Event Industry Growth: How to Stay Ahead

The event industry is expected to grow at a CAGR of more than 11% from 2021 to 2028. There will be a lot of rapid change, as well as opportunities. Every industry has to keep up and elevate event planning and event marketing strategy to be able to reap the benefit of this growth. 

Growth in the event industry is happening worldwide, but Asia Pacific is still the leading region in revenue Compound Annual Growth Rate (CAGR). The number of events in Asia Pacific keeps increasing by adopting the latest technology and digitalization such as online events and hybrid events. 

Some of the most favorable events are sports, exhibitions, corporate events, seminars, standup comedy shows, and music events, according to Reports and Data. The event industry growth in Asia Pacific is also happening very fast because there is a rising awareness of advanced event management solutions. 

The Insight Partners believe that such an event could serve many purposes. Starting from increasing corporate profitability to celebrating, entertaining, and supporting community concerns. In addition, for market players, the event also plays a significant role in introducing product innovations and developments. How the event is organized could play a significant role in differentiating a brand from its competitors. 

Looking at the vast array of popular event options and the key role of events for businesses, brands, and organizations, it is just important that every marketer, as well as business leaders, knows how to tap into the event industry’s potential and utilize it to embrace growth.

Here are several trends in the event industry that you can implement to sustain and grow events in your company.

Add Exclusivity to In-Person Events

Globally, the covid-19 pandemic has spurred the growth of virtual events since 2020. Meanwhile, now that the situation is getting better, in-person events are starting to be in demand again. To find the middle ground between both demands, you can consider a hybrid event model. 

Research from the event professional community EventMB states that 67% of respondents agree that hybrid is the future of events. You just need to find the best configuration to combine offline and virtual features. 

In fact, hybrid events are also able to add exclusivity and elevate offline events. You can still focus on the connection, engagement, and experience of an offline event, while also publishing the virtual recap after to reach more audiences. 

Try Intimate Events in Unique Venues

In the event industry, there are growing demands for small, simple, and intimate events that can be authentic opportunities to engage and connect. This is why you have to shift the mindset that events are purely marketing opportunities and have to be big and flashy with a lot of attendees. 

Instead, an event should be an opportunity to show authenticity and build customer trust. Genuine connection and engagement with customers will make your brand feel more personal and emotional for customers. 

On the other hand, smaller events open up possibilities to use a more unique event space that creates a more memorable experience. Moreover, non-traditional event venues are gaining more popularity nowadays. Using a unique, boutique, thematic, and visually appealing event venue will encourage event attendees to post on social media and create more hype about the event.  

Use Digital Tools to Bring More Value

According to Marketing Insider Group, adding digital elements to an event could help engage attendees. It could also enhance the experience, and, most importantly, create more personalized communications between the event host and attendees. 

Digital tools and digital elements here can include digital marketing channels, as well as big data, AI, AR, and VR. All of these technologies are used in the event industry for planning, during the event, and for post-event analysis. You can explore each of the aspects and think of the most effective way to utilize them and bring your event to the next level. 

Incorporate Experiential Aspects

Experiential aspects are very critical to making an event worthwhile. One way to level-up experience is through experiential marketing, where customers interact with your brand in a real-world situation. Experiential aspects are increasing relevancy by using hands-on participatory activities and tangible materials. 

By incorporating experiential marketing strategies, customers and event attendees can be more emotionally connected with your brand. This emotional connection will create a lasting and memorable experience, thereby increasing customer loyalty.