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Monday
Sep232013

Event Managers Elixir - Recession Strategies

Guest Post by Susan Peimer

Undoubtedly and irrespective of the industry you belong, surviving recession is challenging, if not more. In the present age, entrepreneurs are looking to build new strategies to get past the financial meltdown. Though the recession impacts every section across the company- sales, marketing, advertising, exhibitions, events and so on, certain groups are brainy enough to sell their brand, drive audience, make money and stay strong. How does this happen? It is accomplished by tackling crisis by adopting new ways into the business plan.  

 

 Exhibitions and events play a critical role in taking marketing efforts to next level. In addition, a research on The Effect Of Economic Recessions On Exhibitions concluded that economic crash had only minor effects on trade shows, assuring a strong ROI via exhibitions.

If you are a business owner for a start-up event industry, it is required to adept on mobile tools- the revolution. As a beginner in the industry, before you dive into the pool of smart phone solutions, mostly apps, you must pay close attention not to drop cost effective event solutions, then to your requirement, if required you may go along long custom business event apps - the Go Green effective platform for customer engagement and measure of interaction. With the immense possibilities around, business events can thrive even during tight times. (more)

 

Nail Your Efforts

You are facing financial crash; it doesn’t mean you have to abort the exhibiting efforts you have worked on. Get into event platforms which gives you chance to showcase your product or service. By exposing your product first within the local crowd, you can gradually reach a larger audience maybe not directly; word of mouth pays it forward. So be aware of the critical opportunities around. It can definitely gain investment and push sales at difficult times.

Pre-Promotion Gain Clientele

During recession, promotional activities can be the last thought, but holding a cost-effective pre-promotion should be top in the list. The recent times provide us with plenty of low-cost promotional strategies, were reaching out to audience despite revenue barrier is pretty pocket-friendly. Blogging, email-marketing, advertising event details on website, spreads the brand to more customers, driving leads.

 

Never Miss Corporate Sales

As a company owner, you might cancel party or tours to withstand uncertain times, though it affects the team spirit. But calling a client conference would be the last thing any company want to happen, as it can influence the bottom line. Conferences are the revenue generating platforms; therefore, cutting sales incentive or trade show might not reap benefits to stand up during recession. Follow corporate sales.


Integrate New Ways To Reach Customers

Conducting a trade show or event during tight times can be demanding, on the contrary it is the recession proof strategy which is to be integrated to your marketing mix. Explore outsourcing companies and offer services to the affordable ones which can help you plan events/meetings and include it efficiently in the overall marketing campaign. In a survey, mid-sized businesses are keen to include outsourcing hiring strategies when compared to larger companies. Remember, attendees are looking at each event with more expectation. Make sure the product is highlighted such that it enhances the users appeal.


Get Into Virtual Platforms

When you reflect back on virtual events of past times, it was not that permanent or promising in reaching the target group. But as you live in the mobile revolution, hinted in the beginning, platforms like tablets, smart phones are powering virtual events in a realistic way. Tailored work tools, event or conference apps, are taking events to next level by encouraging utmost participation from anywhere, anytime.  Apps turn out these interactive platforms as a show guide for events while organisations tighten their belts.

 

Create Awareness In Clients

Do you know that the fundamental discipline of building brand is focussed on loyalty? Despite the advances in technology or internet marketing strategies, great brand value among the target customers is significant in the whole scenario. Create awareness among the clients on how to save money and accomplish events during recession. This shows the audience how creative you are, not just in bringing down costs, but to make events happen. Book more than one event at the same time or display selling price discounts in the products.

Watch Out Your Giveaways

Promotional goodies or giveaways should be double checked before reaching customers, especially at tough times. Catchy ‘sway’ can naturally seem great for branding, unfortunately, it can eat your finance. Event based promotional products can consume the organisation’s budget if not intelligently planned. Giveaway products should be meaningful, useful and especially for the customers to likely remember your event. Why don’t you create a new giveaway list which is of value as well under minimal expense like, booklets, checklists and informational products?


Follow Up

From the time event ends, it’s your duty to focus on follow up to generate multiple sales. It is very essential to create a follow up plan, which include steps to track the target customers and monitor active responses. This is critical for ensuring exact results. Prioritise leads as hot, warm and cold ones based on the potential results and take actions accordingly.


An economist once said, if your neighbour gets laid off, it's a recession. If you get laid off, it's a depression. So stop pondering on how whopping the effect of recession, rather get these strategies executed wisely to eradicate its encounter. 

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Reader Comments (2)

This is true.
In the society in which we belong, especially if we are into business, we cannot really escape the period where trade and industrial activity are temporarily declined by the economy. This economic slowdown greatly affects people who are engage into business causing them to deal with business contractions.
In my own perspectives as an
event manager
, when recession comes, one must cut accross the board, apply new strategies, and reorganize.

November 4, 2013 | Unregistered CommenterSabrina Longega

This is true.
In the society in which we belong, especially if we are into business, we cannot really escape the period where trade and industrial activity are temporarily declined by the economy. This economic slowdown greatly affects people who are engage into business causing them to deal with business contractions.
In my own perspectives as an
event manager
, when recession comes, one must cut accross the board, apply new strategies, and reorganize.

November 4, 2013 | Unregistered CommenterSabrina Longega

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