Tuesday, December 2, 2008

The Word on the Street

Posted by Princess Eva Angelica at 10:03 AM
I have enjoyed emailing and talking with a number of marketers over the last few weeks. The constant question that I am asked is, “what are you seeing out there with other associations?”

It is a smart question, because according to McKinsey and Company,” the broader forces at work in the global economy mean that the underlying economics of strategies could continue shifting with unprecedented speed and scale. Such extreme uncertainty demands constant attention.”[1]

So here is what I am hearing from you and your colleagues. Exhibits, sponsorship, and advertising are being hit hard with sales declines and cancellations. Interestingly, I have yet to speak to anyone who is having a downturn in their membership results or budgets from the last few months of turbulence. In fact, most groups are on or above budget for membership.

I have heard one thing that concerns me. It appears some organizations are stealing from Peter to pay Paul. In other words, they are cutting membership marketing budgets to compensate for losses in other areas. I understand the reality of budgets, but I continue to maintain that winning and keeping members during the tough times is a solid strategy.

Again from McKinsey and Company, “To weather the storm, it will be necessary to identify anew who and where the profitable customers are and to prioritize the most effective marketing and sales vehicles for reaching them.” Or in other words, do not take money from what is working.

Please feel free to share what you are experiencing.

[1] David Court, The downturn’s new rules for marketers: The old recession playbook won’t work this time around, The McKinsey Quarterly, DECEMBER 2008.

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