Recession = Opportunities For Your Event
Are you as an event organizer making the most of the economic downturn? It isn’t all doom and gloom in the world. There are events and industries that are actually thriving in spite of current economic conditions. Check out some of the random press clippings pulled from the last few days.
- Fans flock to speedway, despite sputtering economy
- Economy stinks, but golf at Ritz a 'blessed' event
- The Stock Market Is Down But the Movie Business Is Up 14% Over 2008
I’m not going to deny that people are struggling. But it’s important to remember that people still want to do things. Go take a look at your local shopping mall during any given weekend. There might not be as many people shopping, but people are still shopping. Opportunities are all over the place for smart and savvy event organizers. One huge opportunity that you can take advantage of is discounted advertising rates.
Discounted Event Advertising
Advertising outlets are so desperate to get advertisers they are offering advertising at a discount. Everyone is discounting their services: television, print, radio, online, etc. It’s far less expensive to buy advertising to promote your event. Even with discounted advertising, focus on negotiating your advertising packages even lower. You should never pay rate card for advertising. A trusted media buyer told me that 80% of online advertising goes unsold. Be vigilant in how you negotiate your advertising agreements. Never say yes to the initial price you're quoted.
Less Advertisers
Advertising advantages go beyond discounted rates. The current economic state has also prompts many businesses to reduce advertising efforts. It’s a psychological effect. Business owners think “other businesses are spending less, we should follow suit.” As a result you have less advertising competing for the consumer’s attention. Make sure you don’t follow the rest of the flock. A down economy is an excellent time to gain market share on the competition. Take advantage of less clutter in the market place to position your event with the public.
If you’re thinking of holding an event, the current economy offers you certain advantages. People still want to be entertained, have fun, and learn new things. It’s up to you to provide them something unique and of high perceived value.
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Want to get more great info? Check out the articles below:
- Advertising and Marketing that Sells
- Providing Massive Value in Your Marketing and Advertising
- P.T. Barnum on Advertising
- Why Well Planned Events Fail
- Turn Your Event Into an Experience
- The Event Promotion System
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Hi Eugene, thanks much for this article. I found it encouraging!
Posted by: Grace Sabandar | 06/17/2009 at 11:20
Eugene,
This post is so true. I've been out to dinner a few times in recent weeks on Saturday nights and there was an hour and a half wait! The Buffalo Sabres game we went to a few weeks ago was sold out. And the average ticket price is probably $75.
Posted by: Craig Houck | 03/07/2009 at 06:47
I was in Las Vegas, NV for a conference in December - arguably the season in which people tend to spend the most money to salute the holidays with gifts, etc., thereby temporarily minimizing their disposable income - and every single slot machine and card table was full.
That's right. FULL.
People are still willing to spend money - you just might have to push a little harder to motivate them to do it, or use a little extra effort to promote your product. I agree with Eugene - people still want to be entertained, learn and have fun. Perhaps even moreso in negative times, so they can spend a brief respite focusing on a good experience, vs. their dwindling RRSPs.
Posted by: Jenny B. | 03/05/2009 at 15:34