Why 1% of Companies Make 100% of All The Money at Conferences
As the Director of The Blockchain Innovation & Investment Summit (BII SUMMIT), I get to interact with companies on all the major stages of their participation at our conferences. I get to help them understand whether our conference is the right fit for them and I get to help them in the pre-event and post-event process. Therefore, I learn about each company’s business development strategy and after the event, we analyze all the business and investment deals that happened to see which companies were the most successful.
To my surprise, the results are almost always black and white. Some companies have raised up to $500K in a single day’s work at our conferences and some have raised zero in a single day’s work. Unfortunately, this has become a predictable pattern.
Now before we move further, I’d like to share with you an important statistic done by the Bizzabo Event Marketing Report of 2019 that found 55% of B2B organizations spend over 21% of their marketing budget on events. Therefore, it is clear that companies spend a huge ton of money on conferences.
So Why do 1% of Companies Make 100% of All The Money at Conferences?
After spending time analyzing companies that have participated in our conferences from our database, three major factors can explain the reason a small number of companies acquire all the business and investment deals that are available.
1. Skin In The Game (Invest)
The first conclusion our team was able to make from analyzing the data is that companies that have a direct financial investment in participating at our conferences have been by far the most successful. In other words, participating companies that join us as attendees do well. However, companies that become sponsors feel obliged to make an impact due to the higher cost they incurred to be a part of the conference. As such, they tend to make the most out of every opportunity to ensure they make a return on their investment. Therefore, they end up with more meetings with investors and more opportunities for business from attending participants.
2. Follow Up (Apply Systems)
One of the main reasons The BII SUMMIT was named “The Most Innovation Blockchain Event” and has become the third-largest Blockchain conference in the Middle East in such a short time is due to the fact that we follow a system which we have faith in. Our system is that we interact with our potential clients until the desired result is achieved and then we repeat. This means we interact with people on average up to eight times before they become our clients. I personally have had an email thread of 53 back and forth emails with one client before they signed up with us! I will repeat, fifty-three!
So what exactly is being said here? Our data shows that the companies that have generated up to $500K in business deals and investments are the ones that have created meaningful business relationships at our conference that lasted anywhere from 3–6 months. This means they interacted with their potential client an average of once or twice per week for a few months until they formed a long-lasting business relationship. On the other hand, the companies that interacted with their potential investors and clients an average of once or twice only have missed out on an abundance of success.
3. Attitude (Be A Winner)
Much like success in everyday life, it is now more clear than ever that attitude is the essential ingredient of success. Attitude is also the reason why 1% of Companies make 100% of all the money at conferences.
Since I personally spend much of my time getting to know the Entrepreneurs, CEOs, and Executives behind the companies that attend our conferences, I tend to notice a pattern in their attitudes and their ability to be successful at our conferences which is as follows:
The business leaders who have the most professional and positive result-driven attitudes are the ones who close the deals. In fact, if you ask me to name our most successful sponsors off the top of my head, I can tell you their names in a millisecond.
How can we become the 1%?
The first step is to pick a specific conference and focus on it. Pick a conference that is specific to your niche and one that matches your business development strategy. In addition, try to avoid spending your marketing budget on conferences that are flashy but vague to your goals.
The second and final step is to take in to account the three major factors of success at conferences that have been mentioned above.
To learn more about what we do, please visit us at www.biisummit.com
To get in touch with me personally, please send me an email: Mina@biisummit.com
#biisummit #blockchain #dubai #conference
Originally published at https://www.linkedin.com.
