TRANSACTION DYNAMICS AND RISKS INHERENT IN POETRY EVENTS (An Online Lecture delivered by Mr. Olumide “Olulu” Holloway)

OLULU: good evening Great people, I hope you are doing well? Tonight we are supposed to treat "The Cores of Event Planning”, but I have coined it to be “Transaction Dynamics and Risks inherent In Poetry Events”. Transaction dynamics - means the stages of an event.

Here goes: Every business and activities has its risks, but risks are not meant to be avoided, after all, it is said, no pain (aka risk), no gain. Thus, risks are meant to be identified, measured and mitigated.

So how do you identify, measure and mitigate risks? Simple.

Start by drawing out the life cycle/ transaction dynamics of the venture. Then list the various stages and levels involved - from start to finish.

At each stage, there are one or more risks involved, so list the risks out - this is identification.

Try to figure out the extent of damage they can cause if they crystallize - this is measurement.

The critical stage is mitigating the risk, which is how do you stop them from crystallizing? Or at least, minimize the impact if they do crystallize? We will come to that later.

Mitigate means to counter/ minimize/ prevent. Are you with me thus far?

JOEL MADUKA: Yes Boss

T ADEKUNLE: Yes

DOLAPO: Yes

OYINDAMOLA: Yes

OLULU: Good, so what is the Transaction Dynamics for a Poetry Event/ Business? And what are the risks inherent the business?

The transaction Dynamics of a Poetry Business/ Event:

1.       Register a company

2.       Create an event         

3.       Name the event and create a logo for it

4.       Register the name and logo as a trademark of the company

5.       Identify Target Market

6.       Create a buzz/ interaction with the Target Market i.e. gets a following no matter how small. This is to create a sense of ownership by the Target Market.

7.       Fix the time/ period for the event

8.       Get a good venue.

9.       Publicity i.e. pre-event awareness

10.   Event Attendance

11.   Performances at the event

12.   Online and real time event updates

13.   Post event reviews/ reports

14.   Post event activities e.g. Videos on the TV or website etc.

Start from 7 to 14 again and again. Any questions thus far?

JOHN: So what is the Transaction Dynamics for a Poetry Event/ Business? And what are the risks inherent the business? I don't get the message in that.

OLULU: The numbering of the stages went missing. Let me number them again, maybe it will be clearer.

JOHN: I get the numbering; I just need you to break it down.

OLULU: OK, good. Numbers 1 to 4 are elements most Nigerian events never do. Most people just wake up, name their events and start it. Unfortunately, they leave themselves open to fraudsters and malicious people. By registering your company/ organization/ group, you make it official and legal, I can wake up one day, Copy the name of your event and logo and start my own event using your brand.

I will even register it and sue you if you dare use the name again. @John - clear so far?

You have to protect your brand.

DOLAPO: Following closely!

OLULU: No matter how unknown your brand is, you must protect it. Brands sometimes grow to become multimillion dollar brands. Brand is goodwill. Example of big brands: Nike, Coca Cola, MTN, Project FAME, etc. So your name/ event name can become a big brand. Protect it!

Next is 5; Identify Target market, and number 6 is Create a buzz/ interaction with the Target Market i.e. get a following, no matter how small. This is to create a sense of ownership by the Target Market.

By identifying the target market, you get to know who will support you, partner you or attend your event. There can’t be an event without audience. If you have a world class venue, international poets and the best equipments, without an audience, that event is a failure. It is also the same with other events. Having audience can never be overemphasized in planning an event. Your target market is your potential audience.

Create a buzz about the event, sell the dream/ vision to them and get them to talk about it.

This will builds a following for your event.

Are you still here?

JOHN: Yeah...we're here.

OLULU: Any questions thus far?

DOLAPO: you are a wonderful teacher! It stuck like I had known it since I was born!

SOUL’E RHYMEZ: Great lecture thus far. I have a question, I don't know if it is related. Can I go on sir?

OLULU: Go on, I'm here for you, there are no stupid questions.

SOUL’E RHYMEZ: Alright, could you please tell us what it takes to stage a program on TV?

OLULU:  Hmmm, Principles! Principles! Principles! To everything in life, you have to follow the principles. Principles are the stages/ steps.

SOUL’E RHYMEZ: In details, what are the principles, sir?

OLULU: The steps are as stated above. With no audience, you have no event, with no following; you are on your own. With no buzz, no one gets to know about your event. If unregistered, your brand is nakedly naked and can be harmed. If your brand does not grow, you will be stagnant. Follow d steps, you will get what you seek. Let me relate a true life story, talking about War of Words Africa, the biggest poetry event in Nigeria, NTA came to us, we did not approach them. The GM saw our event online and got in contact with us. He came for the event, saw the audience and discussion started, that’s how we ended up on TV.

This is summarized version; but there was a lot of work involved before NTA noticed us.

Did I answer your question?

SOUL’E RHYMEZ: Yes sir, Thanks a lot. I have another question sir. In the case of offline event, how much will it cost to officially have a successful one?

OLULU: Hmmmm, it depends on your budget and negotiation power. If you can cut deals well, you can even get it for free.  Your bargaining power, venue to use, equipment, performers etc. Some venues are 10k per hour; some are 100k for a day, some are 500k for 6 hours, so depends on your budget.

You can host an event for 100k. And same event on a bigger scale can cost 10m, so depends on your selling skills.

SOUL’E RHYMEZ: Wow! That's cool

Thanks very much sir.

OLULU: Thank you too for the invitation.

SOUL’E RHYMEZ: in the absence of any other question, this lecture has officially come to a halt. Thanks to Mr. Olumide "Olulu" Holloway for his time and humility.

Thanks to our active readers, not forgetting SAMUEL ABIGAIL, our correspondent.

Thanks to you all, God bless you most abundantly, my name remains SOUL'E RHYMEZ and I say good night to you all.

OLULU: Good night, Jah bless!

Compiled and edited by Neofloetry "Aleme" DaWina