Ignore the language and think differently

Article published: January 2010

“What's in a name? That which we call a rose by any other name would smell as sweet.” William Shakespeare 

Words, labels and names are very powerful tools, they can be used for great good as well as great evil – however, they are mostly used as a means of communication.  And in the case of the current recession, most of the words we hear are relative and based on the statistics, perceptions and goals of the speaker or writer… 

·         Depression

·         Credit Crunch

·         Bonus

·         Boom

·         Bust

·         Growth

·         Contraction

·         Repossession 

One of the greatest similarities between nature and economics is their need for balance, which is why we must not forget that this worldwide downturn is not truly global and there are pockets of developing economies still growing at 5 to 8 percent.  In fact this is well above growth rates experienced by advanced economies before the recession started. 

The whole event industry needs to consider the opportunities presented by alternative markets and think differently if they wish to do more than just weather the current storm.  Plenty of venues, destinations and suppliers will do just fine if they hold tight and hope for the best but many will disappear (as we have already seen happen).  By approaching new markets and considering new ideas the current climate offers huge opportunities. 

Just a couple of examples can be seen from our own recent experience.  Two large events in developing countries, many would not consider approaching, have proved incredibly successful for our business: 

·         Nigerian Bar Association annual general conference which took place in Lagos, Nigeria and hosted 8000 lawyers based in Africa.

·         Fifth Summit of the Americas which hosted 4000 government representatives from the Americas region in Port of Spain, Trinidad and Tobago. 

But how do you find such opportunities?  Start simply and use your current networks - large conferences are published on the internet and international exhibitions are a regular part of the industry calendar.  We have a business development manager who targets such events so we can introduce our services.   

Up-selling and cross-selling have also been strong for us during the last year. There are many opportunities for suppliers to offer improved goods and services, increasing the spend of their customers.  In addition, there are also opportunities to sell additional products which existing customers may not even be aware you offer.  Whilst this increases average spend again it may also help your customer as they benefit from purchasing several different products or services from one supplier. 

Also consider your products and the way you market them.  Our brand new range of environmentally responsible bags, lanyards and USB's have certainly helped us.  Although there are many suppliers who offer simple cotton bags as an alternative to our jute range, few suppliers have researched environmentally responsible goods thoroughly, which allows us to talk with a genuine knowledge and passion that outweighs the crude claims of others. 

An open mind, a blank sheet of paper and clear goals allow businesses to consider their current position, the future and the gap between the two.  They provide a chance to consider other markets, look for means to reach them and do as we have – buck the trends.

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