One of the great technological breakthroughs of our earliest civilizations was the process used to make cheese. This technology was built upon the use of “starter cultures” to control the “ripening” process of converting milk sugar into lactic acid.
When I sit in a chair, I take for granted it will support me. When I turn on the faucet, I take for granted the water is clean and I won’t get sick if I drink it. And even when I fly, I take it for granted that I’ll land safely.
For anyone who is interested in watching disruption occur right before their very eyes and if your organization has an event that is focused on serving a specific industry, it’s time to pay attention.
The entrepreneurs who disrupted the financial services event marketplace AND the retail event space are now disrupting the healthcare event landscape.
First, a quick step back in time. After launching and then, five years later, selling Money20/20 for $100 million, the founders of this new event launched Shoptalk, a new event that blew up the status quo for retail event organizers.
I have always felt that this phrase, shared by J Walker Smith (the former president of research firm, Yankelovich Partners) at a conference in 2004, had special resonance. He went on to say that consumers may prefer fewer options from which to make choices. It seems that there is a point where choice and abundance traumatizes us more than it liberates us. We are drowning in stuff.
The economic filter is, obviously, all about the money. Who can afford what you’re selling, and are you tailoring your offer based on ability to pay? Mercedes-Benz wants to know who can afford their portfolio of cars so they don’t try to sell a $125,000 S-Class to a customer who is better suited to a CLA250 for $32,500. How much do you know about the economic profile of your members so your product development is focused on affordability?
This filter represents the characteristics of a business, the SIC (Standard Industry Classification code), number of employees, annual revenue, etc. If you have businesses as customers, you will serve them better if you cluster them based on common firmographic factors.
360 Live Media Founder & CEO Don Neal was onsite at the American Institute of Architect’s annual meeting to hear former First Lady Michelle Obama give her first keynote address since leaving the White House. Watch to see how Obama connected to the audience as a keynote speaker.
The attitudinal filter can be tricky to measure, but it is extremely powerful. What psychographic characteristics or attitudes do your customers exhibit? Are they conservative or progressive, empirical or free-thinking? What are their beliefs and values? These are the forces that drive behavior, the root cause of why we do what we do.
This filter involves segmenting your market based on characteristics of physical location such as proximity to your annual event or regional factors impacting your industry. What geographic characteristics matter to your audience?