According to American Express’ Global Meetings and Events Forecast, the number of conferences and corporate events — like tradeshows or sales and marketing meetings — are on the rise.
Do you understand how your event compares to others like yours?
The following trends were taken from a survey of over 800 event professionals. Read on to discover what’s on their mind this year, and find out how your event stacks up.
Trend #1: Hosting more events with fewer resources
A majority of respondents (53%) expect to host even more events this year. In the face of increased competition, this trend isn’t surprising. What’s more interesting is that most conferences and corporate events will do so with the same budget and team.
Nearly 60% of respondents said their team will remain the same size, while 40% look to hire more staff in 2018. And over half of survey respondents said their budget will remain the same.
Despite flattening budgets and a static headcount, the industry shows no signs of stopping. When asked their greatest challenges in 2017, survey respondents ranked “insufficient budget” as their biggest challenge. This year, however, survey respondents listed budget woes as the least of their worries — it didn’t even make the top five.
Instead, conference and corporate event creators say their greatest challenges this year will be:
- Reaching new attendees (89.75%)
- Securing sponsors (89.53%)
- Securing speakers (89.01%)
- Reaching past attendees (88.67%)
- Increased competition (88.37%)
Trend #2: Marketing and promotion will take the lion’s share of event budgets again
When asked what they’ll increase budget for in 2018, a majority of those surveyed (40%) said marketing and promotion. The same percentage reported that event promotion was their largest expense in 2017.
According to survey respondents, the most effective marketing and promotion tactics help them reach new attendees while keeping past ones engaged.
- Email marketing: Compared to most promotional tools, email is the least expensive and most cost effective tool you can use. Since it costs 6-7x more to acquire new attendees than to retain past ones, emailing invites to past attendees gives you a return on investment (ROI). Want to level up your email strategy? Use these templates from email marketing leader Mailchimp.
- Newsletters and content marketing: When filled with hyper-relevant content, newsletters keep previous attendees engaged and encourage them to share valuable insight from your event with their networks. That’s reach you don’t have to pay for.
Read the complete report
Whether you’re hosting a healthcare conference or a product launch in multiple cities, one step in the wrong direction can hurt your bottom line — and your brand. Don’t let the future sneak up on you. Read the complete report, The State of Conferences and Corporate Events in 2018: Challenges and Trends, to learn how industry experts will pave the way for success in the coming year.