Strategies for Reducing Disruption from Cancellations, as Suggested by Gartner
In the current global climate, businesses are grappling with the uncertainties surrounding events and travel. A recent survey by Gartner, conducted among marketing and sales leaders at technology and service providers in the U.S., Canada, and the U.K., sheds light on the importance of contingency plans for events.
The survey results, based on data from 375 respondents with an annual revenue of at least $50 million, highlight the significance of contingency planning. Events, including third-party tradeshows and hosted events, are the top performing marketing channel for delivering marketing-qualified leads, according to the 2019 Gartner Product Marketing Benchmarks Survey. However, travel restrictions could severely impact attendance at these events.
To mitigate this, a team of senior-level stakeholders should be created to monitor the latest developments and make timely, informed decisions regarding events. Early outreach to attendees and exhibitors is critical in deciding whether to cancel or postpone an event.
Gartner recommends frequent communication with existing registrants and offering the flexibility to change registrations if needed. Additionally, event marketing plans should be supplemented with content campaigns, programmatic advertising, and webinar marketing to fill lead generation gaps.
In the case of an event cancellation or postponement, exhibitor organizations must be prepared to quickly pivot marketing strategies and reallocate their budget. IT counterparts should build out the organization's technology stack to enable the option of a virtual event. Alternative options to a physical event, such as a virtual event or webinar, should be considered.
Marketing teams should activate sales representatives within 24 hours of a cancellation to reschedule meetings. Contingency plans are necessary for organizations hosting events to minimize disruptions caused by cancellations or postponements.
On average, technology and service providers reported spending 11% of their marketing budget on third-party tradeshows, as per the Gartner survey. However, no relevant information was found about which organizations in 2019 had the highest spending on participation in third-party trade shows or standalone events according to the Gartner survey on product marketing performance features.
The COVID-19 situation requires constant monitoring for timely, informed decisions regarding events. Contingency plans are not just a precautionary measure, but are essential for organizations to lessen the impact on brand awareness, demand generation, and product launch efforts, as stated by Gartner.
In conclusion, in these uncertain times, businesses must prioritize the creation of contingency plans for events to ensure minimal disruptions and maintain their marketing efforts.
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