What Makes a Successful Event Manager? Profitability.
Your career opportunities expand rapidly if you are seen as a manager who affects the profitability of the organization and not just your own budget. The best way to do this is to relate the accomplishments you measure to the basic business profit equation.
Revenue – Expense = Profit
In fact, the following two simple concepts will be the underlying basis for this entire series of tips and articles:
- Your success as an event marketing manager
- Relating accomplishments to business profitability
So let’s get started. . .
Revenue related accomplishments in a marketing context are usually related to sales. Generating new sales through interactions and resulting leads with potential buyers is the most obvious. Not so obvious, is protecting and growing the revenue you already have through your existing customers. Your event plans should address both.
Expense related accomplishments in an event marketing context are virtually unlimited. Expense reductions (aka cost savings) impact profitability dollar for dollar. When you have your company CEO meet with thirty customers and prospects over three days at a major event, consider the savings to your company.
- Would a trip for the CEO to meet with those same customers individually cost $10,000 or more?
- If you use the media center at a big show to accomplish a major announcement or product launch, how much is saved compared to doing it independently?
- When you reduce the number of sales calls from five to two for qualified visitors reached through your shows, what is the impact on sales expense?
- When you develop new digital graphics, video, web pages and social media for a major show, how many times will those assets be reused in the future and for how many purposes?
The examples are endless. Expense reductions are the greatest and most varied opportunities available to you as an event marketing manager. Expense related accomplishments should be a part of every show plan.
A good measurement program will show if your events are paying off for the business and if they are being managed for optimum efficiency. Measurement will also show you how to improve your accomplishments in both categories.