Selling with Data #45 - New vs existing customers and in-person vs virtual events

Last week IBM hosted Think. It was several days filled with fantastic sessions and powerful announcements, including watsonx. It was great to be in Orlando, Florida with several thousand clients, partners, and IBMers. Think is an excellent example of a hybrid event: the in person flagship conference, a roadshow across the world, and a virtual experience through Think on-demand.

For customers and prospects, events offer a chance to gain valuable insights, discover new products or services, and build relationships. Over the past three years, many in-person events have gone virtual made possible by improvements to digital event technology and the convenience virtual events offer. With people returning to in-person events, does it mean that there will be less virtual events? How should companies and marketing organizations balance in-person and virtual events?

A framework to consider for in-person and virtual events

A few years ago, I worked with Rod Lehman, the current SVP of Revenue Marketing at Informatica. Rod has an Electrical Engineering degree from MIT and 20+ years in marketing. He is a unique marketing leader who is both very analytical and a marketing genius. During our time together, I learned a lot from Rod. One thing that stands out is how new and existing customers derive different value from virtual and in-person events.

The key thought is that most new customers prefer virtual events, and most existing customers prefer in-person events. This doesn't mean that no new customers like in-person events, but most do not. By understanding this, companies can balance the mix of events based on their strategy to expand existing customers or attract new customers.

Considering the mindset of prospects and customers and where they are along a typical buying journey can help decide between a virtual or in-person event.

Phase 1 - The prospect's mindset

Today, 98% of prospects start their research with a Google search and then navigate their research virtually with emphasis on peer reviews and personal referrals from their network. They typically haven't developed their buying criteria and use case studies from other similar companies in their industry to help navigate their buying decision. Most prospects are over 2/3 of the way through their decision process before they reach out to a seller, and that includes moving from virtual to an in-person experience.

At this phase, many prospects are unlikely to afford to be out of the office or pay for travel to attend a major, multiday, in-person event in a different part of the country or world. They might be open to attending a virtual event or a regional in-person event if it is convenient and short, such as a two-hour afternoon event in the city where they work. This is especially true if the event includes a high impact agenda filled with great speakers or if it is co-sponsored by a familiar trusted source of innovation.

Best event - virtual meeting or local, short in-person event

Phase 2 - The new customer's mindset

At this stage, customers make a first small license purchase or are in an MVP evaluation. They are learning the product or service and working through deployment challenges. New customers are looking to meet other similar customers, share experiences, and gather tips and best practices. In-person events provide a great opportunity for serendipitous and informal meet ups, and to tap into a community of similar customers.

New customers are also quietly asking questions related to risk, such as: Can I trust the company? What other companies are working with them? Can they be a long term partner? In-person events provide a great opportunity to experience the "vibe" of the community, experience the size and quality of the community, learn from other customers, and build trust to expand the relationship.

Best event - in-person events with other customers and company executives

Phase 3 - The existing customer's mindset

Customers who are in production and expanding want to know details of the product roadmap. They want direct contact with product and development executives and senior leadership who can talk about the direction of the business. They find value in talking to other mature customers and learning how maximize their investments. Existing happy customers also find value in speaking to potential customers so they can share their experiences to both help recruit new customers and continue to build the community of users and partners.

Best event - in-person with product leaders and other customers

When I attend a first-rate event, one of my biggest regrets is that more customers and prospects aren't with me to experience that event, too. Great sellers know that there is no better demand creation or progression activity than when a prospect or customer hears directly from other existing customers and partners who are delighted to share their positive experiences working with the sellers’ company and product.

The following are some tips for sellers on how to approach new and existing customers to drive attendance to events, both virtual and in-person, and create new opportunities and a bigger community of advocates.

Tips to invite prospects and new customers:

Attracting new customers to events can be a great way to build demand and add new customers to the community.

• Personalize your invitation with compelling reasons to attend: Sending a personalized invitation that speaks to the customer's interests and needs is more likely to attract their attention. By tailoring your message to their needs, you can show them how your event will benefit them. Prospects want to hear from other companies that are similar to them, so feature the other companies and the speakers. For many industries, having the opportunity to hear what a direct competitor is doing to gain competitive advantage is rarely available. When it happens, make sure to invite the right companies.
• Leverage social media: Social media platforms like LinkedIn can be powerful tools for reaching new customers. By creating engaging posts and using hashtags, you can expand your reach and attract the attention of potential customers.
• Offer incentives: Discounts, giveaways, or exclusive content can be a powerful way to attract new customers to your event. By providing added value, you can entice them to attend and help them see the benefits of your brand.
• Make it easy to attend: When people work from an office five days a week it is easier for them to join a morning or afternoon event. When people work from home, it becomes more difficult. Offering a hybrid experience – preferably in-person but also available virtually – improves the odds they attend.

Tips to invite existing customers to events:

Attracting existing customers to events can be a great way to build brand loyalty and strengthen customer relationships.

• Personalize your invitation: Just like with new customers, personalizing your invitation can be a powerful way to attract existing customers to your event. By showing them that you understand their needs and you are already working with other parts of their organization, you can build trust and loyalty.
• Make it exclusive: Offering an exclusive event experience for existing customers can be a powerful way to build brand loyalty. By providing access to special content, speakers, or experiences, you can show your customers that you value their business and are committed to providing them with added value.
• Follow up: Following up with existing customers after the event can be a great way to strengthen customer relationships and build brand loyalty. Sending a personalized thank you message or additional content and resources can show them that you are committed to their success.

What are some tips that you use to attract new and existing customers to virtual and in-person events?

Good selling.