3 reinvention strategies for the events industry
We all recognise that the Covid-19 crisis has had a huge impact on the events industry. With so many events having been cancelled or postponed since March 2020, the industry is now working hard to understand how large-scale gatherings and events could work going forward. This has meant prioritising key areas of their business and defining strategies for reinvention.
So, what does the future look like for the events industry?
According to the Exhibition Industry Survey, carried out earlier this year and cited by Exhibition News, the current key focuses are on delivering postponed events (54%), developing new sources of revenue (45%), and understanding how customer needs have changed (53%). In addition, 19% of those questioned felt delivering events virtually was a priority over the next 12 months.
Here are three ways the industry is hoping to reinvent the future of events.
1. Hybrid events
According to the research, 46% of event organisers are planning to deliver hybrid events in the year ahead. The size of the company is a determining factor as to whether hybrid events are a priority – 69% for larger companies, 28% for smaller companies. It is likely this is a reflection on how much resource individual companies have available to develop these kinds of events.
2. New sources of revenue
In terms of how events professionals plan to develop new revenue streams, two strategies were found to be the most common. Well over half (56%) of those questioned said they would look to launch a new product, while 52% said they planned to boost revenue by establishing partnerships.
3. Virtual events
All businesses have made digital a key priority in 2021. The research reveals that 51% of organisers had run virtual events in the past 12 months. Within this group, the main types of event have been: webinars (82%), conferences (68%) and virtual trade shows (55%). Webinars also proved to be the most frequently-held virtual event, with organisers having held an average of 11 over the course of the year. In addition, 35% of organisers said they were either considering or in the process of developing virtual events.
At The Delta Group, we are helping businesses reinvent the event space and giving them everything they need to put on a great show. To find out more, get in touch today: firstname.lastname@example.org.