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Corporate EventsMarket research on the events sector
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Market study on the events sector

The coronavirus crisis has made many companies rethink their planning and management, due to the scarcity of risk management. This is why it is important to develop a Risk Management discipline, in which prudent strategies for future actions are designed.

The challenges identified in this study indicate that, in the case of agencies or intermediaries, their main challenge at the end of the crisis should focus on differentiating the product or service from their competitors. On the other hand, in the case of clients, the main challenge will be budget management. The great challenge, for both, will be to measure and demonstrate in terms of sustainability the impact of the events. 

 

One point noted in the study shows the industry's need for collaboration in these tough times. That is why we have to help each other, and that is why it is important to reward loyalty and trust, i.e. to reward the continuity of customers in the portfolio of the business in question.

The study doubts that virtual events can replace face-to-face events, due to the lack of objectives based on creating community, loyalty, experiential communication, getting feedback from attendees, among others. However, this does not mean that these virtual practices will disappear, but that they can become complementary to face-to-face events.

Marketing has evolved from selling products to selling experiences, and nowadays values. Therefore, events should be used as a vector for transmitting brand values both internally, targeting employees, and externally, targeting suppliers and customers.

 

A new practice that is being implemented is to offer an event so attractive that attendees want to invest the time to attend, and at the same time are willing to pay for it. On the other hand, the small format will continue to be key, and large events will need to offer break outs.

Personalization in the events sector is evolving, although we must continue to work on this, as it is rarely achieved. Nowadays, events in which many different experiences are offered are predominant, and this cannot be considered personalization, but rather a menu of experiences. Therefore, we have to bet on segmentation through the knowledge of the data of our customers and users, which are collected through apps with the record of those previously exposed.

In the current situation of isolation of the population, the use of technology is intensifying in multi-site events, webinars, streamings, apps, virtual and augmented reality, among others. But despite the transmission of information from the participants to the attendees, there is one aspect to improve and that is the lack of interaction.

 

Finally, the current crisis has made companies' values evolve, humanizing them and giving importance to the community. CSR policies will be a fundamental criterion from now on, since for the moment, less than 10% of the CSRs presented only score at the time of submitting the proposal and are not decisive.

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