Sunday, November 23, 2008

Economic Impact on Events

It was inevitable that the events industry would be impacted by the current economic climate. As we continue to work with our clients, our ROI focus becomes even more valuable.

Given the way our tools work and the continuous quality improvement, it's intriguing to read an article by TSNN on their most recent survey results and what Events Industry clients are looking for.

Here are some thoughts on the increasing value of live-events, including the need for efficient ROI creation elements such as Event Bookmarking:

Tradeshow Activity Indicator Reveals "Flight to Quality":
Face-to-Face Interaction Is Even More Valued

Healthy figures suggest that participation in events is still a vital part of the marketing strategy for businesses, although they are proceeding cautiously seeking out the highest ROI possible.

TSNN's 3rd quarter report shows a significant increase in the amount of research by professionals across a wide range of industries who seek the most cost-effective solutions with tightening budgets. While that may be true, an even larger number are seeking the most return on their 'spend' through effective ways to meet and then nurture valuable relationships.

"Marketing and sales professionals are under greater pressure to deliver with tighter budgets in a market that is getting smaller across all verticals,"

"Marketing and sales professionals are under greater pressure to deliver with tighter budgets in a market that is getting smaller across all verticals," said RD Whitney, CEO of Caroo Media USA, the parent company of TSNN, "Therefore, interest in our industry continues to grow because smart decision makers recognize that you can combine branding, outreach and business development by investing in industry events that get you in front of targeted and captive audiences."

TSNN affiliate, the other half of the TSAI™ formula, showed a 168% increase in visits and a 31% increase in Potential Meeting Room Nights in Q3 2008. The number of Meeting Planner Leads (or Requests for Proposals) showed a slight decrease of less than .01%, which shows that event planners are reacting carefully to market conditions.

"The sharp increase in online research on trade shows could be telling us that there is deeper scrutiny being applied for each dollar of trade show spending," says Whitney. "This could signal a future flight to quality in the industry. Trade shows that deliver value and the right buyer/seller mix will be rewarded with growth. Events that fall asleep at the switch and don't appeal will feel the pinch of this scrutiny."

Either way, the message from the TSAI trends is clear: professionals recognize that tradeshows are an extremely efficient way to get visibility with customers and drum up business in every market condition. Face-to-face events continue to be an essential investment and an important component of the marketing mix -- just expect more selectivity from the stakeholders according to TSNN.

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