The great news of the pace and availability of the Covid-19 vaccines is really positive for our Industry as a whole and we really welcome this change. 2020 saw our team cancel and reschedule more events than were actually being held so it has been a big challenge for us as a company and more importantly as a team.
We have used our time wisely by investing in developing our technology and plan a relaunch of our EDGE Venues platform. There will be fantastic additional functionality and exclusive content for our subscribers, both direct corporate event planners and agencies.
Further engagement opportunities are now available for our venues to share their readiness, sustainability and openness to planners when they are ready to commit. So, all in all a very productive year for EDGE venues.
We have also kept in regular contact with our buyers and suppliers with updates trend analysis, opportunities and up skilling with a series of free webinars on Digital Marketing.
However, we really want our planners to have the confidence to commit and hold events as soon as it is safe and legal to do so. A number of our buyers, who are very positive about the future have shared their concerns and insights of how the future will be different and how to be best prepared for what lies ahead. We have, of course, been keeping in close contact with our key clients and it is interesting to hear their plans for 2021 and beyond.
The views here are from senior planners in corporate organisations, representing different industry sectors. However, the message from them all is very much the same.
Venues, Space, Contracts and Pricing – insights
We are already seeing an increase in the rates quoted by venues for Q4 2021 because large events have been postponed from 2020 and early in 2021, therefore space is at a premium.
In Q4 of 2020 we saw some meetings in the category of fewer than 30 people take place and we have more booked for Q1 2021, but if circumstances change then contractual issues need to be supported, by both the venue and the client.
Our Buyers want clarity on pricing not just short term but medium and long term as well. The same with contracts, they need flexibility, clarity and most importantly fairness. There are huge questions for the venues and how prepared the are to run conferences in a post-Covid19 world.
Venues really need to be realistic about what they can deliver. The capacities need to be accurate and have the ability to maintain a level of social distancing. Venues need to be clear how they will deliver the event. The key here is flexibility, firstly, in terms of the space venues can offer and how it will be used.
Secondly, contract terms need to be flexible too while the future is uncertain. Our clients are not yet back working from their offices but expect do so during Q2 and companies need venues to adhere to their Corporate Governance.
Buyers equally need to be able to make decisions quickly to ensure they do not miss out on the space that venues are proposing but confident that it is right for their event. We are starting to see serious activity ramping up and quality decision being made.
Health and safety is still paramount. There is a big confidence issue, not just from companies asking their employees to go out and about again, but also the employees themselves being happy to do so.
Hybrid events – The future and is it the answer to everything?
We have a real mixed bag of views on this topic. As we emerge in to a new normal, there will no longer be a captive audience but lots of distractions vying for their time (which we do not have while people are working from home). When everyone is out and about again, there will need to be a very compelling story to retain the virtual audience especially with the higher costs attached to a hybrid event.
Event organisers are concerned about the cost of running a live and hybrid event, or solely hybrid event and ability, and to commercialise these events successfully. Many of us have got used to participating in free webinars or receiving streamed information whilst at home and if you’re running an event that has to make a profit then, there needs to be a fee to join.
Putting on an event that has an audience on site and is being streamed for a hybrid audience adds to the complexity. It also adds substantially to the budget, as everything needs to be filmed in addition to the live venue costs. The set may need to be designed differently, as well virtual break outs and as running a virtual coffee breaks and networking.
The additional cost may be worthwhile, as there is the ability to connect with a wider audience, particularly from overseas (we are already seeing this on very large events). There is also the ability to set up virtual pre- and post- meetings as well as access content afterwards.
Resources – Our biggest Asset our People
In normal times, acquiring quality well-trained and professional planners has always been a challenge, but budgets will be tight and there is an additional manpower cost of running live and virtual formats together.
Our clients want to get back to running multiple events and know that there is a demand for people to meet face-to-face again, but have a concern that there will be a skills shortage, due to redundancies, furlough and people leaving the events industry. They have reported back that to run hybrid events can add up to 4 times the workload. Additional skill sets are needed in technology, video, speaker management, editing and more intense pre- and post- event work to be added into the mix.
Return on Investment – Virtual Transparency a Challenge
The demands and measurement of the Return on Investment is now an even bigger challenge with different levels of metrics and expectations from a virtual/hybrid event. Delivery of a meaningful metric on the ROI on a live event against the backdrop of the deep insights a virtual event analytics dashboard can deliver will become a real challenge, as we return to face to face events.
A lot of work will now be required in this area, depending whether the conference is an internal meeting or commercial event and the industry sector. This has always been the case that when sponsorship is involved, but it will be even more important for the organiser to prove the value of the package. The visitor also needs to walk away knowing that the event was worthwhile and if anything, it has exceeded their expectations.
Sustainability – The Biggest Opportunity coming from the Pandemic
We have all experienced firsthand the benefits of a society with reduced travel, emissions and waste during this pandemic. A lot of people are now demanding that this momentum is not lost as we move forward. Corporate Governance on sustainability is now at the heart of business and we believe it will remain as we move back to a new norm.
Venues will be chosen on their ability to demonstrate their sustainability credentials in a meaningful way. How a company behaves in their everyday world will always reflect their own culture and standards, so their approach to events will reflect this in every way. We believe we will see this come more to the fore in the not too distant future. Events will be run with this in mind and our industry which has always shown resilience and creativity is very well placed to deliver this. Sustainability will be key in our journey back to a strong events industry which has a clear and well-defined place in our businesses.
2021 and beyond
We’re all looking forward to getting back to the ‘new normal’ what ever challenges it brings. I believe that the events industry will change for the better. We will come through with a more focused, flexible and stronger industry as a result.
