Oftentimes event strategy takes a backseat. Why? Planners get so bogged down by the day-to-day it can be challenging to focus on the bigger-picture strategic plan. Sound familiar? Simply put, Event Strategy is an organization’s ability to develop a purposeful, measurable, and data-informed meetings and events program. This strategy should align with organizational goals. The effectiveness of an Event Strategy lies in the clarity and relevance of its key performance indicators (KPIs), how an organization decides which events to host and attend (the event selection process), how events are approved, and budget management.
Key Performance Indicators (KPIs)
From user conferences to trade shows, roadshows to seminars, there are many different types of events an organization can host or attend. Generally, each event serves a different purpose and it’s important to articulate what success looks like for each type of event. For example, trade shows are great ways to generate leads, while a roadshow may be held to accelerate pipeline. Defining how you’ll measure success for each event type is central to communicating their value.Event Selection
Organizations host and attend events for a variety of reasons. Occasionally, organizations will host or attend an event simply because an invite hit an inbox at just the right time. Rather than guessing and responding by “gut feel,” more mature organizations have a defined rationale for hosting and attending each event, usually backed by data that shows whether that event has been successful.Budget Management
Almost all events have budgets. Delivering an impactful event within that budget is a core goal for almost every event professional. However, the level of visibility and control into event budgets varies widely. Some organizations build an event budget and track spend, while others struggle to build a budget at all. Clearly, the more visibility, control, and insight into the amount you have and how it was spent, the better your organization will be at budget management.Event Approval Process
How does an event end up on someone’s desk to start with? Some organizations have well-defined approval chains, ensuring that each event is known, budgeted, and in-line with the overall strategy. Others are executed because someone had an idea, an opportunity suddenly surfaced, etc. As your meetings and events program – and budget – grows, ensuring each event is purposeful and visible becomes a best practice. Want to find out where your event strategy ranks on the Event Evolution Model? Take the Quiz!
