Thriving in a downturn

Ad Age did an article this month called Five Tips to Cope - or Even Thrive- Through Downturn.  It's a reminder that some of the most successful marekting ideas were born during hard economic times:

- American Airlines created a short-term loyalty promotion in 1982 called AAdvantage, the precursor to today's ubiquitous frequent-flyer programs.

- With new car sales lagging in 1975, General Motors capitalized on the desire to keep current vehicles running by introducing Mr. Goodwrench to push parts and service.

One very interesting trend discussed in the article was going upscale in the down market. While general spending goes down consumers still like to splurge in small areas.  How else to explain the successful launch of a premium cat food, Fancy Feast, in 1980.  Or Calvin Klein's 1982 launch of designer underwear for three times the cost of a generic brand.

What sorts of small splurges can you offer your guests?

Maybe a private docent tours for individuals or champagne and strawberries in a VIP area before the show for premium seat holders.  

When fewer dollars are spent on attending events our customers want those events to be memorable.  It's a good time to ask yourself the question, "What can we do to meet that desire?"