The COVID-19 pandemic
has forced organizations to cancel or postpone countless gatherings, wreaking havoc on the global economy and devastating the bottom line for meeting planners, the firms they work for and their clients. But even when a show can't go on, there are ways to hold on to some of its revenue and use that as building blocks once business starts back up.
That was one of the key points made during the webcast "Coronavirus and Your Events: How to Make Decisions That Protect Your Business and the Safety of Your Staff,"
which brought together event planners and industry experts to discuss the future-focused steps they are taking amidst the current crisis. It was presented by Connectiv
and the Specialized Information Publishers Association
, both divisions of the Software & Information Industry Association
Alicia Evanko-Lewis, executive vice president of global events for Northstar Travel Group
(parent company of Successful Meetings), who oversees our organization's hospitality, travel tech and leisure/retail travel events, described how the company had to cancel or move several events in Asia, Africa and beyond. Her response has been to find ways to "create value for this year leading to next year," getting attendees, sponsors and exhibitors to roll over their money, either by postponing the original event, getting customers to commit to next year's event, or signing them up for a different, but related event later in the year.
"We're being very flexible in our policies with the ultimate goal of keeping the money within the company," said Evanko-Lewis. "It's creating a two-year plan instead of a one-year plan."
Read the full story on NorthstarMeetingsGroup.com
for various tips on how to preserve revenue when an event is cancelled or postponed due to coronavirus.