Event Planning and the Current Economic Woes
The recent downturn in the economy will have an affect on event planning and on the business of merchants who depend on special events for their livlihood. People still get married, have parties and business events no matter what the economy, but many scale back on the size of the event and on spending in general. As we have seen in past economic downturns, they will choose a less expensive location, less expensive food, and cut back on serving alcohol (a budget breaker at most events). Unfortunately, they may also eliminate the “luxury” services that can add to the uniqueness of an event.
What can we as vendors do to keep clients coming through the door? First, look at your customer service. If it isn’t top notch, customers will either choose one of your competitors or they will forgo your service entirely. You need to add value in some way that makes you stand out from your competitors. In recent months we have seen vendors who arrived late, who had a poor attitude, and those who failed to adequately train their employees in the most basic aspects of customer service. Those things need to change if a business expects to remain competitive.
Second, how is your pricing? If in the past you priced your services to attract the up-scale client and not the average one, you might need to rethink that. The "average" client may soon become your bread and butter.
This is not a time to stop advertising, but it is a time to rethink how you are spending your advertising dollars. If you don’t track how contacts find you, it may be time to start doing so. Did they find you through your web site, at a trade show, wedding show, in a special events guide book, or at a chamber of commerce event? Did a past client refer them? Once you know where your business comes from, you can focus your advertising more closely.
If your business has debt, find a way to pay it off. More small businesses fail in tough times because of excessive debt than from any other issue. Your goal should be to have enough money in your bank account to weather the down months until the economy turns around and people begin purchasing again.
Yes, times are tough, but with careful planning, we can weather the slow-down in business until the economy turns around. I'm prepared; are you?
What can we as vendors do to keep clients coming through the door? First, look at your customer service. If it isn’t top notch, customers will either choose one of your competitors or they will forgo your service entirely. You need to add value in some way that makes you stand out from your competitors. In recent months we have seen vendors who arrived late, who had a poor attitude, and those who failed to adequately train their employees in the most basic aspects of customer service. Those things need to change if a business expects to remain competitive.
Second, how is your pricing? If in the past you priced your services to attract the up-scale client and not the average one, you might need to rethink that. The "average" client may soon become your bread and butter.
This is not a time to stop advertising, but it is a time to rethink how you are spending your advertising dollars. If you don’t track how contacts find you, it may be time to start doing so. Did they find you through your web site, at a trade show, wedding show, in a special events guide book, or at a chamber of commerce event? Did a past client refer them? Once you know where your business comes from, you can focus your advertising more closely.
If your business has debt, find a way to pay it off. More small businesses fail in tough times because of excessive debt than from any other issue. Your goal should be to have enough money in your bank account to weather the down months until the economy turns around and people begin purchasing again.
Yes, times are tough, but with careful planning, we can weather the slow-down in business until the economy turns around. I'm prepared; are you?
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