Are you listening? Really… ARE YOU LISTENING?

With all of the discussion over the past few months (years) regarding the economic struggles of the Tradeshow, Meetings, and Events industry, there has been solution after solution pitched to show management lineups worldwide on how to weather the storm, keep the attendance average up, and possibly hit the home run on the next event. Most of these prescriptions have been standard – streamline business units; reduce costs through budget cuts; re-evaluate products and services offered; re-identify with the markets served; downsize programs; collocate events or share resources; yada, yada, yada.

My response; If you are effectively managing your business, you should basically be doing this already; constantly evaluating your business units and managing costs to ensure efficient operations; monitoring the performance of products and services in the market and shifts in market demands; consistently redefining all strengths, weaknesses, opportunities, and threats; managing sales efforts to ensure peak performance; ensuring strong performers are in the right seat on the bus throughout the organization, etc…

Though “Business Management” includes reacting to unforeseen obstacles taking place within the markets served, "Management Excellence" is being prepared for challenges BEFORE they arrive. Preparation = effective response and quick recovery. The key to effective preparation: INFORMATION and COMMUNICATION!

Information and Communication! Has a nice ring to it, doesn’t it!

We could go on and on regarding the tools available to businesses regarding information and communication; from business intelligence services to CRM and marketing platforms, the market is inundated with options. I just recently consulted with a supplier to Hewlett-Packard (Network Training Services) regarding the design and enterprise implementation of a new CRM system. Funny; so many options offer so few differentiators and approach the concepts of communication and information from the same perspective: how information and communication can assist in identifying new customers, communicating the company message to these customers and the markets served, and manage expectations in the process.

This approach needs to be taken a step further. Why not look at communication, not for what we want to say, but to hear what your customers have to say, not just to you, but to their clients and the industry they serve? Why not look for information, not just about your customer, but the information your customers want to learn regarding THEIR customers? This information “service” is easier to provide than you think, and the advantage you can obtain for the business by providing and monitoring such service is invaluable.

WhosOn by Parker Software (http://www.whoson.com/) is an all-in-one solution for Live Web Statistics, Live Visitor Chat, Proactive Visitor Engaging, Prospect Detection, Web Analytics, Click-to-Call Back, Click Fraud Detection & More. Though the program provides management with market intelligence regarding website marketing programs and assists with sales efforts and data mining, the primary advantage of the software program is the real-time communication portal through the web; customer “live chat”, and the real-time site analytics we are able to capture while leads and opportunities are crawling on our site. We are able to listen to our clients tell us what is of interest to them by monitoring their traffic habits on our website and listening to their real-time comments through our chat program. Though we can communicate to them, it is their communication to us through this tool that is of most value.

One of the special features our registration vendor, EShow (http://www.goeshow.com/), brings to our events is the addition of a networking service to the registration system which allows exhibitors and attendees to chat prior to the event; Exhibitor and Attendee, Attendee and Attendee, Exhibitor and Exhibitor. We are working to take this a step further, deploying WebEx conference services to our event, allowing all exhibitors and attendees to hold free, online conference calls and pre-event meetings through our website. These programs will allow us to witness the conversations of the market we serve and ensure we are continuing to offer products relevant to their respective needs and interests while eliminating those that are not beneficial to their business. In addition, and of more value to our clients, this program will serve as a tool for all attendees to discuss the event and plan their attendance; set up meetings; identify specific products on the show floor they wish to review; invite specific buyers to visit their booth on the show floor; identify key speakers / presenters and topics they wish to experience; comment on who they would like to see at the event, and more. This information will allow us to continue tweaking the event according to what our clients and their industry peers are saying through this service. We are able to capture this data, analyze the sales and communication habits of our clients, understand their true interests, and refine our products and services to better match their needs.

In a day and age where business must think outside of the box to gain a strategic, competitive advantage, we must be creative and resourceful with the customer in mind; not just focused on how we can serve, but listening to how our customers want to be served. As the market rebounds and power shifts, the customer will tell you where your business needs to be. The question is… are you listening?

Sales & Marketing in 2010

CLICHÉ – A cliché is a saying, expression, idea, or element of an artistic work which has been overused to the point of losing its original meaning or effect rendering it a stereotype, especially when at some earlier time it was considered meaningful or novel (From Wikipedia, the free encyclopedia). MY TURN: “It’s hard to believe the New Year is already here!” YOUR TURN… (Insert Response Cliché). Given the dismal economic performance of 2009, we can all think of many come-backs… but the one we most certainly agree would be… “Let’s hope 2010 is better than 2009”. Unfortunately, the word “better” remains subjective.

Leading economists are forecasting 2010 to mark recovery from “The Great Recession”. We are currently witnessing trends of lowering unemployment and increasing GDP. However, amidst positive trends and recent economic data, we will continue to feel the bite of this recession for a while. We must also remember there is no guarantee 2010 will bring relief. 2010 presents a looming giant of economic catastrophe. Today’s stability, however welcome, is worryingly fragile (see “The Great Stabilisation”; The Economist, Print Edition, Dec 17, 2009). As such, we can expect the business sector to continue operating in the world of economic downturn, no matter what economic indicators and leading economists suggest… hope for the best; plan for the worst, right?

It’s the “planning for the worst” that gets me. It is no secret that when the economy tightens, so do the belts of business. Faced with a slowing / receding economy, our clients (exhibitors and attendees) slice budgets in 3 areas that directly affect the tradeshow / B2B marketing industries: Business Marketing, Training, and Travel. We all agree that fiscal management is a necessity. Efficiency is mandatory to weather economic storms. The problem doesn’t lie in tighter fiscal policies; the problems lie in how fiscal restraint is applied. Simply put; management seems to forget the fundamentals of HOW to market and sell in a recession. What’s ironic is while we complain furiously about the erroneous financial decisions of our clients, we do the SAME THING!

When we look at our slumping exhibit and sponsorship sales, or dropping attendance rates, we blame the economy and the market’s response. We continuously state our frustrations with our market for slicing marketing dollars, training budgets and travel allowances. We continue to bark about our customer’s buying trends and spending habits affecting our ability to sell floor space, sponsorships, conference sessions, and event attendance. We do this without consideration to adjustments we have (or have not) made as well.

There was an article published February 19, 2008 in BusinessWeek Magazine (originally published in The Financial Times of London on February 19, 2008), written by John Quelch, a professor at Harvard Business School since 1979. Mr. Quelch is one of ten marketing experts profiled in the 2007 book, “Conversations with Marketing Masters” by Laura Mazur and Louella Miles, and is known world-wide for his research on global marketing, global branding, and marketing communications. He is a non-executive director of WPP Group plc., the world’s second largest marketing services company, and of Pepsi Bottling Group. I don’t think many can question his credentials.

Mr. Quelch’s article, “How to Market in a Recession” touches on EIGHT factors a company should consider when creating marketing plans during a recession. It is a reminder of how companies should focus marketing efforts when facing bad economic conditions ahead, and offers great insight as to why each factor must be considered. Many, if not all, apply to our industry as well.

Do WE increase customer research to ensure value positioning and differentiation? Do WE change our marketing message focus more towards “family values in place of images of extreme sports, adventure and rugged individualism”? Do WE maintain our marketing spending or cut according to falling revenues? Do WE adjust our product portfolios according to the changing needs of our customer? Do WE adjust our pricing tactics? Do WE emphasize core values? Is our marketing message on target with the changing environment, and are we continuing to allocate adequate resources? (Read full article HERE)

Just as we look to our client market to respond to economic conditions appropriately, so must we. All in all, 2010 will present another year of battle within the markets we serve. We will battle for market share within the industries our events serve. We will also battle the forces our client’s are engaged with, working to help them overcome challenges and survive. Sales and Marketing tactics will be the primary catalyst to success or failure in 2010. We expect our customers to adjust; we must do the same.

MEASURE EVERYTHING OF SIGNIFICANCE… (People won’t do what you expect; they will do what you inspect)

OK… the answer is NO – I am not simply posting information regarding someone else’s blog to keep our little corner of the blog universe current. Actually, quite the contrary. I want to share information from MarketingHeadHunter.com with you; specifically a post by Harry Joiner, an exceptional and amazing e-Commerce recruiter based out of Atlanta, GA.

Harry’s credentials are unsurpassed in his field. However, his success is not due to his BA from the University of Georgia (I do sympathize with him), his MBA from South Carolina, his experience working International Commodity Sales for AJC in Atlanta, his time at NYU, being recognized through “Fistful of Talent” Top 25 Talent Management Blogs for 2008, being a recipient of an “Authenticity” Award by Internet Inc. in 2009, being quoted/referenced numerous times in the Wall Street Journal, his ability to play drums, or the fact he is related to yours truly.

Harry’s success is due to his grasp of reality when engaged in the business world; his ability to call a spade a spade and bypass the crap spewed by irrational and unrealistic business muttonheads holding executive level positions in the world of Human Resources; the gate-keepers who have truly lost touch with reality regarding the keys to success. The man ensures his clients view the world through the appropriate set of glasses and that his job-seekers are best prepared for the market they seek to engage. He is the best at what he does because he approaches each situation from a position of reality.

Early in 2009, Harry posted a blog titled “16 Rules for Success in Business & Life”. Not that I would consider Bob Parsons a true motivational speaker or self-help Guru, the man does know a thing or two about internet marketing and e-commerce… something all of us who know GoDaddy cannot dismiss. Harry’s post pays homage to an article Mr. Parsons wrote titled “16 Rules for Success in Business & Life”. Harry puts it this way:

“Growing a successful company is really hard work, and Bob strikes me as the quintessential internet marketing entrepreneur: fast talking, fast thinking, fast implementing, and fast failing. Jack Welch was like this too, seeking the highest-possible velocity for ideas and assets in his GE companies. If you have never read Welch's process for topgrading an organization, please do so. Very Darwinian.”.

It is amazing a marketing guru can get this… but Harry does! Read this blog HERE.

jm