Like last Monday's discussion about the Impact of the Debt Ceiling Crisis on Event Planners, this important topic is difficult to tackle. By the time this is released, the whole picture may change.
- Asian Shares Plunge; Europe Skids
- A Wild Ride for Financial Markets
- U.S. Stocks Rally on European Bond Buying Optimism
While no event marketing strategies are guaranteed to work during periods of economic turbulence, here are a few ideas:
- Really work hard to measure the bottom line value of business meetings and event planning services.
Contact repeat customers and every client with which your company has done business in the past 3 years.
Find out their needs and update them about new offerings.
Contact prospective clients that have requested a proposal in the last 3 years.
New opportunities may be emerging .
- Study business articles to identify and target growing and companies.
- Scrutinize marketing expenditures. Discontinue low-yield activities.
- Augment on-line and social media marketing with off-line marketing.
- Connect with hotels, resorts, event venues, and catering firms to identify special packages to market to clients.
Never cut pricing for existing services.
You'll be stuck with them when the economy recovers.
- Launch and market brand new, affordable service, and time-limited service bundles.
- Set aside 5 - 10% of revenue to enrich the marketing budget.
Independent event and meeting planners should also:
- Contact relatives, friends and former colleagues and remind them that referrals are welcome.
- If participation has not generated revenue, instead of renewing annual memberships, pay the non-member rate for specific association events and conferences.
- Allocate a fixed percentage (10 - 15%) of all revenue for long term savings to shore up cash flow
What other strategies are effective for marketing meeting, event and conference planning services during economic uncertainty?