February 8, 2021 by Dave Lutz
Over the past nine months, many industry experts have proclaimed that meetings and conferences are forever changed and hybrid is here to stay. While I agree in principle, I think the future is so much more than hybrid. Meetings of the future will be improved and monetized by embracing the tenets of strategic product management.
If the pandemic has taught us anything, it’s that we should optimize the benefits of the best, most-advanced and relevant content from your annual conference by thinking beyond the three-day in-person or virtual meeting experience. By adopting the principles of product management, organizers can think more broadly about how captured session content can be repackaged or rebroadcast to deliver member value and/or new revenue.
Conference content product management requires a good deal of business acumen. It’s most effective when developed collaboratively across different functions of the organization and by putting the customer at the center of all decisions. Here are five tips.
For some, the costs involved in taking all, or a portion, of your meeting hybrid can be prohibitive when considering expenses for video cameras, internet drops, lighting, streaming platform, and technical support. The revenue needed from virtual registrants and sponsorship to break even may be difficult to predict and generate in the early going.
Whether hybrid is self-funding or not, associations should strongly consider making portions of their annual conference available virtually through the end of 2022. Once business travel returns and attendees are comfortable being a part of mass gatherings, the future opportunity for hybrid should be re-evaluated.
P.S. Thanks to Digitell Inc., whose post, “6 Ways to Create Revenue Around your Conference Content,” helped inspire this article.
How are you thinking differently about repackaging your conference content?
Adapted from Dave’s Forward Thinking column in PCMA’s Convene. Reprinted with permission of Convene, the magazine of the Professional Convention Management Association. ©2021.
Filed Under: Experience Design, Hybrid & Virtual
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