Invest in meetings marketing now and it will pay off in the long run later. Even through these times of uncertainty, a strong meetings marketing plan is still a solid investment.
Why Meetings Marketing Now Will Pay Off Later
It may seem like the wrong time to begin meetings marketing now. Either you have a limited budget, limited resources or the time just isn’t right but evidence shows, it will cost you to wait.
Investing in advertising in bad times increases long-term profitability
LinkedIn shared a report that detailed those organizations investing in ads during the 2008 recession increased long term profit growth.
The same report showed that marketers who increased media spend in downturns grow 4.5 times faster. In addition, the same report showed that brands that invested in share of voice saw 5x as many large business effects such as pricing, share, profit and penetration.
It’s important your CVB prepare for a range of outcomes until stability is reached and we can see consumer confidence in travel and attending meetings return. Many are predicting that this will begin in either the 4th quarter of 2020 or the 1st half of 2021.
How Can You Kick Start Your Meetings Marketing
Digital Edge is working with our clients to develop a phased approach to meetings marketing as part of our recovery efforts. We developed a 10 point process to ensure the meetings marketing is in alignment with what planners need and what will support the CVB’s sales efforts.
Our focus in phase 1 is on a CVB’s own channels to keep the message at the forefront in a reasonable manner. Currently, LinkedIn is reporting that members are flocking to trusted sources seeking the latest information.
LinkedIn is seeing a 55% year over year increase in conversations among connections on LinkedIn and a 60% increase in year over year content creation.
It is important to implement B2B marketing strategies that will engage and move planners through the decision making process. Don’t give up on meetings marketing because times are tough right now. Ultimately, this is a business where you must be present, develop relationships and keep your message at the forefront to remain competitive. We will meet again and you will want to make sure we do so in your destination.