Challenge
Like many associations, the National Association of Neonatal Nurse (NANN) was financially impacted by event cancellations and reduced revenue from actualized virtual and hybrid events due to COVID. The need to conserve reserves and deliver a successful revenue-generating event was essential to the future financial health of the association. After successfully completing their first post COVID annual conference in 2022 in a hybrid format where the net income was lower than required for future growth and sustainability, staff went to work on analyzing and redefining what would be their future conference.
Process
In collaboration with key leaders from NANN, the AMC Strategic Events and Industry Relations team led a comprehensive approach to improving the annual conference that brought diverse perspectives and expertise to the planning process. The team examined the event from various strategic perspectives, focusing on increasing registration and industry revenue, reducing expenses, and enhancing engagement and satisfaction among attendees and industry supporters. Surveys were conducted and focus groups assembled to gather feedback from past attendees, sponsors, and other stakeholders. This data provided valuable insights into attendee preferences, satisfaction levels, and areas of improvement. In addition, future conference site selections were evaluated using a proprietary financial model for projected profitability. This data-driven approach to decision-making, in which financial considerations are carefully assessed, helps to ensure the sustainability and profitability of the conference.
Results
After careful review of feedback, data, and multiple strategy sessions, NANN’s 2023 annual conference was reconfigured. The length of the conference was reduced to help lower overall expenses; physical poster boards were replaced with digital poster screens in the exhibit hall to open up valuable real estate for additional revenue-generating booths; new engagement and sponsorship opportunities were created, including an escape room, that added value to the event for attendees and sponsors; and live-streamed sessions were replaced with on-demand recordings for attendees to consume post conference to address diverse learning preferences and schedules.
These changes demonstrate NANN’s adaptability and commitment to maximizing the financial success of their annual conference. Moving forward, they intend to continue refining their event strategies based on ongoing feedback, data analysis, and industry trends to ensure sustained growth and profitability.