In the past week, two big events I was scheduled to attend, one in March and one in April were canceled, due to the outbreak of the coronavirus. Many other major conferences and events, like the mega SXSW, have also been canceled.
Right now we don’t know what the economic impact of the coronavirus will be. But it’s sure go have a negative effect on businesses, large and small.
If you were intending to attend an event or conference, which eMarketer calls a “cornerstone touchpoint for many B2B companies”, but it has been canceled due to the outbreak of the newest strain of the coronavirus progresses worldwide, you need to read this article from eMarketer.
According to eMarketer, Recode reports (citing data from PredictHQ) “the direct economic loss” from these canceled events will surpass $500 million.
In-person events are key to the success of many B2B companies. A Demand Gen Report shows these events and trade shows are “an effective channel for driving conversions…more effective” than email (48%), product demos (39%) and a company’s website (34%).
Cancellation of these events can, says eMarketer, “stall pipeline velocity for B2B companies,” which could have a long-term effect on sales.
If you have to forgo these in-person events, what’s the solution? “Be creative,” advises eMarketer, by going digital, being nimble, trying direct mail, reassess your supply chain, and measure everything.
Check out the advice from the Centers for Disease Control released in February for businesses.
This is an unfolding situation. You need to stay abreast of new developments—which we’ll bring them to you here on SmallBizDaily.