Marketing communication contingencies
We are an events management company. Our corporate clients are postponing or cancelling their conferences, business presentations and hospitality events because of the Covid-19 (Coronavirus) outbreak. In addition their suppliers and customers are doing the same. As a result, this domino effect running right through the economy. Business continuity planning is critical to future success.
The immediate reaction, cutting costs and cancelling financial commitments, is understandable. The most important consideration is the personal safety of all the participants. However, the survival of the business is an equally compelling priority. Living on reserves or borrowing at very low interest rates are possible options for the short-term. At the personal and individual level, we care about the stress and hardship which this epidemic is causing. On the other hand, protecting your business also protects jobs and that is equally important.
Relationships depend on business continuity
There is plenty of anecdotal evidence that start-ups do best in a recession. The established players are busy reinforcing their positions. A defensive strategy means pulling back and erecting barriers. This means that the field is left wide open for opportunists! Many start-ups are upstarts who see a chance to move in to undefended territory and steal the initiative.
One vital aspect of business continuity is the need to protect relationships with channel partners and key account customers. Absence does NOT make the heart grow fonder. People have short memories and loyalty is a fragile sentiment!
Your corporate events business continuity plan
How is all this relevant to us and our corporate events clients? Firstly, all segments of the business travel and events industry are laying off staff and in some cases closing down or operating on an emergency basis. Secondly, you may have postponed or cancelled event bookings and other marketing activities for your company. However, at some point you will want to return to the market.
- How many major event industry suppliers will still exist when the pandemic has subsided?
- How long will it take for them to recruit new staff and train them?
- Will their reduced capacity be able to satisfy demand as “normal business” resumes?
- With demand exceeding supply, what will it cost you to book a conference room, a resort or a restaurant for your corporate event?
- How far will your budgets stretch and will your marketing power be diminished?
- Do you know if your current customers will return or will someone else have wooed them away during the hiatus?
Act now to secure the best event management solutions
Prepare NOW for the resurrection of markets and new business development. Protect your reputation and business relationships. Consult with your events management company, taking advantage of their expert knowledge and their industry connections.
These are your opportunities:
- preserve budgets by negotiating guaranteed prices with event suppliers in advance
- make provisional advance bookings of accommodation, conference and banqueting facilities and other services
- agree corporate events plans, programmes, guest lists and staffing for immediate implementation when events are confirmed
- review options with your events agency for alternate internal and channel communication and utilise their resources to support your interim actions
- use the current downturn to research new ideas, review the success of previous events and make sure your events organiser is offering a real return on investment
- keep your stakeholders informed of your plans for the future.
Performance and Event Management Limited is here for the duration and we will be happy to provide advice and assistance for corporate clients in planning future events.