Event Industry pulse check - Innovation

Crisis frequently breeds innovation, whether people want it or not. The recent Project Evolve Pulse Check survey on the event industry’s transition into a more virtual landscape certainly reflects such a scenario. With 16.7% of respondents saying that prior to the Covid-19 pandemic they had never hosted a virtual event but 97% of respondents saying that after the pandemic they will continue to integrate virtual concepts into their plans, we know the event landscape has indeed changed forever.  

But, as was the case with the tech boom of the late 1990’s and other emerging industries today, many of those who drive these types of sea changes will statistically fail. But those who succeed could see themselves on top of a wave that expands “event” audiences far beyond the exhibit hall and transforms the way in which trade shows define success in the future. 

One area where event planners are still struggling to change or even moderately shift direction in their thinking is the revenue equation.  With 75% of survey respondents still indicating they see the traditional revenue streams of sponsorship and registration dominating the monetary equation and virtual exhibitors trailing a distant third, it is certainly telling to analysts more adaptation is still to come with no respondents offering any new revenue stream ideas into the survey. It does illustrate a longstanding challenge the event industry has faced in exploring ways to diversity it’s income base.  

With 2020 being the year of systemic adaptation, it is a great opportunity for companies with previously rejected income innovation ideas for events to resurface them in the new dynamic and the responsibility of event planners and leaders to consider those ideas which align with their newly restructured key performance metrics. At an event industry conference in late 2019, I gave a talk discussing the need for events to maintain a relationship with their constituents 365 days a year and change the way in which success was measured from a view that currently focuses on a moment in time during an event to overall annual engagement.  That sentiment is now even more firmly rooted as it creates customer acquisition, engagement, and retention opportunities all year long. And, that can also then be rewarded with year long revenue.  

I have always hated the line “it is what it is.”  The reason for my disdain is when someone says it they are almost always conveying a position that something cannot be changed and thus the situation and perceived consequences must simply be accepted. The pandemic of 2020 has certainly created a number of things that we cannot change as individuals. However, if we instead use “what is” as an opportunity to take the situations we face and look for new ways to rise above them, offer value and both retain and gain new customers, there is opportunity to truly change “what is” into a very real opportunity of “what could be” in both the near and long term. And, that is certainly true in how you evaluate both success and revenue streams in events.

Project Evolve, a marketing think tank, works with companies and events in expanding opportunities, defining what success looks like and helping them to innovate. If you would like to discuss your event and how Project Evolve might be able to help you innovate, please email [email protected] or visit us @ www.AlwaysDriveInnovation.com