Truly understanding clients simply can’t happen on screen
Challenging commercial conditions always puts certain business development activity under the microscope – and one of the budgets easiest to cut is events. Milly Sutton says it’s not about ditching events; it’s about being creative in the ways you get in front of your clients.
With budgets on the line, what are you seeing in the events sector?
Firms are looking at their annual events calendar and prioritising things making an impact. Budgets are being watched so every decision is being challenged. BD teams need to focus on what makes that impact – it’s not always the big brand building events, sometimes it’s the smaller events that make the greatest impact and create more influential memories. You’re always better to invite clients to one event they want to attend, rather than 10 to something in which they may simply not be interested.
Clearly events have always been a grey area when it comes to quantify success and demonstrating ROI. Surely, though, a greater danger lies in taking the eye off the ball in truly understanding clients – especially in a world of uncertain and seemingly unbridled change?
The challenge with events can be allowing enough time for the senior teams – partners and senior associates – to really speak to people. By listening to clients, understanding what is going on for them – in business, with clients and personally – your teams can tailor an offering to do what we should all be doing: adding value and making their lives easier. Nothing has fundamentally changed. We should be thinking of events – large and small; formal and informal – as a chance to talk and an opportunity to learn. ROI evaluation can be hard but, when new deals are won, think back to all those touch points over the previous 12 months rather than about the impact of just one big event.
Are you seeing firms still able to make an impact by rethinking their events programme? Are some, for example, doing smaller events but on a regular basis throughout a year?
At times like this, it’s important to sit back and really think about your events plan. How are these events helping you deliver your BD plans? Which of the key clients are you nurturing? Which are you focusing on too much and which might you be neglecting? Where are the clients based and what interactions suit them – do they want to learn from you, socialise with you, be entertained, or do they want to meet more members of your team? Be focused rather than being repetitive.
This is surely key in maintaining the power of personal relationships without spending thousands of pounds?
Absolutely! But so few firms do this. The partners get busy on deals and pitches so that becomes their focus but, by having a well planned events diaries, you all know the clients are being seen regularly. Mix up the diary with a range of lunches, closing dinners, seminars and social events. This also takes the pressure off the partners as they know when they get stuck in the office on something urgent, they have the support from others and the next meeting with the client is already in the diary.
All of this, I assume, means you must be even more creative and flexible when it comes to turning a brief into an event strategy?
Think outside the box – make the event interesting but that must start with the invitation. Ensure your comms and design teams really understand the event and the objectives so they can help you create an eye-catching invitation that is informative and exciting. And we all know a client is more likely to accept when the partner sends a few personal emails explaining why they really want them to come.
Events teams should always think of those elements others won’t – always have a green room at an all-day event. This will be the events office, a quiet space for an urgent call, a place for guest speakers to regroup after arrival, and so on. What other factors are important to this client group? Do they have a big ESG focus? If so, make it a green event to minimise any wasted printing, gifts or handouts – keep it simple.
“I recommend venues based on the whole journey – put yourselves in the shoes of the speakers and the client. Think of every element they see and need throughout the day and ask does that venue deliver? I don’t believe AI can do this.”
The events sector is, to some extent, still struggling following Brexit and Covid. In addition, clients are being scrutinised, not least of all from within their own compliance departments. I imagine this is an area that has influenced – if not altered – the messages you get from clients?
We saw this heavily in the market in 2008 and are seeing it again now. Firms need to be transparent with their spend in case compliance teams get involved. Sometimes we have to be creative about the cost of the ‘match ticket’ versus the full cost of the hospitality. A public sector client might only accept an invitation if the food and beverage cost was less than $50/£39 for the day. Not many London venues can get to that level, so maybe the length of the event needs to be shortened.
Are you seeing a willingness on the part of venues to be more flexible, especially when dealing with people like you who are bringing a strong contacts book to the table?
As an independent events manager, I often get better rates than in-house teams. The venues understand I might bring them four events with different clients throughout the year, whereas bigger teams might only place one event with that same venue. I often can get better rates with those venues because they understand the bigger picture.
And I assume you can, because of those relationships, negotiate and extract greater value than a BD manager calling a venue to make a one-off booking?
Often that’s the case. We also need to be transparent with the venue when negotiating – can the overall spend be the same but the portion of venue hire versus minimum spend on F&B needs to be adjusted. And, of course, the perception of the budget holder plays a big part in whether a venue will be agreed.
Are partner retreats still happening because I imagine the loss of billable hours – and people being more protective of the work-life balance and time away from family – are very much sensitive touchpoints right now?
Partner meetings and retreats used to always be held on a Friday/Saturday/Sunday but this is starting to shift. As everyone wants more of a work/life balance, these events are now taking place midweek, which surprises me due to the obvious impact on billable hours and response times with clients. Venues will often offer better rates if you can convince your team to consider a Sunday/Monday event when the venues are obviously quieter.
What about AI?
Everyone is nervous about AI now. Some of the capabilities are brilliant, but I don’t think it will take over the events function completely. I recommend venues based on the whole journey – put yourselves in the shoes of the speakers and the client. Think of every element they see and need throughout the day and ask does that venue deliver?
Having a good events team involved will allow your host team to be their best selves. Knowing every event element is thought about and booked, keeping the venue involved of any last-minute changes, being adaptable to suit the speaker, audience and even the weather are all important. When the host knows you are ready and prepared, they can be the best presenter or networker they can be. I don’t believe AI can do this.