I do not mean to make light of the difficulties many companies and people are facing during this recession. But I have been thinking that there is a bright side to it. It forces us to be more reflective. We were blessed with an unprecedented run of good fortune previous to this recession. We were happily producing and consuming. We didn’t need to, nor did we have time to think deeply about our brand. Well, my friends if you haven’t started yet, now is that time.
This morning on the local radio station I was reminded of this fact by a terrific article entitled, “Mass. Companies Find Upside in the Downturn“. The gist of the article is that market shares change more during a downturn that any other time. That many companies have trouble being flexible and the others take advantage of the sudden openness of the consumer (B-to-B or B-to-C) to try something new, especially if the value is there. Check out the article’s race car analogy. (more…)
Trade show and exhibition marketing is not always handled in the optimal way by exhibitors. Despite that fact that there is enormous value through participation, many companies fail in the follow through. There are so many ways to maximize involvement beyond just the booth space. The most effective companies understand that exhibiting is not just a real estate transaction, but also a relationship one. Trade shows are a great place to forge all kinds of partnerships. This includes customers, potential customers and other exhibitors.
Yes, 2009 was a tough year in the exhibition market. What we saw was that companies are running leaner and sending fewer attendees. Still, interest was high and the attendees were very focused. This meant they were paying attention and learning – especially from those vendors who reached out. Face-to-face is still the medium for bringing B-to-B buyers and sellers together. Sign up for your sponsorship early – you’ll get a better placement on the floor, and you will have the benefit of the event marketing done by the host. Exhibitors should plan pre- during- and post-marketing campaigns. Have the host send relevant electronic and printed materials to the attendee list prior and post the show. Post information on your sponsorship on your website – preferably on the home page. Send a press release to the media on your sponsorship and include any announcements you will be making. (more…)
In our last post we talked about the buyer’s market in the hotel market. That said, you still need to go into any negotiation with your homework done. Preparation is key. Understand your strengths and weaknesses, such as regarding dates/rates/space. For example, do you want the event held in the venues high season/low season/shoulder season? Are you negotiable on this? Non-peak dates, even at luxurious properties, will be less expensive. What about the day of the week: business hotels are busiest during the week, while resort hotels are busiest during the weekend. Go into the negotiation with an understanding for the other party’s perspective. What are their priorities/deadlines/pressures? Develop a list: what are must haves, like to haves, gifts; and keep focused on the goal. So, maybe they offered you free coffee, but what you really care about is the room rate. They’re dangling free limo service, but perhaps you need more breakout rooms. Another important tool is to share your historical data, this will show your worth and value to the hotel and make them more interested in your business. Ideally you should look at three properties to compare offers. Choose the one that gives you the best deal, whatever that means to you.
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The economic downturn has created some positives for planning meetings. This is the first time since late 2001/early 2002, that planners have some leverage. The reason? We are now in a buyer’s market. Industry research projects an overall 7.5% drop in revPAR in 2009, one of the largest annual declines since the 1930’s. There will be a 2.9% increase in hotel supply due to construction that is near completion. And the 2009 year-end occupancy rate is expected to hover around 59%, a far cry from the earlier average 80% rates. This means better times for planners. Some economic indicators show, and industry experts agree, this won’t last – it looks like they could turn around in 2010. Hotels are very interested in getting deals signed before this year’s end. Contracts signed in 2009, can be for events held this year, in 2010, or beyond. Therefore, if the contract is negotiated properly, you can reap the rewards now without having to spend any money in 2009. The key is to act now, and benefit from this unique buyers market. (more…)
There are so many outside forces today that are out of your control. Try to forget them for the moment, and focus on what you can control. Take a deep breathe, for starters, and let your mind stop racing. A calm mind will help you focus. In times like these, it’s so important to keep in touch with clients and find new ways to fill your pipeline as well. If you can contribute information that helps clients and potential clients, they will listen. Why? Because everyone is under pressure, whether you call it downsizing or rightsizing, companies are running lean.
Marketing is basically a long-term strategy. Right now that is hard for many companies to deal with, and so they default to the lowest common strategy – they cut marketing. While this is understandable from an accounting point of view, companies need to protect their customer base and strengthen these relationships to remain the vendor of choice when the market inevitably turns around. (more…)
Sustainability is a concept that is back in fashion after decades of unsustainable excess. It is not a concept just for agriculture and energy, but for marketing strategy as well. Sustainable marketing is mindful marketing. It’s careful planning, watchful waiting, and strategic implementation. All companies, both big and small, have limited resources to put into marketing, so it’s important to focus on what is cost effective. It can be an act of courage to slow down, reflect on what is happening around you, and then evaluate what the next step should be. It’s bringing closure to the present before rushing into the future. There are a few ways to start the process.
A competitive analysis plots a market along matrices. The axes can vary, generally from low to high, reflecting attributes such as quality versus price for a perceived value analysis or compound growth rate versus number of product offerings. This benchmarking task plots the strengths and weaknesses of market, and highlights where companies are clumping together and where there are opportunities. Benchmarking involves determining which functions to benchmark; identifying key performance variables; and measuring performance. (more…)
A couple posts ago I talked about creating an integrated marketing plan. I’m sure some of you thought it seemed like too much bother. It is a lot of work, but can save you time and money in the long run. Especially with current concerns over the economy, smart marketing is the only way to go. In a B-to-B Marketing Trends Report by the ISBM (Institute for the Study of Business Markets), the number one reported need of marketers was to develop approaches and methods to better understand what customers really need, beyond what they can say or articulate. They wanted opportunities to create real value. This is where an integrated marketing plan can help.
For example, according to a recent report released by IDC, tech marketing spending is expected to increase this year, although at a slower rate than last year. What this means is that tech marketers need to be especially vigilant deciding where to spend their budget. In terms of where marketing program dollars will be spent this year, the report states that events are expected to get the largest share of the pie (19.1%), followed by advertising (17.9%), marketing support and sales tools (14.6%), direct marketing (13.3%), online and interactive marketing (9.9%), public relations (6.3%), collateral (6.3%), research (5.1%), web (3.6%), analyst relations (2.2%) and other (1.7%). (more…)
Have you recently sent out an RFP, and received limited or no response? Are you finding it more and more difficult to find the right hotel at the right price? Are hotels passing on your business without an explanation? If you answered yes to any of these questions, welcome to the club! Many meeting planners are facing these same challenges. In order to succeed in this hotel seller’s market, planners must first understand the role of revenue management.
Revenue management is not new. Hotels have used it for years. Simply stated, the goal of revenue management is to maximize profits based on projected demand. What is new is how involved hotel revenue managers have become in the sales process, and how influential they are in overall decision-making. More likely than not, it is not the Director of Sales or General Manager that has the final say on whether a hotel signs your business, but the revenue management team that makes the final decision. (more…)
People make purchases based on connections they have with a particular product or service. That’s why we focus on creating strong connections between our client’s offerings and their target markets to establish long-term relationships between buyers and offerings. Through extensive review and understanding of our client’s needs and vision, we identify the elements that appeal to the target audience and develop an integrated marketing portfolio of advertising, events, public relations and promotions to capitalize on them. In today’s hectic times, we all struggle with limited resources; be it time, money, or manpower. (more…)
Last week, we discussed the initial steps involved in creating a Strategic Meeting Management Program (SMMP). As each company is unique, it would follow that each SMMP should be unique. However, there are some underlying steps that should be considered when creating and developing any comprehensive and successful SMMP. These steps include:
Meeting Leadership: Organize a leadership team that is responsible for setting standard polices and procedures and the oversight of all meetings. This team should have top-level management including a procurement member.
Meeting Approval Process: First define what a meeting is. Is it a gathering of ten or more people? Must outside resources be used? Is travel involved? Once you have defined the term “meeting”, be sure to communicate it to all departments/divisions. Mandate that all meetings must be registered and approved prior to any planning or allocation of funds. (more…)
Founder and
president of IT Exchange Group, Dana Toland oversees conference programs and services, as well as operations. Under Dana's
leadership, IT Exchange Group has evolved into a premier strategic marketing and meeting planning company primarily serving
companies in the IT industry. She has over fourteen years of experience in event marketing and operations, and was previously
employed by Daratech, Inc. and Relocation Resources International.
Vice President of Marketing of IT Exchange Group, Vicki works on all aspects of strategic and tactical marketing. She manages much of the conference planning and logistic services. Vicki has over fifteen years experience in marketing and creative services and was previously employed at Daratech, Inc. and the International Data Group.
