Years ago I read the (now somewhat infamous) book by Robert Kiyosaki, Rich Dad Poor Dad. One concept that really stood out to me was the distinction between assets and liabilities. As Kiyosaki defines the terms, an asset is anything that generates income, while a liability is anything that costs money. Moreover, the best kind of assets are those that continue to generate results long after the initial investment has been made. I like to call these “endless assets”.
Your Event: A Liability or Asset, or More?
When it comes to events, you might assume that all events are deficit liabilities. After all, they can cost a lot of money and require a great deal of preparation. And unlike a physical product, which will (hopefully) last for years to come, most events are over after only a few short hours. The truth of the matter, however, is that with a special magic ingredient, a well-planned event not only has the potential to become an asset, but an endless asset—generating returns in your investment for years to come. What’s the magic ingredient? 1 word, 3 letters: W-O-W.
The Magic Ingredient: WOW
When you add a dash of WOW into your event, you’ve suddenly transformed it into something with true lasting power. I first realized this principle a few years ago when I produced a jaw-dropping architectural projection show for a client. It was truly an amazing experience for everyone in attendance. Years later, I continue to hear people talk about that show—almost always from people who have no idea that I designed it. I’ve heard people chatting about it in Starbucks. I’ve heard it mentioned as people pass by the event site. I’ve even gotten random emails from people asking if there’s a video of the show online (there is, and it’s in this post).
The WOW Keeps on Giving
Do you see what happened? Because of the WOW, that single event has been burned into the minds of all in attendance. The product has not disappeared. Moreover, attendees continue to share the memory of that show with others around them. I would guess that the video has been viewed by at least as many people who weren’t even at the event. There have been thousands of conversations about the event, and the organization that produced the event as a result of that experience. Truly, the initial investment continues to yield results, and the event has been transformed into an endless asset. And it’s all thanks to one single word: WOW.
What’s the wow factor in your event that will transform it from a liability to an endless asset?