Challenges and Contingencies in the Global Events Industry

The current pandemic of COVID-19 that is spreading around the globe has been a huge challenge for many industries. Factories in China aren’t producing goods, which is resulting in a backlog for global supply chains. Airlines and the cruise ship industry have been hit hard as people cancel vacations, business trips and global events. The hospitality sector is affected as people cancel hotel and dinner reservations in favor of staying home and stocking up on dried noodles. Freeway traffic (silver lining) is at a 10 year low as businesses tell workers to stay home and remote in. 

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One industry that has perhaps felt the effect more than any is the live global event industry. As large conferences cancel one after the other, a sky is falling mentality has descended over this huge portion of the economy. While it’s not at the forefront of most people’s mind, conferences and events have become a massive part of the total economic picture. Did you know that in 2018, global events contributed an estimated 1,100 billion dollars to the global economy? It’s only expected to rise, reaching a staggering $2,330 billion by 2026.

Global Events, where do we go from here?

Why are global events such big business? As you can see on this blog by Bizzabo, 41% of marketers believe that live events are the single most effective way to market your brand, more than print, digital or email campaigns. With that kind of ROI, it’s no surprise that everyone wants to be in this space. That is however until a frightening, new, highly contagious virus causes attendees to question attending and ultimately for conference organizers to cancel. 

If you work in the Global Event industry or have been tasked with organizing a conference for your company and everything now feels very much up in the air, what do you do? Read below for some ideas from an industry insider.

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Move Online – Online Video

Virtual Conferences and Events

One option could be to convert your Global Event to an online webinar. With the high speed of home internet these days, point to point communication with live HD video is finally available to the masses. Your keynote could be a TED-style dramatic presentation or fireside chat with A list industry execs. An in-room moderator can take remote questions for live Q&A. 

You could even organize breakout chat rooms, with remote recording so that all the great ideas don’t get lost. Make it a fun challenge, where people collaborate on specific projects and then present their ideas back to the larger group. 

Create a Video Series

If your Global Event was scheduled to start in the next few weeks or months but has been called off due to the CoronaVirus, all your presenters most likely still have that time blocked off on their calendar. Instead of 30 min talk, you could produce a highly polished video, using multiple camera angles and integrated graphics. Think high-end broadcast, but targeted to your demographic and area of expertise. You could use the hotel space that you already have booked, but it might look cavernous and empty if there are no attendees. A better option would be to book a studio and professional video production crew to create the highest quality content.

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Postpone your Global Event / Company Conference

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Instead of cancelling your global event all together, you may want to consider postponing. Most likely, the deposits that you put down on your conference space, your signage and scenic and labor and equipment reservations to the production company are going to be non-refundable. Most of the work that goes into producing a big event is done in the weeks and months leading up to the actual show dates, and venues and production companies are going to need to hold onto those deposits to cover sunk costs. But if you postpone, there is a chance that some of that money can be transferred over to a future event down the road.

Let’s be honest;

This is a frightening time to be a professional in event production. What had seemed like an endless upswing only a few weeks ago has dropped back to ground with stomach churning force. Right now, the most important thing is to get this virus under control and unfortunately our industry is paying the price. 

If working in production has taught us anything, it is that it’s not only what you know, but how quickly and seamlessly you can overcome unexpected challenges. Give us a call or swing by the office if you need help with your contingency plan. We’ve got some room on the calendar. 

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2022-07-19T09:47:50-07:00

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