The outbreak of the coronavirus (COVID-19) is creating a dramatic domino effect that’s affecting many aspects of people’s lives and businesses.
With people being urged to undertake social distancing and to self-isolate, many significant events and gatherings across all industries are being cancelled or postponed.
In fact, data intelligence company, PredictHQ, published figures indicating that concerns around COVID-19 led to a 500% surge of cancellations and postponements of significant events in February alone.
Whilst there’s certainly been losses for events companies, what is the key to exhibitors looking ahead and preparing for the future?
“While the government are trying to safeguard industry, taking a proactive approach is imperative for any company looking to insulate itself against the potential economic downturn that looms on the horizon,” suggests David Lomas, from M3 Media Publishing.
The Value of Re-Evaluation
In a 2018 report, the Center for Exhibition Industry Research (CEIR) found that most companies participating in B2B trade shows and exhibitions, allocate 40% of their marketing budget to such events.
This amount dwarfs the 8% that is spent on ‘general online marketing’.
“With such a contrast between the amounts invested in either sector, even a small adjustment between the two is likely to have a big impact on a company’s online presence,” suggests David.
“With events and personal, face-to-face meetings all but eradicated, it is crucial that businesses adopt or enhance their digital strategy for prospecting and engagement.
The Value of Digital
“Digital could be the best avenue for businesses to refocus their resources from exhibitions, trade shows and events,” says David.
“It is also a great opportunity for businesses to generally review their marketing strategies, gain a competitive edge, and ensure that every penny is being spent in the best possible way.”
“It is vital to maintain a sense of normality during these turbulent times, but anything you do to stay ahead of the curve will give you an edge over competitors that are slow to react”
David Lomas, M3 Media Publishing
Digital marketing also has some distinct advantages over other forms of communication.
“It allows you to reach people in their own homes, where it looks like many people will be forced to stay, and requires no physical interaction.”
“What’s more, is that it is easy to measure the return on investment.”
“Exhibitors have an understanding of how their actions drive success,” concludes David. “They now have an opportunity to really understand what digital marketing can do to alternatively help their company excel, either now – or in the future.”
Marketing Aspects Magazine appreciates David Lomas’ contribution.
