Trendspotting to tomorrow's events
Rave reviews and event revelations
Hello everyone,
I want to kick things off by sharing a few testimonials that caught my attention when. I was link surfing, and found myself on a blog that spoke about the top business events of 2023.
I'd like you to read them out loud, do that and stay with me, I'll tell you why.
"FOSSASIA is a conference with lot of members with varying levels of experience attending the event. You can meet folks who have worked all their years in Database, web or in AI like me. I find the diversity of attendees and their background very interesting."-Kurian Benoy, AI Engineer, Sentient.io
"For me, having started working with some suppliers in the last few years, it was seeing people face to face-and not via a screen. I really enjoyed the sessions as well."
-John King, Infrastructure & Service Delivery Manager, Punch Pubs
"I loved being able to meet/network with people outside the conference hall. Paddle/poker was great for having more casual conversations and making great connections. Also, I want to let you all know that your backstage crew was terrific. I wanted to make sure the proper (funny) picture would appear on the screen when I came out. She told me that the provided image was too big and wouldn’t be used. I let her know that I needed it, as it was part of the beginning of the presentation talk, and she had a solution within 2 minutes. Top tier 👏"
-Todd Clouser, Marketing, Lavender
"The food was great, lots of chances to network and reconnect with people. Sessions were diverse, and I wish I had a clone to be in 2 sessions at the same time. Because most people uploaded their slides, I will be able to review what I missed, however."
-Brody, Director Utility Programs, Bloc Power
What struck me were the recurring words and phrases like 'seeing people face-to-face,' 'good room for networking,' 'loved the space and the vibe,' 'Paddle/Poker,' 'casual conversations,' 'great connections,' and 'good food.'
To me, these weren’t just polite fillers in event reviews. They were phrases that came from the heart, and served as a window into the evolving expectations around events and tradeshows post-COVID. 2023 was the first full year of “normalcy” following the pandemic, with most companies and trade organizations resuming in-person events in full swing. So, what’s been up with the B2B event industry post-pandemic? Let’s look into some numbers.
In 2020, the events industry encountered a loss of $16.5 billion. Despite that, by 2023, the global events market size reached $1406.0 billion. Projections indicate further growth, with the market expected to expand at a compound annual growth rate (CAGR) of 5.1% between 2024 and 2032, reaching an estimated value of around USD 2,230.8 billion by 2032. These numbers inspire immense hope. As in any challenging situation, it is crucial for us to keep our spirits high and remain optimistic about the future, knowing that brighter days lie ahead.
Moving on, when it comes to in-person events, according to Marketing Charts, 68% of B2B marketers affirm that live events generate the highest number of leads.
However, as Ramesh Ravishankar and Srivatsan Venkatesan, Co-founders of Highperformr.ai, point out, “For startups though, events are not about lead generation or performing multiple demos; it's only about striking a conversation and socializing. Perhaps making some connections in which you have to go back and do a diligent follow-up.”
The charm of in-person events lies in their unique ability to develop genuine connections. These events are all about access to a broader audience, an opportunity to engage with keynote speakers and investors, heightened brand visibility and awareness, networking with industry peers, gathering valuable customer feedback, and generating top-funnel leads.
What went right in 2023?
1. Compact workforce took charge
According a report from Zuddl.com, around 75.4% of organizations operated with teams consisting of 1 to 5 members. Showing the preference for smaller, specialized teams to manage events efficiently, especially when budgets were tight.
2. Events delivered returns
About 44% of organizations reported a moderate ROI ranging from 1X to 2X, while 35.1% achieved a higher ROI of 3X to 5X. So, a mixed bag of ROI was witnessed.
3. Big chunk of budgets for Venue and F&B
As I said earlier, everyone loves to visit fancy places and connect over great food, more so after COVID. In 2023, approximately 35% of the events budget went towards venue and food & beverage (F&B) expenses.
4. Engaging Attendees, Budgets, and Speaker Sourcing were tough tasks
Along with these were other hurdles like finding suitable venues and handling technological issues.
5. In-person events held strong
65% of events were conducted in person, signaling a continued preference for traditional face-to-face interactions. Virtual events, comprising 20% of the total, were valued for their accessibility and ability to reach wider audiences.
Event prep 2024: Snippets, Socials, and Success
1. Hybrid events it is
Although physical gatherings gained momentum in 2023, industry experts anticipate a shift in 2024, where the focus will pivot towards striking a balance between virtual and in-person formats. With a potential resurgence of epidemics, contingency planning is a necessity.
2. Good cheer for budget allocation
Over 50% of event marketers anticipate budget increases in 2024, indicating a sense of cautious optimism within the industry.
3. Social video snippets for post-event engagement
As per the ‘Future of B2B events 2024 Trends report’ from Zuddl.com, 64.9% of organizers consider social video snippets the most effective tool. Moreover, 36% of consumers look to connect with your team and your brand on social media. So, develop an amazing social media presence. Do check out Highperformr.ai to amplify your social presence and growth.
“Establish a strong online presence as it draws attention and generates interest from fellow attendees who look to connect with you after an event. Also, ensure that you have your calendar organized and readily available well in advance, allowing people to reach out to you with ease.” - Ramesh Ravishankar, Co-founder of Highperformr.ai
4. Emphasis on content and personalized outreach
It is important to focus on interactive sessions, bring in quality speakers and develop targeted campaigns.
5. Evolution of acquisition channels
There's a notable shift towards online communities as trusted professional networks, complementing traditional methods like email and social media. Nevertheless, it’s email marketing that tops the list.
6. Sustainability initiatives
This concerns looking for green venues, eco-conscious food, local sourcing, and employing reusable materials wherever possible.
While I have shared some trends here, opinions do vary. However, one thing remains clear: preparation is paramount for success. Whether you're attending, hosting, or presenting at an event, being well-prepared ensures you maximize opportunities and make the most of your investment.
Arriving at an event without adequate preparation can lead to missed connections and wasted resources. Therefore, conduct research, set goals, reach out to key contacts, and have relevant materials ready in advance.
Develop a post-event strategy beforehand. Connect with the new contacts right after the event on social media platforms like X, LinkedIn, and Instagram. Lastly, return-on- emotion is essential in today's business market. So, make sure to create an emotional connection with people and bond well before you sell.
In the latest edition of the Reset to Zero podcast, the cofounders of Highperformr.ai, Ramesh and Sri talk a lot more about events and how businesses can derive good ROI from trade shows. Their take on it is very interesting; hear them out.