Key Reasons Why Your Business Needs to Be Running an Event

Did you know that 72% of event organisers agree that in-person events are a crucial part of their marketing strategy? (Bizzabo , 2022) You see, events serve as powerful catalysts for driving meaningful transformation and the business events industry plays a pivotal role in driving economic and social advancement. They bring together diverse stakeholders, organisations, and individuals from various sectors, fostering essential progress, innovation, and adaptability in an ever-evolving world.

In 2019, prior to the pandemic, business events generated more than $1.15 trillion of direct spending, supported 10.9 million jobs globally and generated $662.6 billion of direct GDP. In fact, the business events sector directly generated more output (business sales) than many large global sectors—including telecommunication equipment and air transport.

The pandemic was a rough old time for everyone, we won’t rehash that, but it was particularly tough for those who saw large portions of revenue come from events. Due to lost activity, there was a lot lost during those years which saw two-thirds of (global direct business) event spending lost in 2020 and a three-year cumulative loss (2020 to 2022) in sales totalling $1.9 trillion. Things started looking up in 2022 with activity in recovery, but the losses still amounted to almost one-third (29%) of expected spending at the pre-pandemic trend level of 2019.

But the good news is that this year event spending is forecast to recover to 2019 levels. In fact, there are a lot of predictions for this year , and business events are being viewed as increasingly important in rebuilding culture and employee engagement, as well as knowledge-sharing and professional development—and that’s because hosting events isn’t just about throwing a party; it’s a calculated investment with tangible ROI. Events are community builders, a third space where people can connect through shared interests and experiences to help inspire innovation, conversation and collaboration, but they’re also key to local economies because attendees aren’t afraid to invest in their personal and professional development; they inject cash past the event itself, and into hotels, restaurants, and local businesses when they travel to attend them.

Events Align Both Internal and External Stakeholders, Helping to Provide Strategic Direction and Growth

According to Event Marketer , over 90% of people are more likely to buy a particular product or service after having participated in a brand activation or experience—and when you combine that with the fact that 91% of people feel that digital advertising can be intrusive , events provide a unique opportunity to connect with your audience, in an authentic way.

However, it’s not just attendees that can benefit from an event. When it comes to event planning, nothing drives results like team alignment. Sure, this can be a challenge sometimes. Sometimes your CEO wants something different than your Sales Director or your Product Marketing team… But when you unite these voices to create a unified vision for your event, incredible things can happen—because instead of conflicting opinions, you get a way to capitalise on fresh perspectives and create a diverse attendee experience.

But back to the event itself—a well-crafted event can be a powerful catalyst for change, aligning stakeholders (both internally and externally) and propelling strategic direction and growth. By bringing employees, customers, partners, and investors together in a shared space, events can foster open communication, collaboration, and a unified understanding of the organisation’s vision.

How?

Well. External stakeholders are able to gain deeper insights into the company’s vision, roadmap and products, fostering trust and potentially leading to lucrative partnerships or investments. Whereas internal stakeholders are able to showcase their latest innovations, receiving valuable feedback from clients that shapes future product development whilst simultaneously gaining a clearer picture of how their work contributes to the bigger picture. This experience breeds trust and enthusiasm, empowering the exchange of ideas and feedback which sparks innovation, leading to the development of strategic initiatives informed by diverse perspectives—and it’s this shared exchange and experience, which leads employees to become brand ambassadors and external stakeholders to become invested advocates.

Events Offer a Diverse Playground That Caters to Various Personalities

Regardless of your attendees’ industry, profession, or personality type, there’s an event type to match. While your event’s objectives will guide the perfect fit, each event type serves a unique purpose, delivering benefits to both your attendees and your business. By selecting the most suitable event type you can ensure it aligns with your business goals, whether it’s fortifying customer relationships, boosting sales, establishing thought leadership or something else entirely.

Of course, you have your three main event types: live, virtual or a combination of both (AKA hybrid).

Firstly, you have virtual events, which went mainstream during the pandemic but still have their place today—providing opportunities for geographically diverse audiences to connect in a shared space. However, eliminating geographical barriers is only one perk. Virtual events offer unparalleled flexibility, allowing participants to engage from the comfort of their homes or offices, saving time and travel expenses and fostering inclusivity, as individuals with various accessibility needs can participate seamlessly. But on top of this, they’re also great fun. Offering innovative and interactive experiences, such as virtual booths, gamification, and live Q&A sessions for attendees whilst simultaneously creating content that can be repurposed across numerous platforms, helping to enhance the attendee experience and your marketing strategy!

Then you have your hybrid events, which aren’t just about broadcasting a physical event; but about creating two equally engaging experiences, allowing virtual attendees to seamlessly interact with in-person participants and speakers. Hybrid events reach far and wide, bringing global audiences together online while fostering the irreplaceable energy of live gatherings. This dual nature unlocks incredible benefits as geographically limited guests can now attend, travel costs are reduced and environmental impacts are lessened—plus, valuable data insights into attendee engagement are ready to help guide the way for your future strategies.

And as for in-person events? Well, the possibilities for those are endless! You’ve got your customer conferences, such as Salesforce’s Dreamforce, which attracts thousands of attendees and offers educational sessions, product demonstrations, and networking opportunities. You’ve got roadshows, which quite literally take your company’s products, services and thought leadership on the road—like Gong’s Celebrate roadshow or Apple’s Worldwide Developers Conference (WWDC), where they showcase new software and technologies to developers globally. You’ve got tradeshows, and networking get-togethers, you’ve got team-building events, festivals, workshops, galas, and so much more. The possibilities for what you can do are endless—it’s all about knowing what to do with your event to drive the best results.

Your Event Strategy Can Be the Blueprint for Building Your Business—if You Know How to Create It

If you’ve made it this far into the blog post, you’re probably thinking “OK! I get it, events are amazing and there are many benefits—but how do I get to them?”. And the answer is, by crafting your event strategy.

Your event strategy serves as your North Star, helping to keep your team aligned and your planning and production on track. Of course, a well-defined event marketing strategy encompasses more than that. There are several key elements required to lay the foundation for a remarkable event experience. But before you start with any of those, you need to start with whyyou’re hosting this event. This seems like the easiest part to establish… but you’d be surprised how many stakeholders often have a different perspective on what an event’s purpose is! Aligning your team to have a unified “why” is a crucial first step, and by involving different teams and stakeholders, you can tap into diverse expertise and perspectives, resulting in a cohesive and well-executed event. It’s this that can be the difference-maker, because it helps to establish your event’s purpose, vision, objectives and key performance indicators (KPIs)—plus, everyone needs to know the plan, you can’t have siloed teams working on different aspects without a clear understanding of the event as a whole!

Having these goals in place before you start planning your event is crucial. Because these measurable goals provide a roadmap to track success and evaluate your event’s impact. It helps you to see what worked, what didn’t, what needs a little refining and what unexpectedly delighted your audience. It also helps to drive your content and answer key questions. What theme will the event have? What content will resonate with the audience? What behaviours are we looking to encourage? What activations will capture attention? This, in turn, will help to shape your messaging, ensuring that you’re attracting the right audience segments, and developing a strong value proposition that resonates with your target audience and helps them with the challenges they’re looking to overcome with your event.

Your Event Can Fuel Your Content and Marketing Plans for the Rest of the Year

On average, respondents to the Survey of Events Organisers and Exhibitors 2022 said that they would lose up to 44% of their revenue without in-person events. So there’s no denying the event itself, and closing strong, is crucial as it leaves a lasting impression, reinforces key messages, drives post-event engagement, and encourages immediate action. But the impact doesn’t have to end there.

Repurposing content and sharing highlights, keynotes, audience insights, and videos from the event, helps to ensure that those who attended remember the event—but it also helps those who didn’t attend get to experience some of it, capturing intrigue in the process. By recapping important information, emphasising the value gained, and promoting ongoing interaction, you keep the conversation going. In today’s fast-paced and ever-evolving market, being out of sight often translates to being out of mind. Failing to establish a continuous customer connection and maintain brand visibility can result in missed opportunities and lost market share. But by leveraging events, businesses can proactively engage with their target audience, strengthen relationships, and stay top-of-mind.

This not only benefits external audiences but also helps internal teams. Helping to maximise the ROI you get from your event content by using it to fuel your marketing plans.

Utilising your event content in post-event communications helps to stretch that marketing investment across the calendar whilst nurturing leads with valuable, relevant intel. You can transform presentations into lead generation through blog posts or emails. You can turn the expertise from keynotes into social media posts and videos. Q&A sessions can help fuel podcasts, whilst providing insights into what audiences are facing and trying to solve. There are numerous possibilities—and that’s before we tap into what user-generated content can do for your brand awareness and reach.

There’s no denying that investing in events produces incredible results, allowing you to position your brand as a market leader, expand your network, and generate valuable leads—all whilst having fun and connecting with your audience! But these are just some of the reasons why businesses must take action and embrace events as a powerful tool for business growth. If you want to hear the rest, or tailored advice on how events can make a difference in your business, get in touch to start the conversation !