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For Best Marketing, Healthcare Information Network, Inc., Liverpool, New York USA. Karen Blake, accepting.
The promotion (1) went out on a seminar series on new legislation. Then disaster struck. The legislation was postponed. There was no seminar. Instead of taking a huge loss, the program realized a central point of promotion: sunk costs. It had already spent money on promotion. So instead of canceling the series, they redesigned the program to address the postponement of the legislation (2), promoted it; sold out the first series; then promoted a second offering with a great screaming headline: “Original date sold out!” (3) The lesson: stay flexible, look for the positive, understand promotion is a sunk cost, and sometimes you can turn lemons into lemonade.
(1)
(2)
(3)