Those who have had the pleasant experience of planning events for friends, company outings, or maybe a wedding, have had the pleasure of getting a little taste of what the Events Industry can be at its best and worst. If you are one of these lucky people, you probably got to experience creativity, innovation, education, beauty, and art. Then you might have gone through some sticker shock, exhaustion, confusion, fear, or overwhelmingness with the endless amount of tabs open on your desktop. During the planning process, one can get tossed into hurdles of language barriers, time constraints, technical difficulties, unclear communications, and conflict of values or preferences. Hopefully, in the end, you were rewarded with human connection, celebration, gratitude and a straight up disbelief that you survived it all!
These ups and downs can be so taxing that one may wonder why anyone would choose such an intense roller coaster ride as a career choice. Most Event Industry Professionals get asked this on a regular basis. It indeed takes a special breed, (perhaps one who loves roller coasters)? Fun fact: A survey taken in 2018 found that 89% of Event Planners LOVE their job (and we are happily in their boat)! [1], Figure 1
Figure 1
So what are the challenges that drive us, how do we as #EventProfs provide value and create economic impact? Here are some industry facts and data.
Creative & Innovative Opportunities
Creativity is very important to event planning professionals and 81% of planners say innovative ideas are top priorities when planning an event. [2] By examining the needs of clients & attendees, planners get to do what we do best – strategize, plan and problem solve in order to produce creative experiences so that people are inspired. For example, almost 82% of attendees say that networking is the most important aspect of live events. [2], Figure 2 Our mission as planners is to elevate the guests’ experience and achieve event goals through creativity, leaving a positive impact on the client and their attendees.
Figure 2
Business Impact
Once our creative efforts have provided engaging and interactive experiences, what is the ROI (Return on Investment)? ROI is not only important to businesses but remains a large part of planners’ goals and objectives, ranking at 54%. [2] Strategically partnering with our clients to understand their brand and audience sets everyone up for success. We’ll often ask questions like: What are the event goals? Why is this event being held? What is the lasting impact for an attendee? What is the overall message? Are you raising funds and if so what is the monetary goal? This understanding will help to shape how the events are designed and where businesses should allocate marketing funds.
Businesses dedicate almost a quarter of their annual marketing budget towards live events. When it comes to how these organizations are allocating their event budgets, most businesses prioritize their marketing spending to hosting events (49%) over attending, sponsoring, or exhibiting at events. [3] page 7, Figure 3
Figure 3
41% of marketers in the industry believe that events have become the single most effective marketing channel. This is a 32% increase from 2017. [3] page 5 Wow…let’s think about that for a second… Above commercials, print ads, email marketing, and digital marketing, the impact that Event Professionals have on businesses is extremely significant. For example, very often our clients want to know how many leads came from a specific event, how many will convert into opportunities, total revenue generation, etc. With great responsibility comes great reward and it makes sense that 89% of Event Planners love their jobs! [1]
Industry Growth
We have seen what is important to planners, clients, and attendees, but what is the impact globally? The Business Events sector is in the top 10 of the world’s largest industries for business sales output. [4] page 26 This is higher than computers & office equipment! Coming out to $1.07 trillion of direct spending, this creates immense economic impact globally and provides over 10 million jobs for the Event Industry around the world. [4] page 5, Figure 4
Figure 4
Whew! What a Ride!
We do ride some very suspenseful, stomach-lifting roller coasters in this industry, but these challenges take our world to new heights. As professionals in the Event Industry, we continue to educate ourselves on the newest and most innovative tech trends, connect with clients’ audiences to ensure the intended impact has been successful and most importantly set the stage (literally & figuratively) for the economic growth of our industry.
It’s such an amazing feeling to be a part of that growth and revelry. Overall, the impact that the events industry has on the world becomes the reason behind why we do what we do. It gives us the passion and persistence throughout this wild ride as each event is taken to the Next Level!
Links to Works Cited:
- [1] EventMB – “EventPlanner Salary in 2019: How do you Stack up?” – EventMB, February 20th, 2019
- [2] EventMB – “Advanced Corporate Planning Guide” – EventMB, April 19th, 2019
- [3] Bizzabo – “Event Marketing 2019: Benchmark and Trends Report” – Bizzabo, 2019
- [4] Meetings Mean Business – “Global Economic Significance of Business Events” – Events Industry Council Oxford Economics, November 2018
