âI think weâre in a recession,â said James P. Dolan, chairman-president-CEO of Dolan Media Co., which targets professionals in the legal, credit, finance and construction markets. âThe service part of our business is doing well. Advertising and circulation are doing well, but it will be a tough year.â
Joe Loggia, CEO of Advanstar Communications, agreed this will be a tough year. He said Advanstar this year is focusing on events, which are âmuch more recession-resistantâ than traditional print advertising.
Loggia added that while ROI is easier to demonstrate with events and digital assets, there is still value in print. âYou have to arm your team with tools so they can go out there and position what a product can do not as a supplement, but [as something] complementary,â he said.
Dolan stressed that in the current climate, it is crucial to maintain and cultivate relationships. âRelationships havenât been more important,â he said. âThey make revenue more secure.â
With regard to the b-to-b media M&A marketplace, Loggia said that if the asset âis in the right market, thereâs a lot of attention to the product and it has the right team, weâll go after it pretty hard.â
On Monday Advanstar acquired CBI Research, which provides live and online conferences for senior-level executives in the pharmaceutical and biotech industries. Financial terms of the deal were not disclosed.