royall have specialised in discovering world-class talent within the creative comms sector since 2009, and we understand the power of business events better than anyone.
In today's dynamic business landscape, hosting events is a powerful tool. As a strategic imperative, events serve as potent catalysts for driving meaningful transformation, fostering innovation, and propelling economic and social advancement. Recent statistics reveal that 72% of event organisers consider in-person events crucial to their marketing strategy, emphasising their indispensable role in shaping the business landscape (Bizzabo, 2022).
The Impact of Business Events on Global Economy and Employment.
Before the pandemic disrupted the world, business events were a global juggernaut, generating over $1.15 trillion in direct spending, supporting 10.9 million jobs globally, and contributing $662.6 billion to direct GDP in 2019. The pandemic inflicted substantial losses, with two-thirds of global direct business event spending vanishing in 2020 and a cumulative three-year loss reaching a staggering $1.9 trillion by 2022. However, the resilience of the industry is evident as 2022 witnessed a recovery, with spending forecasted to return to 2019 levels now.
Beyond economic contributions, business events play a pivotal role in rebuilding culture and employee engagement. Recognised as more than mere gatherings, events are viewed as strategic investments with tangible Return on Investment (ROI). Attendees not only contribute to the event itself but also inject capital into local economies, supporting hotels, restaurants, and businesses as they travel to participate.
Alignment of Stakeholders and Strategic Direction.
Events serve as platforms for aligning both internal and external stakeholders, creating a shared space for employees, customers, partners, and investors. The collaborative environment fosters open communication, collaboration, and a unified understanding of the organisation's vision. External stakeholders gain deeper insights into the company's roadmap and products, building trust and potential partnerships. Internal stakeholders showcase innovations, receiving valuable feedback that informs product development and contributes to the overall organisational vision.
The power of events lies in their ability to transform attendees into brand ambassadors and external stakeholders into invested advocates. The shared exchange of ideas and experiences sparks innovation, leading to the development of strategic initiatives informed by diverse perspectives.
Diverse Playgrounds Catering to Varied Personalities.
The diversity of event types caters to the varied preferences and personalities of attendees. Whether live, virtual, or hybrid, each event type serves a unique purpose, offering benefits to both attendees and businesses. Virtual events, popularised during the pandemic, provide flexibility, inclusivity, and interactive experiences. Hybrid events seamlessly integrate virtual and in-person experiences, reaching global audiences while maintaining the energy of live gatherings. In-person events, with their endless possibilities, range from customer conferences and roadshows to trade shows and team-building events, creating opportunities for businesses to achieve their goals.
Crafting an Event Strategy as a Blueprint for Success.
To harness the full potential of events, businesses must craft a well-defined event strategy. This strategy acts as a North Star, guiding teams, and ensuring planning and production stay on track. Establishing a unified "why" among stakeholders is crucial, aligning teams to create a cohesive vision, objectives, and key performance indicators (KPIs). Clear goals provide a roadmap to track success, shaping content, messaging, and audience segments to resonate with target attendees.
Fuelling Content and Marketing Plans Through Event Insights.
The impact of an event doesn't end with its conclusion; rather, it becomes a valuable resource for ongoing marketing efforts. Repurposing content, sharing highlights, and leveraging insights from the event ensures a lasting impression. Beyond attendees, this approach extends the reach to those who couldn't attend, maintaining brand visibility and fostering continuous customer connection. The utilisation of event content in post-event communications maximises ROI, nurturing leads and contributing to the overall marketing strategy.
Conclusion: Embrace the Power of Events for Business Growth.
Investing in events is not just about generating revenue; it is a transformative strategy that positions a brand as a market leader, expands networks, and generates valuable leads. The multifaceted impact, from economic contributions to strategic alignment and continuous marketing benefits, underscores the need for businesses to view events as indispensable tools for growth.
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