2010 - Why events are more important than ever

As the credit crunch continues the big squeeze and the recession gets stuck in the middle of that “W”, across the board, event budgets have been slashed.  But is this the right approach or is this just the spade for companies to dig themselves deeper into doom & gloom?

Recent market research on UK chocolate shoppers showed that premium consumers would prefer to eat less chocolate than trade down to a cheaper version.  If their weekly household budget gets cut by a tenth, 60% said they would reduce their chocolate consumption, whereas only 17% said they would buy cheaper chocolate. So high-level consumers are still looking for a gourmet treat, although perhaps in smaller portions.

So, is this the first answer to the 2010 event debate?

It seems the world has stopped talking about profits and started talking about survival.  The market is reduced to a basic level of “survival of the fittest” with, each day, another pillar of commercial society falling by the wayside.  Those that survive today have the potential to become the leaders tomorrow, but only provided that they communicate it to their target audience.  Every marketer will tell you that now is the time to round up your audience and shout about your survival and moreover, your future.

Nevertheless, communication is just the first step.  Relationship building is the next.  A time when there is less competition in the marketplace is the best opportunity to secure and strengthen client relationships.  A poster recently appeared at the entrance of a leading innovation agency “Let’s not waste a good crisis!”  Invest in the future, because in the gravity-defying words of super-brand Nike “what goes down comes back up”.

In terms of internal events, further statistics show that 47% of 1,000 interviewed employees felt that the downturn had compromised values in their companies’ business.  If you emphasised learning and development opportunities when hiring staff, those promises need to be kept.  The alternative is to risk staff feeling disengaged and resentful.  We do not advocate lavish parties in the aftermath of a series of redundancies, but we all will benefit from communicating future plans, boosting morale and nurturing talent. 

And finally, on a somewhat lighter note, who wouldn’t throw away the daily newspapers, switch off the news and escape to an exotic desert island to escape the interminable talk of doom and gloom?  We are all soon going to need, at least a distraction and better a glimmer of hope.  Health gurus to NLP practitioners celebrate the power of positive thinking – showing our clients that we not only intend to survive, but we are convinced of future success is surely the best antidote to the impending doom we have come to expect from the British press. 

Maybe we could all start with a nice (small) box of luxury chocolates.