What will happen to the events industry as we know it?
Will it bounce back quickly? Will it die completely? Will it return gradually?
Our money is on the latter – and look no further than the travel industry for key indicators.
During the COVID-19 pandemic, folks are understandably leery to travel, especially on airplanes.
Delta Airlines, for example, recently projected that it will be two full years before they see a sustainable recovery. Southwest announced it will cut up to 30% of its capacity in Q3 2020.
Make no mistake, these reductions will largely parallel the events industry. But that doesn’t mean events will completely disappear.
Of course, virtual events will continue their meteoric rise and will likely become more immersive and entertaining.
But physical events will also continue – albeit with big modifications and (probably) fewer attendees.
Victor Torregroza, Events Program Manager at Intel Corporation, personally predicts that physical events will begin as invitation-only, smaller experiences.
“I don’t see big, blown-out exhibits with masses of people,” Victor said. “I see custom, intimate, highly desired personal experiences that are brought closer to the attendee.”
Regardless of the number of attendees, the venue must make proper precautions to encourage safe interaction for all attendees. Thermal scanning, sanitation policies, contact tracing, and protective equipment are all must-haves.
With proper safety measures, tailored events for smaller groups could have very positive effects for attendees and host companies.
An invitation-only, boutique event for target and/or current partners and customers will help brands personalize their message and objectives.
It will allow for targeted relationship-building, which can ultimately result in deeper brand loyalty and company growth.
For example, a company could host an invitation-only event for its top 50 salespeople and their plus-one. The trip is hosted by an all-inclusive hotel that treats each employee like royalty and employs best social distancing practices.
This largely internal experience may include training and work-related conversations for attendees, but it primarily focuses on strengthening company loyalty from its employees through an experiential—and relaxing—occasion that they will always remember.
The same concept could be applied to company prospects, existing customers, or partners.
If the primary purpose of events is to provide attendees with fun, interactive experiences, re-establish that trend using the 80/20 rule and invite those who are top of mind.
Regardless, companies must rethink how they engage with the people who are most likely to grow their business and help guide them through these turbulent times.
Various industries will naturally push the speed of reintegrating events, which could provide other, more cautious industries important data that sheds light on best health practices and social acceptance.
“Life is a circle of learning and applying a mindset of continuous improvement,” Victor says. “We’re at a new chapter in this cycle.”