It is surprising how quickly and easily something we take for granted can change entirely in a matter of a few months. Yes, I am referring to physical events and trade shows. At the beginning of 2020, we wouldn’t have suspected that the primary source of our leads (for many businesses) would simply disappear from our calendar. Unfortunately, this is the reality of the pandemic world, and we are all forced to look at other ways of generating business. Many of my colleagues have already addressed the ways of getting new business today; hence I will stay away from this subject. I want to consider, what is the future of physical events? Is there a future for them at all?
Events as we know it
I think for too long many organisations took events for granted. It was a stable, and to a point, predictable way to generate new business leads. I am not convinced that sales teams gave events the right level of effort and preparation. It seems to me that in many cases they just showed up, marketing did the job of setting up the stand with some promotion and that constituted readiness for an event. Companies often spent tens of thousands of pounds attending an exhibition only because “we always do it” and didn’t measure the ROI afterwards. The success of the event was measured by the feeling the sales team had, rather than real, tangible data. It was more of going through the motions than strategically planning attendance with goals and targets. Of course, not everyone approached trade shows this way, but I will hazard a guess that more than 50% of attendees did so.
So what’s new for exhibitors?
A new approach to events on the exhibitors’ side is precisely how the events will change. I think many more companies will take this time to consider all of the shows that they attend, looking at the numbers, results and real benefits of participation. They will reevaluate their strategies and I would imagine, decide not to go to some of the shows. If nothing else, the current situation has forced us to look at different ways of generating business. It may be that the new methods are not as intuitive and easy as attending a trade show, but still, they work and bring results. Of course, the level of effort and amount of leads generated may differ, but we can’t deny that we can manage without events.
What makes physical events unique
Events will need to bring something that all other methods of lead generation cannot supply. Two things will come to play here.
One will be the opportunity of networking with many people at the same time. This will always be a strength of events. Having an audience of individuals and companies who are interested and involved in the same industry, subject, or specialty is undoubtedly a backbone of physical events. There is nothing better than discussing issues and problems you are facing with like-minded individuals or companies who often will be able to help, give advice or suggest a solution. It is an opportunity to find the right partner, check the competition and represent yourself in the best way possible. Physical events allow for direct interaction with the right audience – no doubt.
To have this audience, interest and attendance, the organisers will need to consider how they pitch future events – this is the second point. Generic shows for “everything manufacturing” might no longer be an attractive proposition. The shows will need to be more niche, more focused around a specific subject, problem or solution. They will need to attract by providing added value. Merely attending a show will not be enough for companies to commit their time and investment. The organisers will have to deliver real attractive, specific propositions to the exhibitors. We will all be looking for the added value. The offering that cannot be achieved in any way other than by attending that particular event. Examples of such added value might be:
- The organisers will guarantee a networking opportunity with an industry leader,
- Will have genuinely inspirational guest speakers and conference tracks,
- Ensure the latest innovation and developments are on show,
- Provide access to otherwise unobtainable contacts, or,
- Confirm the presence of a full competitive spectrum.
So what next?
In my opinion, there is a future for physical events, but I suspect that the character of these and the way they are organised will change. And I don’t only mean sanitisers and facemasks, but true event style and nature.
I have to admit I am looking forward to the time when exhibitions and trade shows happen again. However, I do believe that companies should take this time to review their events calendar. Look at their results and expenditure and possibly make the decisions that maybe should have been made a while back. We all need to be more strategic in choosing which events to attend, which are worth our time and effort and which ones are possibly missing the mark. That analysis has to be made well ahead of time as the participation of the event is often planned and secured months in advance. But even if you already booked an event, maybe it is financially more viable to cancel and lose part of the fee rather than take part and spend more money for little or no return.
There are many ways you can approach physical events, attendance or cancellation. It doesn’t have to be the “black or white” approach. The events industry is much more flexible today, and many things are open to negotiation. So if you feel like you want to review your plans and need some support, don’t hesitate to get in touch. I am happy to help and share my expertise.