Top 5 Challenges of the Event Industry
TOP 5 CHALLENGES FACING EVENT INDUSTRY
Dayton & Cincinnati, OH - The one constant in life is change. And the thing with change is that it produces both challenges and opportunity. The backdrop of the past 2 years has seen with it plenty of both.
Some of the biggest challenge(s) confronting the event industry right now are:
Staffing Resources or the lack thereof. Premium wages are now the standard for both temporary staffing agencies and contractors who are tasked with filling a role in which 4-others may have collectively comprised the scope and demands. Issues of understaffing aren’t exclusive to the event industry, but the void of staff in a live-engagement industry in which long hours are the norm and traditional has made the issue all the more apparent.
Rising Costs. More complex than staffing challenges, the rising costs of catering, event services, supply issues, and inflation as a whole results in either the event venue, the tradeshow, or the meeting planner absorbing the cost. As a result, the ongoing challenge is how to remain cost-efficient yet effective with a quality end-product.
Hybrid Option? Though nothing substitutes the synergistic power and networking of live engagement, and business travel is experiencing an upswing, the upticks in technology, the acceptance of a virtual remote setting, and the fiduciary attentiveness to both budget and travel time has seen with it a great unknown of one’s attendance at a meeting or industry tradeshow.
If you build it, will they come? Though attendance in live settings in the sport and entertainment sectors, with concerts, festivals, and sports, has seen with it a reemergence, the same hasn’t been true for smaller conventions or many indoor meeting spaces. Time will tell…
Show me the money! As budgets are often earmarked a year in advance (if not more), and the objectives vary with the turnover of C-level executives, the past 12-18-months has seen with it a reallocation of marketing spend as well as a later-than-usual brand participation (but not the case with concert sponsors)
As curators of live production, memorable hospitality, and brand engagement experiences, we know that though there’s legitimate industry challenges and growing pains, but for brands wanting to optimize the opportunity and connect with their core audience, there’s no better platform and ROI for marketing spend than live-engagement experiential marketing.
To further engage in the conversation, please reach out at info@edrmarketing.com