What is common (and of interest to businesspeople) among Brangelina (the relationship of Brad Pitt and Angelina Jolie), TomKat (the relationship of Tom Cruise and Katie Holmes), Revenge of the Sith, Paris Hilton & Paris Latsis, and Carrie Underwood (the latest American Idol)? Well, these popular culture "events" can actually throw your business planning into chaos due to the enormity of their impact. While businesses can plan for certain events, for instance, release of a movie or the finale of a TV program, but the divorce of Brad Pitt and Jennifer Aniston was totally unexpected and no one could predict when Paris Hilton would accept a proposal from Paris Latsis?
While people are affected by political and economic events, the engagement is less powerful than cultural events. President Bush would love to get the kind of audience Michael Jackson received the day of his verdict for his proposal to privative Social Security.
While people are affected by political and economic events, the engagement is less powerful than cultural events. President Bush would love to get the kind of audience Michael Jackson received the day of his verdict for his proposal to privative Social Security.
- Have a contingency plan in place for unexpected events. While your day-to-day business may be impacted, the impact is far greater if you are launching a new product or starting a sale.
- Events can affect you negatively if you do not plan ahead or fail to react on time. A classic example is that of a bar that offered one free drink to anyone who watched the Michael Jackson verdict on the large screen TV in their bar. While Jackson was driving to the courthouse, the restaurant owner was able to get his message on the local radio. It was one of the best evenings for the business.
- Always stay on top of what your customers are doing and where their attention is focused. For example, you do not want to organize a customer appreciation day when all of them are attending an industry event. Similarly, you can not launch a new music CD when all music fans want to know if Michael Jackson is going to jail or not.