Global Events Industry – Yesterday, Today and Tomorrow
The advancement and support of young talent in the event industry has been an important initiative and focus for Soundings – both hiring internally and providing opportunities for education and work through the Soundings Thrive Talent Community. One of the ways we’ve identified action items that fully support young talent and the industry as a whole is by listening to the perspectives of the incoming generations and promoting a culture of cross-generational collaboration.
The article below is a conversation between Soundings Thrive Member Emily Lorenz, a Marketing & International Business Student at Indiana University’s Kelley School of Business, and her father, Tony Lorenz, Global Head of Corporate Development at rEvolution, about their perspectives on the industry – past, present, and future.
Tony:
Events reside at the heart of our global community. The energy that is created when people come together is palpable.
According to the Events Industry Council, in 2019 over 10 million people delivered business events to 1.5 billion people in a trillion-dollar industry – the 13th largest global economy if the events industry was a country.
I was introduced to the industry in my 20s. I met with an agency, and a light bulb went off in my head. I could craft a career out of a passion. After a few years, I founded and built ProActive, a business which I later sold to Freeman. That acquisition was a catalyst for Freeman, now the world’s largest producer of events.
Years later, as CEO at PRA, we crafted our core purpose at PRA – to create unique experiences that move hearts, minds, and businesses forward.
That said, the industry has been slow to embrace change.
Digital as a means to drive content, commerce, and community was not a consistent strong suit in events pre-covid.
Embrace of data to drive insights and measure performance was sporadically employed.
Also in short supply pre-Covid:
Multi-channel delivery
Shorter content sessions
More interaction
Always On communities with events as tentpole experiences.
These same practices were central to the rest of the marketing mix.
Change is hard. Resistance was largely generational and had an adverse impact. Early career professionals largely did not appreciate the power of events. Event marketing curriculum was in short supply in the universities, so young strategic talent was also in short supply. Most went to other areas of marketing.
The events industry took a huge hit during the pandemic. There was no going back to typical approaches in 2019 and prior. Extraordinary pressure for immediate change was in play. The industry was reeling from the effects of the pandemic:
Virtual events were the entirety of the industry for well over a year during the pandemic
Genie was out of the bottle
Insights were gleaned through vast datasets
Event performance became measurable as a rule, not an exception
The Events Industry Now
Emily:
The events industry today is more digital. According to a Skift Meetings article, in 2022 78% of planners were using more technology. Prior to the COVID-19 pandemic, events were delivered through different channels.
In the early 2000s, event teams started to communicate via mobile calendars and social media, now quick and easy ways to promote events:
Buzz is created
Attendees post about the event, encourage turnout, and drive awareness
Digital event channels reduce budgets and show-running costs, attendance barriers, and multiple scheduling issues
Events give attendees the flexibility to do what they want when they want
Digital also helps the planet since events drive significant carbon emissions with air travel, plastic waste, food production, etc. Sustainability is huge for my generation. I am pleased to hear that IMEX’s framework for 2023 is human nature in terms of
Respect for people and the planet
Focus on future self
Innovation and creativity
Unfortunately, while carbon emissions decline, so does attendance. In a face-to-face event, we interact with attendees, visit exhibits, and ask questions. Virtually, we are one click away from moving to a different experience. A lack of face-to-face interactions and networking opportunities is not ideal. In-person experiences give attendees a serendipitous opportunity to form strong relationships.
As a freshman in college, my classes and networking were all online. My social interactions went from shaking one’s hand when meeting them, to clicking “Join Meeting” in my dorm room.
We don't need virtual or in-person or hybrid, as adjectives. Events are simply, events. They drive content, commerce, and community. Success comes from an orchestration of actions and channels.
An organization should always have both online and in-person when hosting an event. Gen Z mainly attends events, because they give us a chance to meet others with the same interests and be rewarded in the process.
The industry is making a strong comeback with a new approach and will surpass previous metrics in time.
As stated by Soundings Connect, event professionals are finding a new groove - community builders!
Tony:
Events are back, putting supply pressure on every facet of the industry, with a decidedly more digital approach to the delivery of experiences - finally.
The market will no longer accept stale event delivery practices dragged across decades. Shorter time frames, nimble formats, and digital delivery are table stakes to deliver generative content and community.
Next Steps
Emily:
It is crucial that the events industry attends to all generations in the workplace. Each generation has different expectations.
Baby Boomers are known for their hard work ethic and goal orientation. Acknowledgment of their skills, reliability, traditional recruitment methods, and structure goes a long way.
Millennials’ quality of life and self-fulfillment are important. They need to know that their organization cares about their well-being.
GenZ focuses on core values around sustainability, intelligence, and quality of life. We have diversity in hiring practices. We want to work with individuals who share similar goals and values.
Freeman created a toolkit for conference planning, and in it, they state that 50.3% of people over the age of 55 left the workplace. BCD created Better by BCD M&E stating that, “[they] take meetings and events to the next level by cultivating personal experiences that are deeply rooted in human connection.” Gold!
In building events going forward:
Know your audience through data, and design accordingly
Be relevant in your content, or you will lose us – immediately
Create unique experiences that move our hearts and minds
Obstacles will be in play. Embrace these growing channels and the sophistication, insights and opportunity to continue as the most powerful form of media on the planet.
Tony:
While past generations built a significant global industry, many have left the industry, which brings new life from earlier generations now coming into events.
The visceral power of events is undeniable. As the world went without in-person events, we now know what it's like to be without them. It is clear that most (but not all) people want them back.
Flexibility in work-life balance has forever changed. The market now demands digital engagement, measured results, and nimbler/quick hit/interactive content.
Copy/paste of formats, stale marketing, and content structure is not acceptable. Innovation in a centuries-old craft is well underway. Data is central to design and performance measurement.
Our entire global community across geography, industries, organizations, businesses, and teams, is connected through events.
The heartbeat of business events is powerful and will be a good bit quicker and stronger than it has ever been.
Emily:
I agree, Dad. I can't wait to jump in. 🙂
Accelerate your career with Soundings!
Soundings is passionate about supporting young leaders in the industry. If you’re an event professional looking to advance your career and gain valuable industry experience, we’d love to help! Join our Soundings Thrive network for free!