State of the industry
State of the industry
You may have seen recent research that presented a market value decline of 11% over the last year in conferencing and meetings. We know the industry is highly dependent on macroeconomics, and with Brexit now ominous, some might say the strength of our national economy is shifting daily. This suggests turbulent times ahead as businesses ‘batten down the hatches’ preparing for Britain to leave the EU.
But it’s not all doom and gloom. As eventprofs we are the creative problem-solving experts; so where do we go from here? We discuss our 4 key recommendations to help you maximise on opportunities during the current economic unrest.
1. Overseas opportunity
The events industry is no stranger to international economies, and a weak Pound provides development for overseas markets. At least in the short term, costs such as accommodation will be cheaper for international delegates. Not only this, the British brand and in particular our industry, is regarded as one of the most creative and operationally excellent across the globe.
2. Content is king - when it's valuable
In the current digital age businesses are realising the importance of face to face interaction but will need even more reason to justify the cost of sending their staff to events. Organisers need to be prepared to stay ahead of the game by adding as much value as possible for delegates. Make sure you have engaging content that is insightful and relevant, ensuring corporates see your event as a worthwhile investment.
3. One size doesn’t fit all
In our increasingly competitive environment organisers need to take this as the opportunity to get creative and provide tailor made custom solutions. Keep your conference ‘cool’ by incorporating the latest tech, experiment with layout and always look to enhance the customer experience.
4. Invest in the future
Finally, we need to come together as an industry and work towards a unified goal for the future generation of event organisers. We need to equip these young people with the right knowledge and experience so they can grow and develop skills to ensure the adaptability and longevity of our industry is sustained.