As COVID-19 has moved from a pandemic to an endemic state, we find our society and the events industry forever changed. Some event portfolio planning elements are gone, some have been added, and others continue to transform and evolve. We’ve identified six real-world trends trends that will impact event portfolio planning this year. Additionally, we’ve added a few words of advice to help you take advantage of these opportunities.
1. Improving Travel Sentiment
According to a survey by American Express, 86% Americans were spending as much as they did on travel in 2022 as they did pre-pandemic. And while this number is sure to differ country-to-country, travel sentiment continues to be on the rise. This is a positive sign for event organizers as travel restrictions have been lifted and attendees feel comfortable getting back out there again. We’ve already seen some large events return to pre-pandemic levels, and others continue to gain ground. However, there are factors which continue to contribute to attendee selectivity when it comes to participating in events. Fear of Going Out (FOGO), ever-increasing demands on professionals’ time, and corporate budgets which are frozen or reduced. Companies should be as selective as attendees are when considering which third-party events to participate in, and ensure proprietary activities provide attendees with things they cannot get anywhere else to ensure attendance of the right audiences.
2. Localization of Events
Due to the pandemic, many event planners have had to get creative with their event locations. And it looks like this trend is here to stay, at least for the next few years. According to a Cvent survey, 62% of event professionals say they believe that localization will be a big trend in 2023. The workplace is distributed. People are operating closer to home, supporting their local communities, and building their networks locally. Consider building an events portfolio that includes, or even focuses on smaller, more regionalized events. Look to your customer lists, or known industry hubs to decide where to start, and grow from there.
3. Event Consolidation
As companies look for ways to reduce costs and streamline processes, event consolidation is becoming more popular than ever before. Budgets are tight in the anticipation of a recession. According to a study by The Trade Group, 70% of surveyed organizations have consolidated their number of global trade shows over the past three years. Global and field marketing groups are working together. BUs are collaborating more. Consolidating events means consolidating teams, enabling companies to focus their efforts on fewer shows which result in higher ROI for each one individually. Look for ways to put your target audience at the center of the discussion. Build participation, content, and experiences from there – collaboratively.
4. Event Subscription Models
Event subscription models have been gaining traction as a way for companies to engage with customers on an ongoing basis throughout the year. According to Forbes Insights data, 40 percent of B2B marketers said they intend to use subscriptions more often this year while only 4 percent plan on using them less often or not at all — a clear indicator that this trend is here to stay! Consider using subscription models to build the proprietary side of your event portfolio and bolster participation in virtual, hybrid, and live events.
5. Hyper-Targeting Audiences
In order for event portfolios to remain competitive and successful long-term, it’s essential that they’re creative when it comes to hyper-targeting audiences. By leveraging data-driven insights and technologies like AI, organizers can customize event portfolios and experiences alike. Using audience types, demographics, psychographics, techno-graphics and needs will ultimately lead to higher engagement levels from attendees and greater ROI overall for these events. Look to target your most important audiences first – those that have a direct impact on revenue – and architect an event portfolio specifically engineered for them.
6. Managing Customer Relationships Across Marketing Channels
Finally, event planners need to make sure that they are effectively managing customer relationships across all marketing channels. This means building out integrated strategies across different event and experience platforms (virtual, hybrid, in-person), traditional (email, print), and digital (website, social media, SEM, SEO, etc.) Doing so will help ensure that your target audience is receiving consistent content about your brand’s offerings no matter where they are engaging with your company.
Event portfolio planning continues to evolve as human behaviors, society, and the business landscape does – not to mention current event industry trends. It’s important for event planners and executives alike to pay close attention to these key trends as they continue to strategize on how best to leverage these opportunities moving forward into 2023 to maximize return on investment. To take full advantage of this evolution, it is crucial that teams stay current with industry trends while also tapping into available resources like: industry associations, event and experiential marketing agencies, technology solutions providers, or of course, expert consulting services 😉 wherever possible. With this supportive community in place, you can increase your chances of success as you plan, manage, and optimize your event portfolio.