The event industry is dynamic, diverse and ever evolving. With years of experience and also possibly part hope, industry leaders share their ideas on how you can make the best of 2021. And make sure you read the very interesting expert comments on “Bleisure Events” at the end.
The future of meetings and events
What does 2021 hold for the event industry?
Here’s a few points that we picked up on during Andrew Hiebl, (CEO of AACB) Christmas video message. Well worth noting.
- Entrepreneurial spirit has driven new innovations to help people meet online and in person during the pandemic. Our diverse sectors also combined to speak with one voice to engage constructively with Government.
- $50 million dollar business events grant program expected to distribute much-needed funds throughout 2021 to restart the industry, build confidence in demand, and support the supply chain.
- New Minister for Trade, Tourism and Investment will build on a solid foundation as an advocate within Cabinet, positioning business events on the platform to drive international capital and grow our economy.
- 2021 will be a year of continued collaboration and consolidation.
Andrew Hiebl youtube video here https://youtu.be/-MOh0OJsvqc
All that is very welcome. Part of the last point we particularly like is the ‘collaboration’. One thing we’ve seen over a few decades is that when there’s consolidation the people and businesses that stay connected to their favourite association, chamber or professional body, and engage with their peers are typically the ones who will make it through a downturn and spring board into great success. Stay connected !
Change is not new
The department store dominance ended in 2020, some Instagram brands turned insta bland, Skype zoomed out of the vocabulary and so much more changed.
The events sector has had time to reset and sharpen or validate its offering. Very few industries (besides education) have a greater one on one impact on millions of people than the event industry.
Open question. Have we as an industry changed enough?
Turning up matters
When you go to an in person conference with 100 people for an hour you are in effect connecting with 100 people. That’s even if you chat with just a few people.
Just by being there sends non verbal messages.
- It says I support this idea
- This cause is important
- Being part of this tribe matters
The one hour of time is multiplied by 100 in human benefit. Getting this from online only events is a big ask? To better our chances we need the assistance of behavioural science and philosophy experts. More on this towards the end of the article.
From Seth Godin book Tribes: We Need You to Lead Us.
“The Web can do amazing things, but it can’t provide leadership. That still has to come from individuals. People just like you who have passion about something.
Tribes will make you think (really think) about the opportunities in leading your fellow employees, customers, investors, believers, hobbyists, or readers”
Turning up to in-person tradeshows, seminars, meetings and awards ceremonies matter. Just ask the graduating University students.
Event industry professionals share their thoughts on 2021 and the future of meetings and events in Australia
“Use consistency in digital services to reduce your clients cognitive load”
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Event planner opportunities
If you’re an event planner and looking for sectors to target I’d suggest looking at where the money is.
Our prediction of the winning sectors for conferences and expos are;
Health and medical sectors that have and will continue to change at a rapid pace. There will be a need for more formal meetings to exchange knowledge and implementation of new processes en masse.
Also the technology evolution will continue at a rapid pace so may benefit from offline gatherings when online fatigue bites.
Financial services also made it on the chart below so another good one to target.
Check out the chart below from the Visual Capitalist. The chart adds weight to our prediction and experience on what we’ve photographed the last few months.
If you are looking for more events to manage in 2021, direct your business development rep to scout out a plan to target all these industries. Follow the money trail.
Event manager opportunities – Billionaire growth chart
“For greater success in 2021 companies will need to turn online service interactions into human interactions.”
Online, offer a one on one video or phone walk through your website highlighting case studies and services.
In person, use your website as a brochure at the meeting, take samples or invite the prospect to your next event with one of your sales team to point out the detail, care and expertise. Turn your services enquiries into a more human interaction.
Looking back to plan ahead
Looking at search engine keyword trend data can sometimes help us get a better sense of how or where the market is heading.
As we did for our events during covid article last year. We carried out some research how common event focussed keywords have tracked the last 12 months.
Notes, the searches for conference also included press conferences i.e. State Premier press conferences. That may explain the big peaks.
Exhibitions;- South Australia has led the way, and second is Northern Territory. Possibly because of their achievements in controlling the spread which give confidence to clients and event organisers.
If searching for wedding dresses is a good indicator, venues and suppliers will be next in demand.
Wedding dresses, conference and exhibition – chart
The rise and fall of the search for the term “Hybrid event” world wide. Australia is fourth on the list. (chart below)
‘Event management’ as a topic is picking back up which is great to see.
Hybrid event, Event management – chart
Opportunity to convert online only events to hybrid
Hybrid is the new cool kid. There’s still a way to go yet in maximising the potential of hybrid.
There’s opportunities for online only events to go hybrid when there are physical products or services many of which are best demonstrated with real live human interaction.
Product demos and tradeshow events are perfect for live audiences and beaming live online with both video and still photos. It’s interactive and has greater engagement, this means better value to your clients and audience.
Opportunity to convert 20% loss of airline business trips to online events
In this survey presented by Idea Works shows how the pandemic will affect total airline business trip activity.
“As a recovery occurs in 2021, approximately half of the former trip activity (the 49
percent slice) will return as the business environment normalizes. But beyond this, 19
percent of business trips at a minimum will not return”
Being the optimist we can see with the more upbeat expectations with vaccines being pumped out in the millions that this could fairly quickly change the outlook for the second half of 2021.
American Express global business travel survey
Work in 2021 GLOBAL TRENDS Report
Meeting planners are looking forward to resuming in-person events over the coming year. In the meantime, they are adapting to the current environment by making the most of technology.
Asia Pacific Region includes;
- 1. Tokyo, Japan
- 2. Singapore
- 3. Sydney, Australia
- 4. Shanghai, China
- 5. Kuala Lumpur, Malaysia
Source: Meetings Insights, American Express Meetings & Events client destination report, October 2019 – September 2020.
Home Work – A new event frame work needs new habits (re behavioural science and philosophy)
A year of change is a year of opportunity, invention is better than reinvention but we’ll have a go at either. So too have many in the Australian events industry.
Behavioural science and philosophy experts have been talking about the subject of change and adaptation for yonks.
Check out The Behavioural Design Podcast by Samuel Salzer, habitweekly.com.
Also check out the concept of digital nudges to improve your online customer experiences. Listen here The Intuitive Customer by Beyond Philosophy.
“Digital Nudges build on Nobel-prize winning economist Professor Richard Thaler and Professor Cass Sunstein’s concept of Nudging. Thaler and Sunstein’s 2008 book Nudge: Improving Decisions about Health, Wealth, and Happiness explained that a Nudge is a way you present your customers’ choices that tips the scales towards a particular option. Digital Nudges are the same idea, but specifically to the online experience.”
The info graphic below by Monica Parker from hatchanalytics.com sums it up.
However we connect and do business, the psychological, the online (virtual if we must) and physically being together is what we must embrace. This is the time for strategic alliances and staying connected.
On a final note on this article, “the truer you lived in 2020 the greater the trust the tribe will have in 2021”
