Forum Offers Recession-Survival Tips
IRVINE — The mood at the second annual Orange County Communications Industry Economic Forum was one of survival. Panelists, for example, shared advice on such recessionary topics as how to select which employees to lay off.
The industry has witnessed the demise of about half of its 420 advertising agencies in the past two years, and a few of those who are still in business told how they did it.
Most panelists at the Friday session agreed that the worst is behind them. Although there were horror stories, the panelists also pointed to some positive emerging trends.
John Vrba, senior vice president of Western International Media in Newport Beach, advised about 60 people at the Hyatt Regency Irvine that they could be missing an opportunity by failing to use Hispanic media. They could reach another 20% of the population in Orange County, he said, and 30% in Los Angeles.
He suggested another little-used technique, tracing customers through an 800 number, which Bally’s Health & Tennis Corp. has used effectively. The information helps Bally’s know which commercials or advertisements are working best.
Walter L. Hagstrom Jr., managing partner of Burton, Livingstone & Kirk, advised targeting potential consumers through technology.
“The old argument that you spend more money to build your franchise is gone forever,” he said. “The emphasis now is on results.”
He predicted that small and mid-size agencies will be the success stories of the 1990s.
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