In a recent Forbes article, Tony Silber notes how the recent acquisition of PennWell by Blackstone, via Clarion Events, is unlike other recent event-related acquisitions over the last few years
First, of course, is the reported price. While it has not been confirmed, sources say it is in the area of $300 million.
More importantly, PennWell is not just an event company, as has been the case with other major acquisitions lately, like that of Informa acquiring UBM in January.
PennWell, a family-owned business, has a number of events, but most are linked to strong decades-old digital and print products that serve a number of industries – and, in my experience, it is one of the few that has been able to effectively use events, magazines and websites in a collaborative way.
And that has always been the dream of digital and print publishers, hasn’t it? To capitalize on its relationship with an audience with event brand extensions, and vice versa.
Yet it never seems to really work quite right. Too often I see publishers with digital and print products come up with the brilliant idea of launching an event for their primary audience – and then act as if they have forgotten they even owned a newsletter or a magazine.
The justification often is that there is so much work to do that the harried event organizer can’t be bothered with coordinating with editors and publishers, and vice versa.
But if the editors and publishers could be engaged in the event business, a community that is created by either an event or a publication could be enhanced and the event-slash-publication brand could be extended.
Here are a few mistakes I see event organizers with deep connections to publications making:
- Not involving editors in content creation for their conferences. Who knows the topics the audience cares about most and the big players in the industry better than the editors?
- Not showcasing editors and publishers at the event. This is a great opportunity to turn the faceless worker bees behind a publication into human beings that an audience can identify with.
- Not engaging the community that it aspires to serve beyond the event and the publication. Here is where PennWell has done well for decades with strong links to trade associations in the industries in which it has events.
- Not keeping the event uppermost in the audience’s mind once it’s over by repackaging content from the conference for the publication with interviews, podcasts and streaming video.
Certainly, deriving a profit from every facet of a b2b business is the ultimate goal, but often money is left on the table when the business does not take advantage of every access point it has to a community.
Michael Hart is an event consultant and conference content professional. He can be reached at firstname.lastname@example.org, @michaelgenehart or 323-441-9654.No Fields Found.