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Future threats to trade show revenue: adapting trade show models to prepare for the competitive market ahead.

Article Excerpt
THE CURRENT ECONOMIC DOWNTURN HAS BEEN A CHALLENGE TO MANY association executives and boards of directors facing reduced trade show revenue. While this economic slump is slowly recovering, the future holds a new series of threats that are aimed directly at association trade show revenue streams.

Wall Street analysts are projecting that by 2005 the U.S. economy will be back in high gear. This will mean a return of investment capital and new business development in businesses that are competitive to association nondues revenue streams. The time frame from now through 2005 represents a window of opportunity for associations to plan and get in position to effectively compete in this changed environment.

The requirement for the association executive in the future is to fully understand his or her community using advanced market research tools and strategic planning techniques. The information needs and decision-making requirements to manage the association's future revenue streams will be significantly more rigorous than in the past. Competitive marketing battles to control association trade show revenue activities will be a new phenomenon in the association community.

Content and community will be the focal points of success in the future. Knowing what your community wants and is willing to pay for and then delivering it successfully will keep association revenue streams healthy.

The obvious question becomes, "What do association executives and their boards do now to prepare their associations to successfully negotiate these future threats and build financial and organizational health?" A five-step process will help you devise a strategic plan to maintain your trade show's competitiveness in the face of future threats.

1. Know the industry dynamics. Develop a substantial understanding of the economics, trend changes, personnel changes, attitude changes, and competitive dynamics of the industry you serve. This will become your base point in tracking the direction and rate of change you will face as the future unfolds.

Changes in many industries mean that associations will have to change their trade show focus and...