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Navigating the events industry

The events industry brings together a creative bunch who tirelessly work odd hours, thrive on being innovative and doing the very best to bring magic events together.

So how is the industry shaping up?

As a huge contributor to the economy, the Association of Event Venues quotes “the economic impact of the events industry is billions to the UK economy”. That is hefty, so you can appreciate how important it is to navigate the events industry and keep ahead. It’s not just major events that have an impact on this contribution, it is every conference venue, events production company, freelancer, entertainer, event planner and more that has a role to play in keeping the event industry wheels turning.

Here are some stats on the roller coaster events industry to put things into perspective:

• The BVEP Survey Report (May 2020) highlighted that 42% of (event) operators had changed their business model and/or diversified to a significant degree during the pandemic!

• The UK events industry lost £27 billion value from pre-pandemic levels.

• 17% of event and exhibition businesses permanently ceased trading during 2020.
  
  

However, with the turmoil that the pandemic caused to the events industry, “the pandemic has also been a catalyst for change”.

The Shape of Events report released by BVEP gives a detailed insight into the complex events eco-system and how rapidly the industry has adapted. You can access the full report here and view the full breakdown on event categories and estimated value, contribution etc.

The supply side of events, which LZ operate in, is a complex mix of business types – hotels, venues, support services, entertainers, production teams, caterers - the list goes on.

So, what can we do to protect ourselves and keep our businesses real, leading edge and delivering what we love best? Here are some simple ideas that often fall by the wayside when we are busy ‘delivering the do’.

• Keep networking across the supply chain. Together we form partnerships and together we are stronger.

• Continue to innovate and foster diversification. It could be enhancements to our services or a completely fresh approach to what we deliver.

• Keep building customer relationships. You have to invest time in becoming a trusted adviser and supplier of choice.

• Identify your short/long term challenges and monitor them on a regular basis. What action do you have in place to address challenges?

Maybe consider creating a SWOT analysis that will help to drill down on matching your goals and maximizing your opportunities - there are lots of free templates online. This useful factsheet is a good way to get started.

It is inevitable that the events industry will continue to change, sometimes change that is hard to predict with clarity, so get under the hood of your business and see what makes you tick, don’t shy away from change and together let us keep winning.