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In the Midst of an Economic Downturn Conference Levels Are at a High

October 4, 2014 Meeting Venues No Comments Email Email

Most businesses are struggling to stay afloat during the economic downturn as businesses and consumers alike tighten their purse strings. This is not the case for conference venues though as booking numbers have remained high throughout the recession. Much of this demand is because of the way companies are now doing business.

Most companies have limited their spending to essential products and services only as they endeavour to tighten their belts and to cut costs. Businesses are buying based on risk rather than price. Companies can no longer afford to take risks and buy products or services on a whim. Conferences allow companies to get in front of prospective client and demonstrate why their products or services are essential and why they represent a low risk.

More and more companies are recognising the change in the way companies do business and are holding regular conferences. Businesses are much more likely to attend a conference where they can learn more about a particular product or service than they are to agree to a sales meeting. This is leading to a high demand for conference venues. Companies have to book their chosen venue at least 6 months in advance to secure the date. The companies who leave booking the venue until the last minute are being left disappointed.

It was predicted that conference numbers would reduce in the recessions especially with the rise of the digital age and that more companies would run online conferences instead to cut costs. Although online conferences are popular, businesses have found that the effectiveness of online conferences is not as high because online conferences lack the personal touch and they do not help to build confidence. 

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