Survival
of the Smartest 
Predictions are doom and gloom for the remainder of 2009 and perhaps into 2010 for many sectors of the economy.
But what about the tourism and in particular the festival and events industry? While it's a good bet most Americans
will not be spending as much on destination vacations this year, they will most likely be looking for their entertainment
kicks locally.
Revenues are expected to be down for most events this year, and that has some planners
panicked. According to The Greenville News, Art In The Park, a staple among Greenville's plethora of
events, has already "postponed" their 2009 fall event, siting the economic hardship of many of the event's participants.
Other events are expected to follow suit, worried about smaller sponsor budgets, and reduced (if not all together cut) funding
from state and local government agencies.
But there are surviving and even thriving events. Take
the Charleston Food & Wine Festival, set to kick-off March 5th for 4 days of dining festivities in the heart of Charleston,
already on a path to generate $150,000 more in ticket revenues over 2008. According to the Post & Courier, this
year's event, only in its fourth year, has already sold out of numerous events and is within $10,000 of its sponsorship
budget, despite the loss of nearly $32,000 in city and state grants.
So how do you
ensure your event is not just one of the surviving, but one of the thriving? Much of the survivability during a recession
comes from the roots or foundation your organization has already laid to support itself during financial swings such as these.
Some of those surviving are also taking calculated measures to reduce expenses and cut some programming that will
be just enough to weather one or two years of an economic storm. But can you actually take advantage
of the current climate to outperform others?
You bet! According to studies following the three most
current recessions, companies that actually increased their marketing during the slump boasted sales growths from 53% - 275%
over competitors who cut advertising and marketing activities. Now, more than ever, is the time to reach out to your
community and sell your event through creative branding. Acknowledge the times, but focus on family, community,
and service.
Many of the organizations cutting marketing and advertising budgets also cut education
and training dramatically. Yet, there may be no more valuable tool to help you focus resources and maximize their impact
for your business or event. Industry organizations like the SCFEA offer many services and benefits that more than pay
for themselves during uncertain times. Everyone will be monitoring expenses this year with a careful eye and critical
decisions will have to be made; but those smart enough to not fight the quicksand will be the ones not just surviving, but
thriving. |
