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      FUSION NEWS for Meeting Professionals Fusion Meetings & Events/Fusion Management prides itself on being a top provider of meeting & event and association management services for its clients. As such we are providing you with this current information on the industry to assist you with your duties. Should you find yourself in need of assistance with any of your meetings or association duties, please do not hesitate to give us a call. We are here to show you how we can fuse the art and science of meeting and association management to make your organization the best it can be!! |
| Top Story Succeeding In a Down Economy Times are tougher than in years past and money is tight, and yet business must go on. These days each organization must determine where to cut and where to spend, and we all must be smart with our money. While many tend to initially cut the marketing budget, that is the last place to cut according to statistics. Marketing is not an expense, but rather an investment in your organization. Now is the time to make sure that you are keeping your name in the forefront of prospects and clients, servicing your clients, and creating loyalty and word of mouth with your current clients to maintain and/or increase revenue. Since a recession is part of the regular economic cycle (estimated that there will be a recession every 10 years), organizations need to understand that a recession will eventually end. Therefore, efforts to promote your organization need to remain in force and, for some, be stepped up during down times. Otherwise, you organization will be at a disadvantage during the next stage of the cycle –expansion. By entering the expansion phase of the economic cycle at a disadvantage, it could negatively affect your success in the prosperity phase and force you to make pre-mature cuts in the contraction phase (pre-recession). The trick is to implement smart marketing efforts during a down economy. To simply mail out information to random lists, create marketing materials without a clear idea of your target audience’s needs, etc. would not be smart marketing in any economy. Organizations must create a clear strategy for marketing efforts, maintain the marketing budget, keep tabs on the budget and allocate funds to those parts of the strategy that are showing the greatest results, research and learn as much as possible about their target audience, and finally target and reach out to their target audience. During this time when everyone is looking to make cuts, it is equally important to show your value to and provide excellent customer service to your current clients/members to ensure that your services are not part of their budget cuts. Creating new value-added benefits for your clients/members is potentially the easiest and least expensive way to retain current clients/members. Regular calls to check-in concerning their satisfaction, creating new and regular means of communicating information to them through electronic newsletters, meeting key clients/members at their offices to learn more about their operation or just to connect face-to-face, seeking information on their current needs through conversations and surveys, etc. are all great ways to stay in touch with your clients/members and show them that you appreciate their loyalty. What’s more, the information you glean from these connections will give you insight into potential new benefits that you can create to further enhance their loyalty or, better yet, create new revenue sources. The bottom line is that an organization’s marketing budget should not be considered a “luxury” expense that can be decreased or eliminated during tight financial times. Instead, this is an investment that should be maintained and possible increased. By doing so, you will be able to withstand the storm, come out standing, and be better prepared to take advantage of the forthcoming expansion phase. Laura Shelton, CMP, is President of Fusion Meetings and Events, a full-service meeting and association management company located in Alexandria, VA. With over 12 years of experience, she has found that success in meeting and association management comes from fusing the science (logistics, financial, content, operational) aspects with the art (creativity, meeting personal needs, personal communication, visually pleasing) aspects to create the whole product. She can be reached at laura@fusionmeetings.com. |
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© 2006 Fusion Meetings and Events, LLC
101 N. Alfred Street, Suite 200
Alexandria, VA 22314
Phone: 703-548-2855 703.303.5261 (cell)
Fax: 703-548-2856
laura@fusionmeetings.com