Are Conferences and Events a good use of time?

As an Entrepreneur, we’re constantly looking for that edge in business. Whether that is doing things more efficiently, collapsing time frames, or looking for ways to save money.

Conferences can be a big part of accomplishing all three.

Many people look at conferences and trade shows as a potential waste of money. I say it’s all in how you approach the event.

If you are in sales, these are great opportunities to meet a large number of customers, prospects, or future opportunities.

The objective is, how do you make the most of the time?

To begin, let’s look at the cost/efficiency quotient. I am often attending conferences that may cost many thousands of dollars in both attendance and travel.

I’m often questioned on if that is a good use of time and expense.

I evaluate it in the following manner.

Let’s say I was able to set up 8-10 meetings in advance, meet 10-15 new prospects in person, and develop some relationships in person that could be leveraged for a future date.

If we take just the first part of that (8-10 meetings) and break it down in terms of time, travel, and cost.

Let’s assume that out of ten meetings, they were each in different cities. The cost of airfare, travel, transportation, etc. would probably exceed several thousand dollars per trip. Ten meetings combined could easily exceed Twenty Thousand dollars.

The timing to set those meetings up, get there and back would be considerable. If you further factor in the actual amount of time to get schedules coordinated, that could amount to days, weeks or even months before you get to see everyone.

Thus Ten meetings, costing thousands of dollars, an extended amount of time, and a lengthy delay is seeing everyone, makes the efficiency of a three day conference look considerably less.

This is a great way to “collapse timeframes” in that you can meet a large number of people in a very short amount of time. With all of the technology today, phone, video conferencing, skype, google chat, etc., it’s easy to use technology to its full advantage.

However, there is also something to be said for meeting someone in person and having that point of contact.

If you’re an Entrepreneur, or Start Up, a conference is also a great way to generate sales in lieu of actually hiring a sales person initially.

If you’re read my article before, you know that I’m a big proponent of “Capital Follows Customers”. If you can utilize the conference as a way to generate sales for your company, that makes things considerably easier as you move toward funding, expansion, or even bringing in that first sales person and giving them qualified leads.

Think of a good industry conference as a type of business development or lead generation expense.

In that capacity, the time and expense of an event doesn’t look so bad.

Next week, I’ll give you my three best tips for how to make the most of an event.

Here’s a hint:

1- Utilize your contacts

2- Meet the Speakers

3- Badges? Badges? We don’t need no stinkin’ badges.

4- Become a lurker

Stay tuned.