Antix Consulting Insights
Introduction
In the highly competitive landscape of government contracting, events are not merely gatherings but pivotal platforms for networking, learning, and growth. These events present strategic opportunities to forge vital alliances, grasp the latest industry trends, and spotlight your company in the GovCon sector. However, unlocking the true potential of these events hinges on a well-structured plan. A meticulously crafted approach to selecting and attending GovCon events can significantly amplify your business development efforts. It ensures that every handshake, every exchange, and every presentation translates into tangible business growth. In this article, we will delve into the key aspects of developing an effective events strategy and offer a valuable free resource designed to evaluate GovCon events and determine their return on investment (ROI), helping you make informed, strategic decisions for your business's growth.
Update: After we originally posted this article, we had a great conversation with Shelley McGuire from Shelley's Events. Shelley produces amazing events for the GovCon industry and on the podcast she provided her insights about event strategy and her picks for 2024 networking events. Click here to listen to the podcast.
Target Audience Presence—the Key to Determining Event ROI
Before diving into the macro view of crafting your events strategy, it's crucial to acknowledge the paramount factor in considering event attendance: the presence of your target audience. This element is the bedrock of determining event ROI. It transcends the mere filling of seats to ensuring those seats are occupied by decision-makers, influencers, and potential partners who align with your mission and can benefit from your services. Grasping the demographics, professional roles, and agency affiliations of attendees empowers you to tailor your engagement strategy effectively. Such tailored efforts ensure that you are not just attending but actively engaging, nurturing relationships that are most consequential. This strategic alignment elevates your participation from passive attendance to active, dynamic engagement, paving the way for lead generation. Therefore, gauging the presence of your target audience is not merely a step but a strategic imperative, acting as a definitive gauge of an event's potential to fuel the growth and success of your GovCon venture.
With this foundational understanding in place, let's delve into the key aspects of formulating your comprehensive events strategy.
Setting Clear Objectives
When it comes to maximizing the potential of BD events in the GovCon sector, setting clear, strategic objectives is fundamental. It's not merely about attending; it's about leveraging every moment for networking, education, and partnership opportunities. One high-quality lead can often justify the investment in an event, delivering substantial ROI by opening doors to new ventures and collaborations.
To ensure your event strategy aligns with your business goals, adopt the SMART framework for objective setting. Define Specific goals that are clear and direct. Ensure they are Measurable, so you can track progress and outcomes. Set objectives that are Achievable, considering your resources and capabilities. They should be Relevant to your overarching business strategy, ensuring that each event contributes meaningfully to your goals. Finally, make them Time-bound, with a clear timeline for achievement and review. This structured approach to objective setting transforms event attendance from a routine task into a strategic endeavor, turning potential interactions into valuable business outcomes and ensuring your return on investment.
Practical Example
Consider setting a comprehensive event strategy for the year with the following measurable objectives:
Attend 12 carefully selected events, generate a minimum of 18 high-quality leads, engage in at least 9 substantive follow-up calls or meetings, and ultimately close at least one significant sale. This sale should aim to yield a revenue of $X, ensuring that the value derived is at least 5x the total annual expenditure on event-related activities.
This structured approach not only brings clarity and focus to your event attendance strategy but also sets a clear benchmark for evaluating the success and ROI of your participation in these events.
Event Selection: Event Type Matters—In-Person vs. Virtual
In the GovCon sector, the emphasis remains predominantly on in-person, paid events. While integrating no-cost or low-cost (i.e., $25 or less) virtual events can supplement your strategy, the foundational fabric of our industry is woven through in-person interactions and handshakes. With the easing of Covid restrictions, this trend continues to prevail, not just in GovCon, but across various sectors.
Reflecting this sentiment, a study released in early 2023 highlighted a notable trend among marketers and exhibitors in the United States. The data revealed that one out of every five respondents planned to amplify their investment in VIP customer events throughout the year, underscoring the value placed on high-quality, face-to-face interactions. Conversely, none of the respondents indicated an intention to increase spending on virtual events, signaling a clear preference for the tangible connections that only in-person events can foster. (Source: Statista)
We already mentioned that Target Audience Attendance is the critical factor in selecting events, but there are many other factors to consider, especially when there are so many events to choose from. We created a free resource, The Ultimate GovCon Event Evaluation Tool, that you can download and use to evaluate each opportunity, as well as use as a justification document for requesting internal funding.
Leveraging the Power of Post-Event Follow-Up
Equally as important as your presence at the event is your strategy for post-event follow-up. It's here that many of the seeds planted during the event begin to sprout. Effective follow-up involves not just reaching out, but doing so in a way that is timely, personalized, and relevant to the conversations you had. Use the notes you took during the event to remind your new contacts of your discussion and to suggest clear next steps, whether that's a meeting, a call, or simply sending additional information.
For instance, you might decide that for every lead you connect with, you will send a personalized follow-up email within 48 hours of the event, mentioning a memorable part of your conversation and proposing a specific follow-up action. This not only keeps your interaction top-of-mind but also demonstrates your commitment to building a meaningful business relationship.
Evaluating Event Success and Iterating Your Strategy
The final, crucial step in your GovCon BD events strategy is evaluation. After each event, assess its success against the SMART objectives you set. How many high-quality leads did you generate? How many follow-up calls did you complete? And most importantly, how do these figures translate into tangible business opportunities and sales?
But don't stop at quantitative analysis. Reflect on the qualitative aspects as well. How was the quality of interactions? Did the event meet your expectations in terms of content and networking opportunities? What feedback did you receive from your team and from prospects? Use these insights to iterate and refine your strategy for future events. Maybe you realize that smaller, more focused events yield better results, or perhaps you find that certain types of follow-up resonate more with your leads.
Conclusion
Creating an effective GovCon BD events strategy is an iterative, strategic process. It begins with understanding the importance of your target audience's presence and selecting the right type of event – predominantly in-person for the GovCon sector. Setting clear, SMART objectives for your event participation ensures that every effort is purposeful and aligned with your business goals. Post-event follow-up, when done effectively, nurtures the connections you've made, while a thorough evaluation of each event's success informs and refines your strategy, ensuring continuous improvement and maximum ROI.
Remember, each event is an opportunity not just for business development but for learning and growth. With 'The Ultimate GovCon Event Evaluation Checklist,' you're equipped to make informed, strategic decisions, transforming every event you attend into a stepping stone towards your business's success.
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