“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.”
Jack Welch, former General Electric CEO
Raise your hand if you’ve ever had to make your case for holding a training. Probably not. Training is always something that every business leader or manager thinks is important. In fact, a recent Inc. Magazine article said training is one of the five things you need to budget for each year.
Training is easy to justify, even with the price tag for the event, especially if you have a large, spread out staff and need to bring them together. But there are other reasons to hold a meeting or event that are just as valid, or maybe more so. Like announcing or reinforcing your company’s future direction, goals and objectives. Or establishing yourself in today’s competitive marketplace. Or promoting your company’s brand, fostering sales and building confidence.
Ultimately, each one of these reasons applies to both internal and external audiences. Let’s break them down.
Build Your Team and Boost Morale
“None of us is as smart as all of us.”
Ken Blanchard, Author & Management Expert
For any business, and particularly for startups where team members may not know each other yet, a well-planned and executed live event is an ideal way to build trust. Team building events break barriers in the workplace, especially between leadership and staff. Getting out of the office to a neutral third location puts everyone on the same footing, and it’s easier for people to maneuver interpersonal relationships. And being in a new environment often jump-starts creativity – the ideas flow more freely when different departments interact. What price can you put on the boost in morale that events give?
For more on the benefits of live events for your team, read this.
Support Sales and Marketing Goals
“Approach each customer with the idea of helping him or her to solve a problem or achieve a goal, not of selling a product or service.”
Brian Tracy, Chairman & CEO of Brian Tracy International
A well-planned and executed live event is an ideal conduit for startup companies to build trust and establish key messaging with their target audiences: customers, prospective and current investors, and stakeholders. Every company needs to realize that when everyone is in the same place at the same time, focused on the same messages, magic happens.
Just like when teams build connections, face-to-face events offer an opportunity to make personal connections and cement relationships between your business and its customers and stakeholders. Product launches, educational conferences and vendor expos are all good reasons for company events that support sales and marketing goals.
For more examples, learn about the five types of customer-focused events that get results.
Extend Credibility Inside and Outside the Company
By offering a chance for your company to interact with attendees, valuable feedback happens. This alone is reason enough to invest in a corporate event – giving investors and customers a positive impression. Decision-makers think, “They must be the real deal if they can dedicate the time, manpower and budget to a live event.” In fact, the Event Marketing Institute found that 74 percent of consumers are more likely to buy products after exposure to a branded event marketing experience. Can’t beat that at any price.
Cost Doesn’t Equal Value
“Price is what you pay and value is what you get.”
Often, an event’s size, duration and components directly correlate to its cost. Those are the tangible elements. But cost doesn’t equal value. The value comes from the intangible benefits. In fact, once a company hosts a meeting or conference, leadership quickly learns the value. This is especially true when the management team is hands-on during the event and plays a big part in the personal interactions. No matter the business size or stage, careful post-event analysis of objectives, along with the leadership team’s personal testimonials, helps define future programs for even more success, too.
As companies grow and evolve, their track record with corporate events make them easier to justify cost because their value goes far beyond the price. So when you think about corporate events, think about reasons to hold them outside of training. Think team building and morale boosting. Think how they support sales and marketing goals. Think how they extend your company’s credibility.
Can you afford not to hold an event now?