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Leveraging the Power of Partnership for Smarter Private Events
By: Dennis Church
Posted: February 2, 2010, from the February 2010 issue of GCI Magazine.
The new economy has left many marketers with scaled back budgets or having to defend strategies regarded by some as extravagant, such as events. However, when done right, events offer high value—and even an opportunity to generate a profit.
While not a new concept, self-funded events are a smart option, especially in today’s economy. With expenses shared between participating brands or companies, this approach provides cost-savings benefits for the organizer and its partners—and, just as importantly, there is added value for attendees, gaining access to several brands at one event rather than investing time and money to go to several.
So, where do you begin? The key to executing a successful self-funded event is to start with a focused, targeted and customized approach.
Focus on a Specific Purpose and Goal
Self-funded events can take many forms, including being held in conjunction with an industry trade show or as a stand-alone expo. No matter the format, all events warrant a specific purpose and set of goals.
Understanding the desired outcome helps establish a framework for a self-funded event. Here are two types in a little more detail: