The Week that Was

They say God made the universe in seven days (with a union-mandated day off). The last seven days, while not universe-scaled, were eventful to a material degree. To wit:

· A group of market luminaries went to Washington, DC to speak with members of Congress (or, more appropriately, their staffs) about how to possibly incentivize corporations to offer wellness initiatives (with appropriate rewards) to their employees. By all accounts it went well and we are “on the radar” on Capitol Hill.
· Another leader in our market left us. Gary Slavonic, a Partner in Texas-based rep firm Premier Incentives is leaving the market to get a “real” job, with benefits and all that. His reasons are valid and are the best for his family, but it makes me profoundly sad that he’s no longer going to be engaged in our business.
· A rumor is in the market that Maritz has acknowledged that its acquisition of Cascade (a rep firm/distributor hybrid in CA) hasn’t worked out as well as they’d hoped. What might have been a trend has become an outlier, at least for the moment.
· Special Markets Dialogues was held, and despite the current environment there was optimism. Real optimism, not the manufactured kind. Yes, there are “issues” and yes, there are “challenges” but as in any other downturn the companies that realize how to adjust and embrace the changes will succeed. Those that don’t will not.

It excites me that so much is going on--even if all of it doesn't apply to me directly or if some of it may even be "bad". I've heard it said that no publicity is bad as long as they spell your name right. After our Summer of Discontent I'll take anything that stimulates discussion and attention to our business.

And, God Forbid, there's been an uptick in activity. Nothing to shake the whatnots off the shelf, but enough to be noticeable. This is also a fundamentally good thing.

I don't think a "recovery" is in the offing anytime soon. I also don't think the market returns to 2008 levels in the next 2 years unless you find new products to sell or new customers to sell your old stuff to, or both.

But in downturns it's the companies willing to take risks that will be best positioned to succeed when things DO turn. What used to work isn't gonna work anymore--time to bring out the White Sheets of Paper and start doodling...


Pete