Events are gatherings that offer a way to celebrate, promote your brand, or raise awareness. Some events or gatherings are social, while others can be non-social. The Live Communication industry is involved in the making of live events including many different professionals. It also involves some kind of performer or attendee. When you think of live events, it’s hard not to think of the Events industry. The events they provide are extremely well received and had the potential to grow even more. There are various types of events such as corporate gatherings, conferences, business dinners, and award ceremonies. They depend heavily on event organisers and performers to come up with something for the audience that is liked and becomes engaging as well as useful for the purpose the event is organised in the first place.
Event market is growing fast. If not for COVID, it would have been growing at average of 14% YoY, however it is expected to get back to pre-COVID growth soon. It’s clear that there are more events which is helping to grow the market.
The event industry is worth more than $890 billion and is predicted to become over $2 trillion by 2028. This represents a 13% annual growth rate from this point forward.
We know that new technology, mobile phones, e-mail and social networks allow us to stay in touch and contact with people every day. However, they’ll never be able to offer the same connection as face-to-face meetings or provide the benefits generated from these types of interactions. This is where events start scoring higher than other means of soft selling and marketing. Events are a great way to connect with your audience and generate leads. They are also a great way to get your message out there and make it memorable.
Asia Pacific is the fastest-growing region in 2019 and will show positive growth during our forecast period because customers are continuing to tailor their spending habits to different destinations. There are several industries within the event management industry in Asia Pacific. This includes China, Japan, India and the rest of Asia Pacific. The rise in tourism within these countries is a reason for this growth. With multinational companies visiting them, there has been an increase in meetings and events. The presence of multinational companies in the Asia Pacific region has led to an increase in demand for corporate events. Furthermore, countries like India and China are famous for tourism and industry, which have contributed to a growing market for event management.
Companies have options for events and awards in the industry because every business needs some form of branding and promotion, which is done best by sponsoring an event. Startup events are great for networking, showcasing their innovation, learning from others and also provide a platform for fun entertainment. Companies across the globe are looking at introducing new products and technology to gain a competitive edge. One of the benefits of attending trade shows is that you get to interact with potential customers and investors. Trade shows become increasingly popular for this reason. The event industry is experiencing strong growth due to hike in the number of people using social media coupled with increase internet penetration. The surge in social media usage is mainly due to the recent hike in sales of smart phones leading to increased consumption of content.
Events can be used as a tool for getting your message out there and making it memorable mainly when they are coupled with add ons like Awards or knowledge sessions that attracts large number of like minded people. It can be hard to take a chance on events, but for a brand, events have many advantages if done well. Let us see the top six advantages of events and their adding like awards.
Advantage 1: Increase visibility of your brand
Holding an event to announce awards, a new product or service is a great way to get publicity. Events have the potential to reach a broad audience, with coverage in both conventional and digital media outlets alike.
An event can also be done to a more exclusive audience with a certain product or service in mind. This way, visibility is much more specific and can target audiences that are determined by the products or services being presented.
Advantage 2: Garner prestige
Winning an award can be a gate opener for many new customers and a fan following & branding, that can be many times more than through a conventional marketing. And for those who get the opportunity of presenting, making a good presentation is always a plus when you want to raise awareness about your new ideas or explain things clearly. The company thus gets authority in its sector and manages to differentiate itself from other brands in the market. However, without a good speaker, even the best presentation slides won’t help.
Advantage 3: Generate buy-in from potential customers
Our advice for you is to organize events to collect data from current and future customers, get better acquainted with them, and learn what their needs are. Events are also a fantastic way to involve your audience in a common project and make them feel included. Connecting with your customers in person can be an effective way to build interest and loyalty for your brand. You can demonstrate your interest in them, which will help you foster a sense of trust and loyalty among those who are personally invested.
Advantage 4: Create and Consolidate your community
Event-goers often develop relationships with one another at meetings, this is a great way to not only stay connected with the brand but also make great memories with other attendees of their event. With growth of What’App, making an online community has become easier. Needless to say, an active community can play a pivotal role in increasing sales and brand awareness of a company.
Advantage 5: Create opportunities and expand
A slogan like “When people get together, magic happens” captures the spirit of events. Events often result in synergies and valuable opportunities for both attendees and brands. One event may even be the spark for more interesting things in the future. A lot of events and awards grow to become regional chapters and open up for larger set of community. TED Talks is such an example that is getting the best speakers from every corner of the world now.
Advantage 6: Increase sales and revenues
The success of your branding strategy depends on the visibility, prestige and commitment of both the community and your customers. This will result in increased income which in turn translates into business sustainability. As Philip Kotler, father of modern marketing, says “it is no longer enough to just satisfy your customers; they have to be delighted”. Long-term relationships are really important. Events are one of the best ways to get customers excited about what you do and create a loyal following. Awards create a degree of trust that every company wants to demonstrate to their existing and potential customers.
An event can help build a reputation and make an impact. They can even help get a company’s name out there in innovative, interesting new ways. Marketing is vitally important for any business, and events help with discovery. They forge relations with both potential customers and other potential partners, so if you want to increase the visibility of your company or client, don’t forget events are a great way to go.
Graphs & Data Source* – www.verifiedmarketresearch.com
