5 frameworks event organisers should have in their toolbox to stay ahead of the competition. Staying ahead of the competition, whether another event, an online community or traditional media requires a keen understanding of the competitive landscape. But with so many ways sponsors, exhibitors and suppliers can spend their marketing budgets, how do you truly differentiate your event?
Below are five powerful competitive analysis frameworks that can equip you with the ability to dissect the competition and craft winning event strategies:
Porter's five forces: industry landscape analysis
This framework examines the five forces that determine industry profitability: threat of new entrants, bargaining power of suppliers/buyers, threat of substitutes, and competitive rivalry. It helps organisers focus on the attractiveness of an industry and can be useful when launching into a new market. Using this model reveals industry challenges and opportunities and identifies areas where you can build strong relationships with suppliers or position your event uniquely to avoid substitutes.
- Example 1: A conference organiser analyses Porter's Five Forces and discovers a high threat of new online event platforms. Their response is to focus on high-touch networking opportunities and exclusive industry content unavailable online. Equally, it could mean that the online platform could be a potential partner to extend the reach of your event marketing opportunities.
- Example 2: In a launch situation Porter's Five Forces would assess the bargaining power of suppliers as potential sponsors.
Swot analysis: Knowing your strengths
This is one of the most popular frameworks used and assists organisers in assessing their event and company's internal strengths, weaknesses, opportunities, and threats. This analysis enables you to understand your events relative to competitors and identify competitive advantages and areas for improvement.
- Example One: An event organiser uses SWOT analysis and discovers a strength in their team's expertise on a specific industry trend. They then capitalise on this by creating a targeted event focusing on that trend, attracting a niche audience and industry thought leaders.
- Example two: The SWOT analysis for a paid delegate event could reveal your event excels at attracting industry experts (Strength). However, a competitor offers lower ticket prices (Threat). This insight can guide strategies to leverage your speaker lineup while offering early-bird discounts.
BCG matrix: prioritising your event investments
If you have several events in a portfolio this framework categorises them based on market share and growth rate, classifying them as Stars (high growth, high market share), Cash Cows (low growth, high market share), Dogs (low growth, low market share), and Question Marks (high growth, low market share). Key insights obtained by using this framework are that it supports you in deciding where to invest resources. Stars may need support to become cash cows, while dogs might be candidates for cancellation.
- Example One: An event organiser uses the BCG Matrix and identifies a conference as a "Cash Cow." They decided to invest the profits from this event into developing a new, high-growth "Star" event focused on an emerging industry.
- Example two: The analysis supports decisions from cancelling a “Dog” event and refocusing those resources into a “star” launch idea.
Competitive analysis of marketing strategies (CAMS): decoding the competition's playbook
This framework focuses on analysing competitors' marketing strategies using the 4Ps: Product (event offerings), Price (ticket pricing and packages), Place (promotion channels), and Promotion (marketing tactics). It reveals the competitor's target audience, messaging, and distribution channels and improves your ability to identify opportunities to differentiate your event's marketing strategy.
- Example One: An event organizer analyses a competitor's CAMS and discovers they heavily rely on social media marketing. They therefore decide to focus on building relationships with industry publications and influencers to reach wider audiences.
- Example two: CAMS enables you to understand better competitor messaging and how they promote their event. This provides valuable insights into your marketing strategy, messaging, and tactics.
Perceptual mapping: Why visualising how your audience sees your event is good for business
Perceptual mapping visually positions your event and competitor events based on customer or sponsor perception of key attributes (e.g., value for money, industry focus, networking opportunities). This mapping improves the understanding of how competitors are different; when needing to identify opportunities in the market where your event can stand out and add a new USP; or to give a visual demonstration of new ideas and concepts for management or sponsors.
- Example One: An organiser who traditionally focused on delivering content to experienced buyers discovered a gap for novice-led budget-friendly event with a strong focus on practical skills development. They then tailored a new event offering or a sub-section of their existing event to fill this gap, attract a new audience segment, and increase sponsor revenue.
- Example two: A perceptual map can provide a view of how your event is seen by the industry in terms of two principal competitive differentiators, educational value vs. entertainment value. This could lead to you offering more interactive workshops or a dynamic after-show party.
Summary
By applying any of these competitive analysis frameworks, you'll gain a deeper understanding of your industry, your competitors, and your unique strengths. This knowledge empowers you to make informed decisions, craft winning event strategies, and stay ahead of the curve