When the subject line said “Announcements Concerning EMC World 2009”, I became curious. Is EMC cancelling their user conference?   After all, AIG and Bank of America took a tremendous amount of heat for their sales meetings.   The profitable Northern Trust was recently roasted for its sponsorship of a golf tournament, causing the bank to initiate the return its billion-dollar TARP handout. 

So, is EMC cancelling its event?  No.  It was just a poorly written subject line.  EMC is blasting forward with a welcome reception featuring the Gin Blossoms and a customer event at Universal Studios. 

There are mixed messages about event-related spending circulating in the market place.  As a marketer what are you supposed to do?   Here are a few suggestions.

·         Assess the annual event calendar and rank each event, using current business objective criteria.  Ask practice and sales leaders to participate in this activity.

·         Review contracts and note which can be cancelled, modified or entered into at a later date.  Use your leverage as a participant/sponsor to gain the utmost exposure.  If you plan to participate at a tradeshow, be clear about what will happen to your deposit should the event be cancelled for lack of participation.

·         Check budgets and trim the fat.  Send a lean team, reduce the amount of printed materials and limit internal T&E. 

·         Get the absolute most for your money.  Negotiate hard for extras—speaking opportunities, ads, online exposure.  Create a no-fail, iron-clad plan to manage every aspect of the activity—including follow up.  Maximize every minute you have in front of prospects, partners, customers and the press.     

·         Consider hosting a virtual event.  Virtual events are gaining momentum and acceptance.  Companies are hosting virtual and blended live/online events with terrific results.  For some inspiration, check out the recent Best of Web Virtual Trade Show or Event award winners.

Taking a proactive and inclusive approach to managing marketing events will eliminate surprises and keep the marketing team from being burned.  Events are highly visible activities, and still offer wonderful opportunities for the marketing team to shine.      

During a recent conversation with a management consulting client we started brainstorming about the companies we knew were doing well in this economy.  They were working with a pasta manufacturer that was seeing strong sales as people eat in more and turn to less expensive fare.  When we called on a company that manufactures signs for retail locations (such as banks), they were so busy with all the mergers that their parking lot was full.    That got us thinking.  There are a number of industries and companies that are doing well as buying habits change.  And those are the companies that it would make sense to target in your marketing. 

So, who would you suspect is doing well in this economy?  Our brainstorming suggested car parts dealers (people are fixing their older cars themselves), home centers (more DIY projects, less outsourced remodeling), grocery stores (more eating in, less restaurant meals), government (there’s a lot of stuff in that stimulus package), companies with locked-in revenue streams, and mid-market firms.  A quick Google search for companies with strong earnings noted the following:

·         Kirkland’s, a value-priced home décor retailer, reported a 10-fold increase in Q4 net income and stronger same-store sales and margins throughout the holidays. 

·         Virgin Mobile reported that all “headline results” improved and they ended the year with a strong Q4.  They cited proactive management measures and the aggressive marketing of plans that would appeal to customers as contributing to strong results.

·         Darden Restaurants (Olive Garden, Red Lobster) reported better-than-expected Q3 profits and raised their 2009 sales and earnings forecast.  Good management, strong marketing and falling commodity prices helped with their results.

Companies are growing and thriving in this economy.  When you read the earnings reports, many cite that the management teams identified trends early, made tough decisions, listened to their customers and adjusted their marketing and sales strategies.  These are the companies you should target in your marketing.  If you’re calling on firms that are receiving TARP funds, reducing their workforce, scaling back operations or experiencing lower than expected earnings, you might be barking up the wrong tree. 

Whenever there’s a general downturn in the economy or within an industry, you’ll see all the CFOs clearing the corporate decks and dumping their junk on the bad news barge.  As the barge passes each publicly traded company just before their earnings report is released, all the rotten write-offs and write downs, missed numbers, lost profits, crappy announcements and whatnot are tossed on board.  Everyone looks at the barge, sees how big the pile of junk is becoming, and with any luck fails to focus on your company’s contribution.  The news of the day focuses on the macro factors and hopefully misses your company. 

To marketing and communication leaders, the barge offers some blessings.  Focus is on the barge and not on specific company blunders.  You can also learn a thing or two from the seasoned CFOs—pile it all on at once.  Cut out the bad to the bone, and make it cathartic.  Even if your company is privately held, one big, bad and ugly internal announcement is a lot better than a haphazard stream of bad news.  It’s much easier to put the past behind and to start focusing on what’s next. 

If you’re running a marketing function, we suggest the following:

·         Review what’s not working

·         Make a realistic assessment

·         Eliminate resource drains without a strong ROI

If the program, promotion, person or partner is not working now, the situation probably won’t change in the future.   Difficult decisions are always easier to make when you are proactively prepared.   It’s times like these that test marketing leadership skills, but they also present opportunities to step up, assume responsibility and shine. 

Dump your junk on the barge and motor on!