What is the Future of Industry Trade Shows, Conferences, and Events
Industry events, such as trade shows and conferences, have for years been essential to connecting with new clients, making sales, and building networks.
However, the arrival of the Covid-19 pandemic affected these events drastically. Businesses were forced to abandon in-person events and replace them with digital alternatives or cancel.
With the pandemic coming under control and life returning somewhat to normal, what is the future of industry trade shows, conferences, and events? Will virtual events continue to dominate, or will we quickly see a return to in-person events? Read on to find out.
How Covid-19 Disrupted Industry Trade Shows, Conferences, and Events
The impact of Covid-19 on business was significant. Along with affecting operations and altering demand, the pandemic was a major disruptor of industry trade shows, conferences, and events.
Restrictions on social gatherings and travel caused trade shows, conferences, and other industry events to be canceled. These restrictions resulted in many of these events moving to virtual platforms. While this was successful, many are eager for a return to in-person events.
As the pandemic comes under control, some in-person events are starting up again. Some organizers are so confident that they have no backup plan, such as a digital alternative or guaranteed refunds on tickets, booths, etc.
The full effect that the pandemic has had on industry events is yet to be seen, but the future of industry trade shows, conferences, and events will become clearer in the next year.
As the pandemic comes under control, some in-person events are starting up again.
The Future of Industry Trade Shows, Conferences, and Events
The following are some predictions on the future of industry trade shows, conferences, and events.
When Will Industry Events Return?
The return to industry trade shows, conferences, and events will be gradual, with a mix of in-person and digital options available. Trade shows will likely be the first type of event to come back, before conferences, networking events, and the like.
Every day we see more easing of social distancing restrictions and more positive feelings around health and safety in indoor areas. Certain event providers are already taking this opportunity to return to in-person events.
A noticeable issue that remains is the difficulty for international parties to attend events due to continued travel restrictions. If you previously had a good base of international attendees and exhibitors, then the need for virtual event elements and promotions remains.
Certain individuals may also have preferred virtual events and have no intention to return to physical events.
However, we must remember that there is significant value in face-to-face interaction. While virtual business interactions have been successful, the pandemic also highlighted the benefits of in-person interaction. The addition of “Zoom-fatigue” is increasing the number of people wanting a return to pre-pandemic style industry events.
When discussing the future of industry trade shows, conferences, and events in more depth, it’s necessary to look at the three parties involved: those in the event’s industry, those hosting or exhibiting, and attendees.
When Will the Event Industry Want a Return to Industry Trade Shows, Conferences, and Events?
The events industry is a trillion-dollar one. As such, those that organize events like trade shows and conferences will want to get back up and running as soon as possible.
Many of these organizers did move to digital platforms successfully. However, the returns from virtual events are not the same as from in-person events. However, adding in virtual elements can increase revenue even more. Due to these profit levels and continued concerns and restrictions, hybrid virtual and in-person events are expected to become the norm (discussed more below.)
Event organizers will want a return to in-person industry events. So, when discussing the future of industry trade shows, conferences, and events, there are two questions:
Will exhibitors want to return to in-person events?
Will attendees want to return to in-person events?
When Will Exhibitors Want a Return to Industry Trade Shows, Conferences, and Events?
The feelings of exhibitors and other parties, such as speakers at events, shape the future of industry trade shows, conferences, and events significantly.
Industry Event Cost-Benefit Analysis
When deciding whether to return to in-person events, businesses will weigh the sales differences seen from not attending with the costs of attending.
During the pandemic, some saw no difference in sales or even saw an increase. Those that didn’t notice a significant drop in sales or opportunities due to not attending events may have a hard time justifying attending in-person events.
However, to understand if attending industry events is worth it, businesses must know what income comes from trade shows and events. For example, you may make 15 sales at a trade show. But leads from the show could result in 20 additional sales that you wouldn’t have gained without the event. If you don’t attribute all 35 sales to the event, then you won’t be able to do a cost-benefit analysis effectively.
Companies also need to consider their industry. Some products and services became more in demand due to the pandemic, and that demand will drop as the pandemic ends; making connections at events will become crucial again.
Also, when all events were virtual, it was a level playing field; nobody could go to trade shows, conferences, or events. As these events return, those who do not attend could fall behind their competitors who do. This fact could be the thing that convinces exhibitors to return to in-person events.
Businesses must weigh up sales differences from not attending in-person events with the costs of attending.
Budget Concerns
The pandemic has affected company budgets drastically. Therefore, businesses will look at their new budget carefully to decide if exhibiting at trade shows and other events is possible.
Of course, this is very industry-dependent. Some industries have seen sales increase during the pandemic, and will want to keep this growth going through events. Others will have had to tighten their budget significantly, and the money to attend events won’t be available.
The Benefits of B2B Events
Trade shows and other industry networking type events drive B2B sales in two main ways:
Building relationships with and retaining current customers
Attracting new customers
New customers include those looking for a new offering (hadn’t been in the market for your offerings before) and those dissatisfied with their current supplier.
At in-person trade shows and other industry events, networking is much easier. Having a strong industry network is beneficial to company growth. While there are higher costs associated with attending in-person events, it's a great time to have face-to-face meetings with a large majority, if not all, of your clients.
Additionally, in-person trade shows are the ideal place to show new products or introduce new services. Products can be seen in action, and demos can be held too.
When Will Attendees Want a Return to Industry Trade Shows, Conferences, and Events?
Another thing to consider when discussing the future of industry trade shows, conferences, and events, is how attendees feel about returning in-person.
Attendees are more likely to have mixed feelings about returning to in-person events than exhibitors. These concerns center around health and safety concerns and whether it’s worth attending in-person instead of virtually or at all.
Trade Shows
One factor that suggests attendees will return to trade shows is that they want to “window shop.” They know what industry they are looking for suppliers from, and probably the category of product they want. But they need to go booth to booth to see options, discuss contracts, and interact with the products. This process is much more difficult in a virtual space.
If an attendee plans to spend a decent amount of money and the products are crucial to their operations, in-person events provide more confidence. They can see what they’re getting before you buy and get a better sense of what the supplier is like.
Conferences and Networking Events
Attendee feelings around events like conferences are not as clear. Many have found that they are just as, or more, happy attending virtual conferences and similar events as they are in-person events.
The level of return to these events in person will depend on how much the individuals in each industry appreciate in-person seminars and networking opportunities.
Many trade show attendees want to go booth to booth to see options, discuss contracts, and interact with products.
How Will Industry Events be Different?
The next part of the conversation around the future of industry trade shows, conferences, and events involves what events will look like post-pandemic.
Digital Elements and Hybrid-Models
Adaptation to virtual events was successful during the pandemic. But digital events were only so prevalent because there was no other option.
However, virtual events will not disappear completely when in-person events return. A primary difference in industry trade shows, conferences, and events post-pandemic will be the incorporation of digital.
More and more events will use a hybrid model of virtual and in-person events occurring simultaneously. There will also be virtual elements accessible for those attending in person to offer an elevated experience. Hybrid events will give access to two groups of attendees, extending reach for exhibitors, speakers, and the like.
Digital is here to stay in some capacity even with the return of in-person events due to its:
High reach: you can reach attendees from around the globe, many of whom would never have traveled to the in-person event.
Unique opportunities: you can do things in the digital space that you can’t at physical trade shows, conferences, or events.
Ease of capturing leads and attendee information: information such as contact and industry info will be needed to sign up and can be easily stored and transferred digitally.
Low costs for exhibitors: hosting virtual events is much cheaper than exhibiting at or hosting physical events.
Low costs for attendees: attending a virtual event reduces costs such as travel and accommodation costs.
Do note, that the benefit relating to lower exhibitor/host costs would only be achieved if the event was 100% virtual. However, this point is appealing to those considering running hybrid events. You can set up the digital components for a relatively low investment but gain high returns, especially if event access is paid for.
More and more events will use a hybrid model of virtual and in-person events occurring simultaneously.
The Cost of Attending Industry Events
As with the return to business travel after Covid-19, two scenarios could occur relating to cost for attendees and exhibitors. We may see attendance fees and associated costs drop to attract people back. Or, we could see them rise as demand drops and/or to accommodate lower attendance levels for safety.
Organizers will also be looking to make up for pandemic losses, which could result in higher costs for attendees and exhibitors.
Show and event organizers may have to work harder to attract attendees too, depending on the clientele they have. If there is less demand for a return to in-person events, attendee costs are more likely to get lowered.
How and Where Industry Events are Held
When returning to in-person industry events, they may not look the way they did before the pandemic.
For example, one suggestion in the events community is to host smaller regional industry events. This tactic would involve moving trade shows, conferences, and the like from one area to another instead of having one hub. This tactic will allow for smaller crowds and less travel while still reaching the same overall number of people as pre-pandemic.
Some have even suggested hosting outdoor events, if the climate of the area allows, to make attendees feel safer.
Another thought is extending the trade show, conference, or event run and reducing the number of attendees each day. For example, a trade show may extend its run from three days to five with half the regular capacity allowed each day. This tactic will allow for the same total number of attendees but a fewer number mixing each day.
As discussed, there are also likely to be digital elements mixed in with the in-person event.
Industry Event Safety Precautions
No matter what type of in-person event is held, it’s likely that some safety precautions will be kept in place.
Safety precautions at industry events could include:
Mask wearing
Installing hand sanitizer dispensers
On-site testing and/or temperature taking
Placing signs that remind people to distance
Needing to book all appointments in advance for one-on-one meetings and discussions, talks, networking events, etc.
Increased ventilation and filtration of air
Wider aisles at trade shows and more space between seats at conferences, etc.
Proof of full vaccination needed to enter
In Conclusion
There is no concrete answer regarding the future of industry trade shows, conferences, and events. However, it appears as though there is still significant demand for in-person events despite a move to one hundred percent digital events during the pandemic.
As Covid-19 restrictions are removed, more and more in-person industry events will get planned. Despite this shift back to psychical events, virtual elements will remain in place going forward with a move to hybrid digital and in-person events expected to become the norm.