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PM Forum - Boston
Brave new world or grave new world?
It was a cold (15 degrees Fahrenheit) Thursday morning in Boston on January 22, as my alarm clock woke me up. Surely this must be a mistake I thought as I just put my head down on the pillow. My first thought was a panic/reminder to get up and out of the house quickly in order to beat the traffic commuting from the suburbs into Boston's financial district. Every minute wasted can be costly. Because I live and work in the suburbs, I admit that before each PM Forum meeting (in Downtown Boston) I think long and hard about the ROI. However, I have always been pleased with the results of the meetings and all that is learned by being present. The same held true on the morning of 1/22 when I arrived in the warm and friendly offices of The Forum Corporation's corporate headquarters to hear a presentation by Robert Pay of Z/Yen Group Limited. Robert's presentation, titled "brave new world or grave new world" intrigued me from the start and I wondered instantly whether or not he would come out on the optimistic or pessimistic side of things. The first thing Robert did was give us an understanding of what is happening in the economy today. His historical perspective on things helped put me at ease because it reminded me that we have been through recessions before and have always come out of them. What happened last recession is similar to what is happening now so I immediately felt more comfortable with the situation. It was cleverly done Robert and effective. The second part of his presentation provided suggestions on what to do with the marketing mix. In this section he shared statistics from PM Forum surveys that reminded me that my marketing budget was definitely not the only one that has recently seen significant cuts. Along with corporate hospitality, advertising, and sponsorship, Robert (and I) were most surprised that PR/Press was identified as one of the hardest hit areas across the board. The presentation then covered knowing what to look for and avoid during a recession. Again, in addition to learning the tactical advice, I was gathering confidence that comes with realizing that our current situation is not all that unfamiliar.
Robert said that in order to create a recessionary product portfolio, you must mine the collective insights and allow your client's (new) priorities to become central to your service offerings. Be creative first and worry about deliverability second! Robert suggested looking outside for market intelligence and use others to guide you. He said it is the perfect time for a "real" key account program and that it is best to start small if you do not already have a plan in place. He said one way marketers can help our firms resist the urge to cut is by being ruthless on waste! During his checklist of potential actions, I noted to myself as a reminder how important it is to track executives on the move and stay in touch with them. They will land somewhere eventually. Robert's third section of his presentation provided suggestions on how to add value as a marketer. My biggest take away here was a reminder that during recessionary times marketers are expected to be hyper-active in order to be seen as trusted advisor to management. Thinking about the current economic climate as an opportunity to demonstrate our credentials is a timely message for all of us. Lastly, we had an interesting discussion about winners and losers. My biggest take-away here was a reminder that businesses with compelling value propositions are almost always in a position to winŠeven during a recession! Is that not the core of almost everything marketers do for our organizations?
In summary, I left the session recharged. I now wonder what I was so worried about. I thank Robert Pay of Z/Yen Group for sharing his many insights and hope this reflection gives our readers a small glimpse of our event. I am also grateful to belong to the PM Forum, who provided this wonderful opportunity for me to sort this recession out for myself within the comfort of my peers. I left energized to drive back to my suburban Boston office park and begin to make a positive impact marketing within this brave new world!
Matthew Boyle
Moody, Famiglietti & Andronico LLP
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