In a moment of crisis, some people freeze up. Others spring into action because they’ve learned lessons along the way to help them see their way through tough situations. Even one moment or inch of daylight in the darkness can be enough to hold onto to provide hope. People and companies have risen from the ashes before, and if something amazing has happened once, then certainly that means something beautiful can be created again no matter the challenge, right?  

EideCom is a live production and events company that connects people through online events. When live events were put on hold, Founder and CEO, Charles Eide created a second company, Second Stage, that connects people through online events. It was a key pivot to stay active and serve customers at the cutting edge of creating online and hybrid event experiences – they are very much guiding the future of the entertainment space. Rather than giving up on events, EideCom and Second Stage found a way to keep the spectacle alive. On this episode of Business X factors, find out how EideCom and Second Stage have been able to keep the show going no matter what obstacle gets in the way, and consider what lessons you can apply to your business to stay flexible and dynamic in our ever evolving economy. Plus, stay tuned for more of Charles’s story of how there’s an EideCom event connection involving the pope and Justin Bieber.

Main takeaways: 

• Virtual Has to Be a Spectacle: Hosting a virtual event requires the same care and attention that in-person events would be given as it is so easy for attendees to just switch off. They need to be crafted to become value-added, engagement-driven experiences that go well beyond the computer screen. To ensure engagement, get creative with visuals, live stream on social media, create a personal real world experience by sending a DIY kit for something like wine-tasting, personalize the event with a virtual experience and connect people with others when possible as networking is the major reason why people attend events. 
• Pivot in Times of Crisis: Companies like Spotify and Unilever have successfully navigated the pandemic by pivoting their business model. But not all business pivots have been successful. The Harvard Business Review have identified three conditions for successful pivots. Pivots must align the firm with one or more long-term trends intensified by the pandemic, they should come as a lateral extension of the firm’s existing capabilities that cement its strategic intention and it must offer a sustainable path to profitability that preserves and enhances brand value. 
• The art of Persuasion with Optioning: In most negotiations to secure a deal or an agreement there can be an impasse or a deadlock. It could be Charles Eide who needs haze at an event or a business trying to close a deal that drags on. Apart from applying techniques like taking a break, setting aside anger, getting assistance and changing venues; open-ended brainstorming could be a way of breaking a deadlock. It is also known as optioning which is opening up discussions for options that are either obscure or outside the normal realm of possibility. It is an effective technique to unleash the creative juices and could ensure mutual gains.

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