The events industry is rapidly changing with the ongoing health crisis. Learn how COVID-19 has impacted the events industry with four breakthrough stats. Here’s the scoop.
It’s no secret that the ongoing health crisis has dramatically impacted and changed the event industry. In an effort to better understand the evolving state of events, Bizzabo recently surveyed over 400 mid-to-senior-level event marketers to learn how they are adapting to the new normal. The results were shocking.
We asked questions around event marketing budgets, event strategies, technology, trends, and more to get a full picture of how organizations are responding to COVID-19. Based on the comprehensive reporting, we’ve identified the four most important stats that illustrate the current changes, trends, and probable outcomes for the events industry as we continue to navigate new territory.
For a more in-depth report on the impact COVID-19 has had on events and current trends around event strategy, check out the Post COVID-19 Event Outlook Report.
Resources for Event Teams are Becoming More Scarce
According to Bizzabo’s data, nearly half of event marketers report that their organizations have made personnel changes in response to COVID-19. Meanwhile, the majority of event marketers report tightening budgets.
As budgets and resources become more scarce, event leaders will need to focus on creativity, efficiency, and flexibility to maximize their output and create meaningful experiences for attendees.
Virtual Events Are The New Focus
A whopping 90% of event marketers plan to invest in virtual events moving forward, while less than a quarter have historically invested in virtual events. According to this data, most event marketers are entering new territory producing virtual events.
Countless organizations have pivoted recent events to a virtual format, however we believe that the most successful event marketers will be looking beyond our current moment to shape their event strategy.
Engagement is key to virtual event success.
Attendee engagement is by far the most important KPI for event marketers executing virtual events, yet event marketers agree that this is also one of the most challenging aspects of virtual events.
Attendee engagement is a critical metric of success, however there is an uphill battle to determine the best strategy and technology that will enable event marketers to accomplish that goal in new virtual territory. This is a key area of opportunity in the coming months and years as event marketers gain more familiarity with virtual events.
The Future of Events Is Hybrid
More than 95% of event marketers agree that in-person will be back. Likewise, the majority of event marketers are looking for technology that will support both in-person and virtual events.
At the end of the day, in-person events are a resilient force. The desire to connect and build meaningful connections can only happen in-person. As we peer into the future, we can expect virtual events to play a key role in organizations’ overall event strategy, but we’re confident that in-person events will return with a bang.
To learn more about the current state of events and how other event leaders are responding to COVID-19, download the Post COVID-19 Event Outlook Report.