Immersive content, longer lead times and tips for dealing with a recession top event profs’ concerns as the year unfolds. Photo Credit: Adobe Stock/gopixa
With the first quarter of 2023 now underway, event professionals are
taking stock of the current state of the industry and looking ahead to
what the future holds.
In a recent webinar hosted by Cvent, experts shared their insights on
the pressing challenges facing event planners, the importance of
immersion in event design, and how to prepare for a potential recession.
Fight the short lead mentality
Event planners face a race for quality space and resources, according
to Paulina Curto, senior manager, meetings and events at Cvent. She
said that rising venue costs and staff shortages are impacting all its
partners, so sourcing as many venues or vendors as early as possible
will give planners more room for negotiation.
“There’s a last-minute booking mentality, a short lead time, a
hesitation to book, we’re going to be fighting this [mindset] that is
lingering from the pandemic,” she said.
Curto pointed out that venue contracts are typically one of the
largest expenses of most planners’ budgets, easily taking up 30% or 40%.
“This isn’t a surprise but this large expense is coming at a higher
cost and alongside this we’re talking additional manpower costs, higher
prices for labour behind the build, for F&B - all of these costs are
increasing so it’s really important to get ahead of that planning
process,” she said. “Ensure you have multiple vendors to get a
comparison view for negotiation.”
Get ready for the recession
Jason Greenman, founder and CEO of corporate accommodation and event
venue services provider Akommo, is mindful of a recession, saying it
will cause some specific challenges that event professionals need to
start preparing for.
“Demand [for events] will continue but there will be adjustments to
make in terms of event size and budget, and the type of events we do,”
he says.
Cvent’s Curto says there will be an intense focus on ROI, which could
result in consolidation of spend in areas such as technology stacks,
where greater efficiencies and cost savings can be achieved.
“Re-establish relationships with partners and vendors - there are
clever ways to get more creative,” Curto says. “For example, get your
sponsors involved by asking them to sponsor an evening event or to cover
the cost of your F&B.”
Leverage internal event programmes
Despite rising costs, it’s important to continue to keep internal
events going, tempting though it may seem to cut back on these.
“Your community may not have the chance to get together as often as
before but internal events are part of workplace culture,” says Felicia
Asiedu, senior marketing manager for event marketing and management
solutions at Cvent Europe.
“We’re working in disparate ways but there is so much value in
connecting together. Internal events can also create brand awareness,
becoming an extension of your marketing strategy, which is important
when hiring employees, or in a retention scenario, and when interacting
with existing or potential customers.”
Think immersive content
Sabrina Myers, founder of Hot Hospitality Exchange, says it’s vital
to keep the concept of immersion in mind with regards to event design.
“It’s all about the attention span and how digital tools can amplify
and enhance existing virtual programmes and touchpoints,” she said.
To deepen audience engagement, Myers recommends understanding
attendee expectations and why people are coming to the event, regardless
of whether it is in-person or virtual.
“People don’t want to hear the word hybrid as it means more money and
more complexity, but hybrid is really about digital elements enhancing
your event experience,” she said.