Managing event launch risk with a solid plan.
By John Failla, CEO, Tesoro
Reprinted with permission from min's b2b - February 11, 2008

Now that you’ve received positive feedback on your event idea, what are the components of a solid launch plan that can help you manage the risks associated with launching a new event and maximize your probability of success?

A well developed business plan for your launch will work on a number of levels. First, it provides a clear picture of the market and the event idea. Second, it explains how your event will deliver new value in the market. Next, it defines roles & responsibilities and detailed action plans addressing all related functional areas. Finally, it provides the financial metrics and milestones to manage exposure.

1. Provides a clear picture of the market and the event. A well conceived launch plan starts with a clear definition of the market and the prospective attendee. This market overview should also detail growth dynamics in the market, significant trends, and a clear segmentation of key audience segments in the market. Once a clear picture of the market exists, the plan should articulate the event concept and present an overview of competitive events currently serving the market.



2. Clearly explains the value proposition. A solid value proposition for your launch starts with a detailed definition of the major needs of each key audience segment in the market. An assessment of how current competitive events are meeting these needs should illuminate any “gaps” that your new event will fill. Once these gaps are defined, a detailed description of your event model will define your unique position in clear and specific terms. The ability to articulate a unique position in compelling and succinct terms is essential for success. The role this new event will play in your overall portfolio and a summary of all relevant validation efforts you’ve undertaken in the market to support your premise should also be included here.



3. Defines roles & responsibilities, and related action plans. With an overview of the market and your event strategy in place, it’s time to articulate the specific plans, tactics and duties that will be executed to take advantage of the opportunity. In addition to the specific definition of roles and responsibilities for all duties related to the launch, a set of detailed action plans and schedules for exhibit / sponsor sales, audience marketing, content programming and operations are created and contained here. As the use of key industry relationships to help ensure the success of any launch is a risk management best practice, this section should feature the arrangements with any appropriate organizations or individuals that will be secured.



4. Provides financial metrics and milestones. In addition to a detailed budget for the launch year and a three year forecast, risk management best practices call for creation of a cash flow schedule tied to launch execution “go/no go” measures. Beyond the numbers, this section of your plan should detail your proactive tactics to counter major anticipated risk factors. Disciplined development of this section of the plan requires a great deal of work and forethought. This investment of time pays tremendous dividends.

While there are never any guarantees of success in launching a new property, the attention to detail and discipline required to create the type of launch business plan described here provides the greatest possible risk management. The cornerstones of this disciplined and comprehensive approach are an intense external focus in developing the event, precision in defining the action plans and duties associated with the event launch, and a commitment to manage the major risk factors associated with launching events.

Establishing a process within your organization to support event launches with business plans like these will raise your probability of success and expand your comfort zone for launching events.

John Failla is CEO of events consulting business, Tesoro Events (www.tesoroevents.com); he can be reached at 914.819.0693 or by email at john@tesoroevents.com.