• Contact Us
  • Privacy Policy
BizTech Age Logo
  • Business
  • MarTech
  • Fintech
  • Technology
  • NEWS
  • Reviews
No Result
View All Result
  • Business
  • MarTech
  • Fintech
  • Technology
  • NEWS
  • Reviews
No Result
View All Result
BizTech Age Logo
No Result
View All Result
Home Business

How the Event Market Will Change After the Pandemic

by Abraham Aali
in Business
Reading Time: 6min read
How the Event Market Will Change After the Pandemic

Photo Credit: Shutterstock

Share on LinkedInShare on Twitter

The world of the event froze in mid-March when events in all directions were canceled due to the pandemic. Changes in the game have had a particularly painful effect on companies that did not own a financial cushion. Many began to optimize costs, move out of offices, reduce the number of storage rooms for storing requisites, send employees on vacation without saving their salaries.

Table of Contents hide
1. RelatedPosts
2. The Role of Artificial Intelligence in Business: Opportunities and Challenges
3. 7 Marketing Tips for Yoga Businesses to Get and Retain Clients
4. The future of corporate offline events
4.1. Difficulties of businesses on the remote
4.2. The role of the online niche
4.3. Hybrid Events
5. Difficulties in overcoming the crisis
5.1. Financial aspect
5.2. Company rotation
5.3. Service quality
5.4. The situation in the native area
5.5. Pitfalls of lifting restrictions
6. How to make the most of this time for your business

RelatedPosts

Role of Artificial Intelligence in Business

The Role of Artificial Intelligence in Business: Opportunities and Challenges

January 25, 2023
140
yoga

7 Marketing Tips for Yoga Businesses to Get and Retain Clients

January 25, 2023
138

The question “What to do next?” most market representatives asked 2-3 weeks after the introduction of self-isolation when it became clear that the familiar life of the industry would not return soon.

The market is divided into two halves:

Some companies during this time managed to adapt to the new conditions, reorienting their activities into an online niche. Some moved into the segment on their own, while others created an online product together with a partner. Some of the players adapted offline scripts to the specifics of holding the event online, some of them created conceptually new options.

Others – due to the specifics of their work or the ideological commitment of an offline organization – froze their activities until better times in the hope of waiting out.

We were initially against the online format. But it so happened that our company always follows the wishes of customers. Therefore, when regular customers began to turn to us with a request to organize a team event in a new format, we drew attention to the online niche.

Related: User experience to become a Google ranking factor

Bringing online team building to the market, we did not set the goal of urgently inventing and bringing to the market “something” in order to earn money here and now. The new direction was launched without haste, as high-quality, self-sufficient service for the long term. Four diverse scenarios were thought out in several variations.

Before creating a new product, we analyzed the market so as not to repeat in concepts with colleagues in the market. From the analysis, we concluded that there are three diverse directions: intelligent online games, detective quests, and unusual team-building options, as one of our scenarios, is “Corporate comics”. In this case, the first two programs are aimed at emotional unloading of the team, the third – is working on team interaction.

The future of corporate offline events

Difficulties of businesses on the remote

Our customers are already talking about the violation of cross-interaction in the team . Issues with mutual understanding, effective teamwork, building vertical and horizontal ties will become acute enough after people return to the office. It was then that the classic team-building events with the full-fledged effect of unity, immersion, ownership, and the feeling of the neighboring elbow re-enter the arena.

Demand for offline team building after quarantine will be sufficient. But! At the same time, the popularity of online and hybrid events, which is observed now, will not decrease.

The role of the online niche

During the time of self-isolation, both customers and organizers felt the virtues of online events. Technological progress in the organization has contributed to the expansion of the audience. Customers also felt the difference in budget and speed of preparation.

Online you do not need to pay regional offices flight, accommodation and meals, and you can collect the entire staff for the event with one click. The economic crisis will “cut” client budgets, which will play in favor of the online niche.

Will it be just as effective? This is a question for the quality of the program and the professionalism of the contractors.

Hybrid Events

After the quarantine has been removed from the event industry market, the hybrid way of organizing events will also gain significant weight. This will be the format in which head office employees meet offline and regional representatives connect to the event online. The hybrid meeting is unquestionably a fresh and modern event model that will grow in popularity in the coming years.

Online conference
Photo: Unsplash

Difficulties in overcoming the crisis

Financial aspect

The crisis will change the behavior of the entire market. On the one hand, an increase in the dollar will lead to higher costs for the purchase of materials, that is, the cost of services will increase. Suppliers and contractors are already sending an updated price list with price changes from 20% to 100%.

On the other hand, after a difficult period, companies will significantly reduce budgets for events. Our large customers are already talking about this. After a pause, the eventors will be “hungry” for orders and many will reduce the cost of services as much as possible – the level of dumping will increase.

You May Like: Facebook Messenger Rooms: Video Calling With 50 People at a Time

Therefore, companies involved in offline events are waiting for the flow of orders, but the vast majority will be low-budget.

Company rotation

You need to be prepared for the fact that the market will be updated. With a high degree of probability, those eventors who have now taken a waiting position without any action will disappear from the field. Perhaps the emergence of newcomers with new ideas, a fresh look, and a willingness to work at reduced rates. You can’t dismiss the “fired” – they are well aware of the specifics of the market and can independently “shoot”.

Service quality

I suppose that the quality of service delivery will decline. This will manifest itself at different levels. At the organization level – someone will not be able to survive a long period without orders. At the level of contractors, many performers went home to the regions, from where it is difficult to return to the workplaces without capital. In both cases, newcomers who only have to gain experience will come to replace.

Virtual Conference - Microphone
Photo: Unsplash

When will the offline events return

At the beginning of the crisis, we thought that the sphere would begin to come to life in 2-3 months. Now optimists believe in timid movement in the market only in early September, realists – mentally said goodbye to work until the next calendar year. Already today, our partners turn to us upon request for December of the current year and the first half of the next.

The situation in the native area

The relaxation of quarantine measures in the country is encouraging. In certain regions, subject to safety measures, it is already allowed to walk and play sports in squares, shopping centers, and public catering are gradually opening, and mandatory passes for going out are no longer issued. This means that the regions may soon allow events.

It is expected that in the capital, the holding of mass events will be allowed last and with a great deal of caution, that is, starting with small-format from 50-100 people and observing safety rules.

Pitfalls of lifting restrictions

We must be prepared for the fact that the lifting of the ban on organizing events will not entail a mass exit of people into the light. Numerous polls on social networks show that people after completing self-isolation will prefer to be at home for some time.

Related: What Are Deepfakes & How They Might be Dangerous?

Masks, antiseptics, distance, avoiding congestion – all these actions in recent months have driven into the subconscious at the level of habits. Therefore, time must pass before the psychological block for training and meetings passes.

How to make the most of this time for your business

  • Now and always is the best time to remember the future of the company. Sooner or later, the market situation will stabilize. Therefore, it is important that clients do not forget about you at this moment. Maintain your brand by ear: develop corporate sites, step up work on social networks, collaborate with information partners.
  • Review the estimates and make changes to reflect the decline in return on regular customers. Develop new programs focused on medium and low profitability of companies. Develop something new that sets you apart from your peers. Consider the possibility of holding regional events with low incomes – in the regions, the event industry will come to life faster.
  • Immediately after self-isolation ends, remind your customers of yourself. Offer discounts or bonuses for the service, send sample gifts. As practice shows, 20% of customers will return to you with orders, and 30% will recommend your company.
  • Make the right conclusions today – work and form a financial pillow to be ready at any time to meet an emergency situation.
  • Modify or invent new directions, programs, scenarios. Pack your services in presentations and talk about them on sites and in social networks. If you are without orders in anticipation of a change in situation – do not stay idle.
Tags: Event Marketing
Previous Post

5 Benefits of Social Media Marketing for Customer Loyalty  

Next Post

Microsoft lays off journalists to replace them with AI

Abraham Aali

Abraham Aali

Abraham Aali is a Staff Writer for Biztech Age. He covers industry news, including interviews with executives and industry leaders about the products, services and trends affecting small businesses, drawing on his 20 years of marketing knowledge.He holds a Master’s degree in Business Administration from Qatar University and MSIT from King Abdulaziz University.

Related Posts

Role of Artificial Intelligence in Business
Artificial Intelligence

The Role of Artificial Intelligence in Business: Opportunities and Challenges

January 25, 2023
140
yoga
Small Business

7 Marketing Tips for Yoga Businesses to Get and Retain Clients

January 25, 2023
138
Custom Programming
Software

Custom Programming Software Development – Does Your Business Need It ?

January 19, 2023
138
Ecommerce Businesses
eCommerce

7 Helpful Tips To Help Ecommerce Businesses Grow

January 6, 2023
153
screen recorder
Software

Software for Linux: the screen recorder Simple Screen Recorder

December 31, 2022
139
web hosting
Software

How to choose a web hosting provider?

December 28, 2022
137
Next Post
Microsoft lays off journalists to replace them with AI

Microsoft lays off journalists to replace them with AI

Leave Comment
Role of Artificial Intelligence in Business

The Role of Artificial Intelligence in Business: Opportunities and Challenges

January 25, 2023
140
yoga

7 Marketing Tips for Yoga Businesses to Get and Retain Clients

January 25, 2023
138
Performance marketing Analytics

Evaluating the Impact of Performance Marketing and Analytics

January 23, 2023
144
Technology Improve Your Dog

How Can Technology Improve Your Dog’s Life?

January 22, 2023
137
Development

Native vs Hybrid App Development

January 20, 2023
136
Networking Equipment

6 Tips For Choosing The Right Networking Equipment For Your Business

January 19, 2023
140
Sportsurge
Website

Sportsurge – Watch Live Sporting Events for Free

July 17, 2021 - Updated on November 13, 2022
AnimeDao
Reviews

AnimeDao – 13 Questions Answered

November 27, 2021 - Updated on November 13, 2022
Find The IP Address Of A VoIP
Technology

How Do I Find The IP Address Of A VoIP Phone?

June 11, 2021 - Updated on September 27, 2022
NFLbite Review
Website

NFLbite Review

August 4, 2021 - Updated on November 5, 2022
Performance marketing Analytics
Digital Marketing

Evaluating the Impact of Performance Marketing and Analytics

January 23, 2023
sneakercool Review
Reviews

Sneakercool Review – Is Sneakercool Legit?

November 13, 2022
Facebook Twitter LinkedIn Pinterest RSS
BizTech Age Logo

BizTech Age explores business and technology issues that IT leaders and business managers face when they’re evaluating and implementing a solution.

Follow Us On News Platforms

BizTechAge on Google News

Quick Links

  • Home
  • Jobs
  • Contact Us
  • Write for Us
  • Privacy Policy
  • HTML Sitemap
  • Advertise With Us

© 2021 BizTech Age Magazine for latest and trending news in Business and Technology Age

No Result
View All Result
  • Business
  • MarTech
  • Fintech
  • Technology
  • NEWS
  • Reviews

© 2021 BizTech Age Magazine for latest and trending news in Business and Technology Age

error: Content is protected !!
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.