Unexpectedly, times are tough right now thanks to the effects of the global COVID-19 pandemic. Our thoughts and prayers go out to each of you and those that are suffering. Your safety and that of those close to you is the most important thing - not business.
The sports, events and entertainment industries that typically bring so much joy have already and will continue to experience setbacks. Future spends on hospitality and marketing partnerships will face increased scrutiny when we are eventually able to begin the return to normalcy. However, industry practitioners know that these investments drive real business results and fund the live event operations we are all missing right now. In order to truly bounce back, we must be ready to face the increased scrutiny and demands for evidence of returns and effectiveness of these partnerships.
We have been working with our community of Trak users from all walks (brands, teams, agencies, consultants) to implement the best partnership management practices we have learned and are continuing to learn. The good news is that the Trak system was built to optimize collaboration, so whether working remotely or in office, users are able to handle any changes dynamically and seamlessly. Whether you are a Trak customer or not, below are some helpful guidelines.
Spending will be shifted to meet current demands, which will likely impact personnel and budgets. How you push forward with planning and operating now will become crucial then.
Certainly, as happened with the financial crisis in 2008, entertainment spends will come under increased scrutiny. The full story is bigger than tickets and signage and we must be prepared to tell that tale.
No one can predict with any certainty what’s to come - it’s only modeled speculation. All we know is that normal life and game schedules will eventually resume and preparing for that time now will lead to greater successes in the future.
Talk through various potential scenarios and have plans in place to address each of them. When one of the situations arises, you'll be more than ready to address it.
Event dates are going to be at a shortage for many facilities. Be ready to have to shuffle and handle assets quickly yet effectively. Develop streamlined systems to handle complexity and create new, available digital assets.
Share best practices and resources and willingly connect people to foster solutions. You may find yourself discovering new opportunities in doing so.
Rash decisions focused on makeshift solutions will jeopardize your partnerships. Don’t sacrifice your partners’ goals just for the quick fix. Work with them to identify goal-oriented solutions based on available resources.
Be transparent on what was completed and what is still pending with all of the results data there to justify your partnership investments. All involved will appreciate the honesty and solutions you present.
Heed the situation and make preparations to empower a workforce and partner network with data-centric solutions that are accessible remotely and not dependent on being in the office.