Turn Events into a Growth Engine with Customer Centricity
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This document summarizes a Wild Apricot webinar on using events to drive organizational growth. The webinar was presented by Jeff Hurt of Velvet Chainsaw Consulting and covered strategies for identifying the right target audience for events, focusing on high-value customers through a customer-centric approach, and measuring the lifetime value of customers to understand acquisition costs. The webinar highlighted how most conferences focus on acquiring new customers through a product-centric model, but long-term growth depends on retaining loyal customers and targeting programming to their specific needs.
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Turn Events into a Growth Engine with Customer Centricity
- 1. Wild Apricot Expert Webinar Build. Connect. Grow. Membership & more.
- 2. Wild Apricot Expert Webinar Presented by Summit Webinar 3 How to Turn Your Events into a Growth Engine for your Organization Jeff Hurt Velvet Chainsaw Consulting
- 3. Wild Apricot Expert Webinar Donald Cowper Story Apricot Content Manager Your Wild Apricot Hosts Rano Ghosh Invictus Apricot Customer Success Coach
- 4. Wild Apricot Expert Webinar We will email you a link to a recording of this webinar. See more webinars: www.wildapricot.com/academy
- 5. Wild Apricot Expert Webinar
- 6. Wild Apricot Expert Webinar 50,000 membership managers use Wild Apricot everyday 10 years old!
- 7. #1 Membership Management Software Provider
- 8. Wild Apricot Expert Webinar Your Presenter Jeff Hurt Velvet Chainsaw Consulting
- 9. Photo by Johnny Vulkan - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/26614375@N00 Created with Haiku Deck
- 10. 10 Strategies For Attracting & Growing The Right Audience
- 11. Photo by Matt. Create. - Creative Commons Attribution-NonCommercial-ShareAlike License https://www.flickr.com/photos/76583692@N00 Created with Haiku Deck
- 14. Law of the Click
- 15. 15
- 18. Tweet Unto Others As You Would Have Them Tweet Unto You. 18 @JeffHurt
- 22. About Me • Coal Miner’s Grandson • West Virginia Hillbilly • Nonprofit Junkie • Environmental Advocate • Meeting & Event Professional • Education Evangelist 22
- 23. 23
- 24. Executive Vice President Education & Engagement 24
- 25. About You 25
- 26. 26 What is your favorite dessert?
- 27. 27
- 28. 28
- 29. 29
- 31. Which of these LOs important to you? 31 Your Turn
- 32. 32 • Gain strategies to identify & maintain market share of economic buyers & decision makers • Explore how audience segmentation is critical to conference success • Compare acquisition costs of new attendees vs costs of loyal attendees
- 35. Growth Growth
- 37. 37 It Happens
- 39. 39 Plateaus
- 41. What do you currently do with your events to create growth? 41 Your Turn
- 42. 42 Never learned how to acquire new customers
- 43. 43 More than new customers – the RIGHT customers
- 44. 44 Depending upon easy sale & past marketing methods.
- 45. • Which groups do you provide programming for at your conference? Small Group Discussion 45
- 46. Shotgun Approach
- 48. Big box department store discounted quantity for masses
- 49. Who decides content/speakers for those groups? 49 Your Turn
- 50. Content defined by committees
- 51. Laser approach Highly amplified Coherent focused beam
- 52. • What is the primary objective of most conferences? Small Group Discussion 52
- 54. Revenue - profits Monetize over a long time period
- 56. 56 Product Centricity More product you sell, cheaper it becomes to produce, sell more & make more money
- 57. 57 Most Conferences Have Product Centricity Mentality The more content offered for all stakeholders more likely people will register
- 58. 58 Product Centricity – Shampoo Model
- 59. 59 Create a conference. Market the conference. Sell the conference. Repeat. Product Centricity
- 60. 60 Tweak conference slightly Product Centricity
- 61. 61 Cracks in Product Centricity Attendees: 1. Demanding better experience.
- 62. 62 Cracks in Product Centricity Attendees: 2. Expect better ROI. 1. Demanding better experience.
- 63. 63 Cracks in Product Centricity Attendees: 2. Expect better ROI. 3. Like free agents, loyalty is fickle. 1. Demanding better experience.
- 64. 64 Product Centricity Vulnerable vulnerable than in past. Way you’re planning conferences more
- 65. 65 In The Past - Stacked Deck Expertise in industry.
- 66. 66 In The Past - Stacked Deck Expertise in industry. Info delivery models that secured market share.
- 67. 67 In The Past - Stacked Deck Expertise in industry. Few competitors Info delivery models that secured market share.
- 68. 68 Perfect Storm
- 69. 69 Perfect Storm 1. Easy access to experts today.
- 70. 70 Perfect Storm 1. Easy access to experts today. 2. Info widely available online.
- 71. 71 Perfect Storm 1. Easy access to experts today. 3. Increased competitors. 2. Info widely available online.
- 72. 72 Not all registrants created equally
- 74. What does customer centricity mean to you and your events? 74 Your Turn
- 75. 75 Customer Centricity strategic advantage. Focusing on the right customer for
- 76. 76 Customer Centricity Not a philosophy
- 77. 77 Customer Centricity Not a philosophy Not customer service
- 78. 78 Customer Centricity Not a philosophy Not customer service Not being nice to customers
- 79. 79 Customer Centricity Cannot be fostered via mission/guide
- 80. 80 Customer Centricity Cannot be fostered via mission/guide Strategy: align topics with needs, solutions for most valuable customers
- 81. 81 Customer Centricity Aim: more profits for the long term
- 82. 82 Is customer always right?
- 83. 83 Is customer always right? Right customer always right!
- 84. 84 Two Types Of Conf Customers
- 85. 85 Two Types Of Conf Customers 1. Good customers 2. Everyone else
- 86. 86 Your Org Better Served If
- 87. 87 Your Org Better Served If 1. Spent more time on attracting right, good customers for your conference.
- 88. 88 Your Org Better Served If 1. Spent more time on attracting right, good customers for your conference. 2. Right customers hold key for long term profitability.
- 89. 89 Your Org Better Served If 1. Spent more time on attracting right, good customers for your conference. 2. Right customers hold key for long term profitability. 3. Right customers give strategic advantage over competition.
- 90. How would you identify the right customer for your conference planning? 90 Your Turn
- 91. Economic Buyers
- 93. Decision-Makers Market to grow Economic Buyers
- 94. • Are these companies customer centric? Nordstrom Starbucks Walmart 94 Your Turn
- 95. 95 Customer Centric? Nordstrom, Starbucks, Walmart don’t collect long-term data about their loyal customers.
- 96. 96 Customer Centric? Nordstrom, Starbucks, Walmart don’t collect long-term data about their loyal customers.
- 97. 97 Identifying Right Customers Requires data collection
- 98. 98 Identifying Right Customers Requires data collection Collecting, tracking & monitoring
- 99. 99 Identifying Right Customers Requires data collection Collecting, tracking & monitoring Past purchasing habits
- 100. 100 Identifying Right Customers Requires data collection Collecting, tracking & monitoring Past purchasing habits Investing in tech & staff to collect, sort
- 101. 101 Product Centric Conferences Develop and sell education sessions they think their customers want.
- 102. 102 Flip The Conference Model
- 103. 103 Flip The Conference Model Customer Centric Conferences develop & sell education sessions they KNOW their customers want.
- 104. 104 Flip The Conference Model Content satisfies a pain point Provides relevant solutions to problems
- 105. 105 Flip The Conference Model Content satisfies a pain point Provides relevant solutions to problems Aggregation to curation
- 106. 106 Flip The Conference Model Content satisfies a pain point Provides relevant solutions to problems Aggregation to curation Requires audience segmentation
- 107. 107 Customer Acquisition Sales & marketing processes used
- 108. 108 Customer Acquisition Sales & marketing processes used Includes staff time & benefits
- 109. 109 Customer Acquisition Sales & marketing processes used Includes staff time & benefits Web, print, postage, pr, social media
- 110. 110 Costs 6-7 X more than loyal customers New Customer Acquisition
- 111. 111 Revenue: $1,116,338 Attendees: 1,600 Conference Example
- 112. 112 Revenue: $1,116,338 Attendees: 1,600 Conference Example
- 113. 113 Conference Example Revenue: $1,116,338 Marketing: $342,000 Speakers: $70,000 Attendees: 1,600
- 114. 114 Conference Example Revenue: $1,116,338 Marketing: $342,000 Speakers: $70,000 Attendees: 1,600 Marketing is $214 per attendee Experience is $44 per attendee
- 115. 115 Acquisition Cost Of New Customer Vs Loyal Ones
- 116. 116 Most orgs do not measure LTV LTV: Life Time Value Of A Customer
- 117. 117 Mailbox members/customers Most orgs do not measure LTV
- 118. 118 Total number of events attended 3 yrs Add the amount of revenue Compare customers Most orgs do not measure LTV LTV: Life Time Value
- 121. For Conference Growth? Who Is Your Ideal Target Market Your Turn
- 122. 122
- 123. 123
- 124. 124
- 125. Thank You
- 126. • dmourati • loungeri • Leo Reynolds • Vizzzual.com • Eiser Bahner • Kehm • Kevin Rouhte • Gin_able • Abbyladybug • vermininc • Johnny Vulcan • neys • coofdy • clagnut • sanctu • Jeremy Brooks • minipixel • stevendpalo Images by:
- 130. #1 Membership Management Software Provider www.wildapricot.com
- 131. Wild Apricot Expert Webinar Presented by Summit Webinar 3 How to Turn Your Events into a Growth Engine for your Organization Jeff Hurt Velvet Chainsaw Consulting
- 132. THE END