Blog
5th November 2021

I recently had the opportunity to participate in an excellent strategy-focused roundtable organised by Renewd, the global, open network of specialised subscription, membership and event professionals. More than half of participants were business owners, and all participants were senior executives responsible for long term strategy development, with events being a key part in their product mix and revenue growth plans.

From the discussions, it was clear that events-focused organisations are still in – and will continue to face – a great deal of uncertainty. Transformational, rapid change has occurred in almost every market, and therefore the ‘extreme and ongoing change’ paradigm we find ourselves in could well be the ‘new normal’ for some time. 

Based on the observations of MPG’s senior leadership team, and what came out of the Renewd round-table discussions, five specific areas have surfaced that, at this time, present particular risk – and in some cases significant opportunity – for organisations where events play an important role:

(Note: when referring to ‘events’ below, we’re referring collectively to all events that are being run in virtual, hybrid and digital formats)

#1: Competition is more intense than ever. Nearly every market has a great range of events for customers to choose from, especially in digital formats.

Barriers to entry have been lowered for new event organisers, while ‘legacy’ event organisers are also running more events, and plan to continue to do so.

So there is a huge amount of noise out there, with inboxes and social feeds buzzing constantly with numerous ‘must attend’ events and ‘last chances to book’. This won’t die down any time soon, if ever.

#2: Event audience expectations have changed – for good. They expect value, and are still willing to pay for it with their time, attention and money.

Event participants want better value for money from events of all formats. They are expecting high quality production, as well as highly relevant, valuable and unique content and networking.

Targeted event attendees don’t mind giving their time, attention and money to event organisers who deliver what they most value. They also don’t mind being ‘sold to’ by sponsors and exhibitors, as long as they are the right vendors worth meeting, and all vendors respect a ‘content-led, value-first’ approach.

#3: An audience-first, data-led and research-informed approach to product development, content creation and marketing is essential.

A deep understanding of your audience is essential for any B2B event organiser’s survival, and this understanding should be based on robust data and research practices. 

If you don’t understand your audience – at all times – you cannot create or deliver what they most value. If you don’t serve up what they most value, they won’t give you their time and attention. And if you don’t have their time and attention, you can’t monetise them via ticket sales or via sponsors/exhibitors.

#4: Commercial clients want more data, better qualified leads, and strong visibility of event performance.

Event organisers are being interrogated more by sponsors and exhibitors to prove ROI. They are asking for data and proof points focused on relevance of the audience and quality of leads delivered.

They are now comparing events to the other digital alternatives they relied on for lead generation when Covid first came along. In the time it took for events organisers to postpone, and then pivot their events to digital, many sponsors and exhibitors did their own ‘testing and learning’ – trying out content-led ABM campaigns, digital advertising and even their own events. A lot of this will stick – especially because the data around how these deliver ROI is generally quite strong, and most importantly, visible. 

Events organisers, by and large, are still playing catch up on the ‘data-led insights’ front. In the near future they will have to match what their clients can get elsewhere. 

#5: Hybrid working and the ‘great resignation’ have meant that good leadership, strong people and team management, good team culture and investing in employees are now top priorities. 

Event organisers are having to work very hard to retain the talent they have, and they are having to work even harder to find and attract new talent. Flexible working and well thought-out, carefully planned ‘facetime’ with team mates, managers and subordinates is now expected. 

Organisational and brand purpose, positive culture, attention to employees’ wellbeing, CSR initiatives and investment in professional training and development have all become important in attracting, keeping and motivating staff. These are no longer ‘nice to haves’ – they really matter to current and potential new employees.

If you have more insights to share, or particular view on the insights above, please do get in touch. And make sure you subscribe to MPG Insights to receive the follow up article to this blog – which will explore what this all means for marketing, and marketers, in B2B media and events businesses.

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MPG did a great job developing a marketing strategy to help us grow one of our flagship communities and largest US events. They added a level of science, rigour and new thinking to our approach that our internal marketers are excited about, giving me confidence we’ll achieve great things together. It is a pleasure working with Team MPG!

Philip Doyle, Director, MarketforceLive

 


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The future of B2B events: 5 insights from MPG

Blog
5th November 2021
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