in importance or feeling underserved? Try to get a handle on trends, regulations or new technologies that are driving the future of the industry. Determine whether your idea and an existing event have complementary strengths that may create synergies for good partnering.
Know the competition. ■ Attend existing shows and talk to exhibitors and attendees. Learn the strengths and weaknesses of established events from both perspectives. How will your show be different? ■ What are the industry’s sales cycles like and when are the other shows held? ■ Find out if exhibitor participation and attendance is growing or shrinking. How many exhibitors are new? ■ Look at attendee pricing, booth pricing and sponsorship levels. ■ What are conferences in the industry like? Are speakers of high caliber and are keynote speakers a draw? ■ Find out which educational sessions are drawing the most attendees at existing conferences and shows. ■ Learn who the key buyers and sellers are and find out whether they think there are any unfulfilled needs. Find out if they would invest in an additional event. ■ Talk to media people who cover the industry to get their insights into what is happening within particular shows or conferences.
Know the attendee audience. - Conduct phone or online surveys, focus groups or roundtables to gauge probable participation and help formulate the design and scope of a new offering. Rent lists if necessary. Get feedback on dates, locations and other important elements, such as educational needs, hot topics or new product demos. - Sign up for listservs or blogs where activists are discussing issues and needs. What are their “pain points”? Is there confusion about where
Decide on a format. ■ Your research and feeling for the potential participation will help steer your decision about the initial format of your event. ■ Can you develop a pavilion concept within an existing show? ■ Can you partner to produce a show for an existing conference without one? ■ Should you start a small show and co-locate with a larger event to test the waters? ■ For a break-out event, can you secure several key exhibitors and sponsors? ■ Must you have a traditional trade show? Would the market be better served with a hosted buyer program or other nontraditional event?
Test your idea. • Do a podcast or Webinar on the topic you plan to build the event around and judge participation. • Gauge response to a special editorial piece online or in print. • Consider the entire universe of the industry and ask, “If just 10 percent of potential exhibitors and sponsors participated, would the event have financial viability and an image making it worth repeating?” • Host receptions or special events in target cities to judge turnout.
Assess your success. ■ Track attendance. Use separate registration if colocating, electronic tracking or some other method of knowing just who participated in your launch. ■ How many booths and sponsorships were sold and for what revenue? Do you already have booths and sponsors willing to book for the future? ■ What do attendee and exhibitor surveys say? Can you easily make adjustments they recommend? ■ What kind of media attention did the event generate? Will “buzz” help promote future events? ■ What is the growth potential? Will growth force changes in venues or dates? ■ If you’re partnering or co-locating, would it best serve the market to continue as is or will the new event be able to make money on its own?
Pick a Time And Place. • If you’re planning a stand-alone event, you’ll need to consider scheduling with other industry events in mind. Sometimes a “piggyback” in the same city just before or after another event will work. Other times, you will plan for an entirely different season and locale. • What is the availability of suitable venues, either hotels or halls where you think you want to produce your event? • Timing is critical. If you have a hot idea, you want to get it to fruition before someone else notices the possibilities, but if you’re too far ahead of the curve, there may not be sufficient pent-up demand. • Essentially, do you have enough time to secure a venue and sell and produce the event? Some new offerings can take shape quickly. An average or mid-size event should have a minimum six months for successful marketing. If it isn’t technology-oriented or a rush to market, most are ideally created over a year or up to two years. • Determine which destinations have the largest concentration of potential attendees and investigate how the local CVB can help you identify those regional attendees.
Advice from the experts. ■ Remember, new launches can work in both good and bad times in the industry. If times are good, everyone is participating, but if there is a downturn or regulatory challenges, etc., people need solutions, so opportunities still exist. ■ Don’t fall in love with an idea. You have to be willing to let go if research indicates there is insufficient need or reason for something new. Knowing when not to launch is important. ■ New launches are risky and a hard way to grow business, but if you hit on the right idea at the right time, it can create tremendous value. ■ Each scenario is different and requires a different approach. You must weigh the competition, the availability of venues, partnerships, the total package, plus you need buy-in from your internal team.
Linda C. Chandler is a freelance writer and editor based in Tyler, TX. She has written for association and convention publications for 19 years and is an active member of Tyler CVB’s tourism committee. Contact her at linda.chandler@earthlink.net. Meet the Experts • Tim Bourquin, TNC New Media, (949) 348-2590, ext 15, www.tncnewmedia.com • Sean Guerre, The Trade Fair Group, (832) 242-1969, www.tradefairgroup.com • Mary Long, Mary Long Marketing, (646) 232-4793, www.marylongmarketing.com • Carolyn Rauch, IDG World Expo, (602) 955-0050, www.idg.com More on EXPOweb.com
Case Study The Industrial Fire and Security show began by co-locating with the Clean Gulf Conference and Exhibition in November 2005. “It was a case of identifying a need in a tangential area closely related to shows we already produced,” says Sean Guerre, president of the Trade Fair Group, Houston. The Trade Fair Group has a large program committee that provides input to help guide discussion of potential opportunities. Successful partnering with a leader in fire training helped make the show a success and establishing separate registration to get good attendee counts provided proof that it could stand alone after the first year. IFS was named one of the Best New Shows by EXPO in 2006. It became a separate show in February 2007 and will be in its third year in 2008.
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