Using Event As BD Strategy

Top of the week to all my readers. Pray you had an excellent weekend.

This week, I will look at some as aspects of using event as a business development strategy. I like to keep my definitions simple hence I refer mostly to Oxford Advanced Learner’s Dictionary – International Students Edition (New 8^th Edition). I laboured to find a definition for Business Development in it but could not. Either I missed it or I did not find it where I expected it to be. So off to Wikipedia I went and here is what I got

“Business development (BD) comprises a number of tasks and processes generally aiming at developing and implementing growth opportunities within and between organizations……………Business development is the creation of long-term value for an organization from customers, markets, and relationships.”

Many BD activities are expected to lead to a sale eventually. Here are a few events you can organize to develop and grow your business

 

1.    Corporate Social Responsibility (CSR): This is a give back strategy embraced by many businesses as a way to pay back to the society in which they operate in. There are so many things you can do in this regard. In one of the companies I worked for, the CSR is   driven by staff contribution. Many times we visited orphanages, old peoples home, Centre for the blind, etc., to clean the environment, paint the buildings, Wash the toilets, care for the inmates and so many other things. Based on our activities usually measured in the number of man hours we put in, the HR team will apply to the company foundation for grants/donation to a particular centre of our choice. On approval the money will be sent to the selected home. There has been many argument from both sides if a company should derive business benefit from its CSR activities.  My opinion is that a company ultimately drives business benefit from its CSR program whether it publicises it or not. CSR gives a company visibility while allowing it to touch lives. The company can actually organise an experiential or participatory event and invite many customers. A good example is the MTN Half marathon which used to hold some years back in Lagos.

2.    Celebrations: There is always something to celebrate. Company Anniversaries, CEO’s Birthday, Partnerships, Milestones, etc. Identifying something to celebrate and weaving an event around it is great way to bring customers, would be customers and employees together. Be creative and think of something unique to celebrate and use the opportunity to bring people together. There is this particular company that celebrates its customers in a unique way. On the night you have awards like “The Oldest Customer”, “The Highest Revenue Customer”, “The Newest Customer” and so on. It is a night of merriment which creates many upselling opportunities.

3.    Entertainment: Companies can also create entertainment events or even look out for one to sponsor. This type of event can easily combine with a product promotion. There is this Musical Concert called the Star mega Jamz by Nigerian Breweries, the popular Reality show “Big Brother Africa” sponsored by many companies. These a good examples of events that can help an organisation to drive its BD Strategy.

4.    Sponsorships: Many corporate organisations do not have the time to begin to create events of their own. They seek out for complimenting events that they can sponsor. Event managers can create events and propose it to organisations to sponsor or sell it outright to the organisation. Whichever way it happens, it is a win-win for the event manager and the corporate organization because the ultimate aim is execute an event which will help them grow their business revenue. A good example here is Etisalat that supports Nigeria Idol.

5.    Education: Educational events are fantastic. Moving away from the regular trainings, seminars, workshops, an organisation, can institute an award, scholarship or recognition event.   

6.    Entrepreneurial: This is an exciting kind of event which has been increasingly gaining attention. Here participants are invited to submit entrepreneurial ideas for review and consideration. The winner of the best idea selected may be supported to implement it or the idea could be sold off to a willing venture capitalist. There is this kind of event run by the Tony Elumelu Foundation.

 

These are just a few ideas of events that can help you drive your company business development goals. There are a lot more options to try out. The core objective is to identify the goal of any event and define the way to measure the Return on Event (Investment).

Thanks for your attention. Have a Good Week.