Virtual Offerings 'Core and Essential' to In-Person Events, Says Emerald Report
A 2022 outlook from CEDIA Expo owner Emerald Holding said businesses now deem virtual and digital offerings as “core and essential components” to augment in-person trade events. Digital offerings seen as complementary and optional before the COVID-19 pandemic are now considered necessary for “customer-centricity,” said the Thursday report.
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An Emerald survey of more than 1,000 event business-to-business (B2B) vendors/providers, planners and attendees indicated the number of in-person events planned, along with participation in those events, will rise this year but won’t fully offset 2019 vs. 2021 declines. Event growth estimates are for a 50% increase in in-person events and participants from 2020, according to the survey fielded September-October.
On its August earnings call (see 2107300061), Emerald said it canceled 108 events due to the pandemic, 94 scheduled for 2020, representing $230.6 million of 2019 revenue, and 14 scheduled for 2021, representing $71.2 million of revenue.
Emerald, owner of more than 50 trade shows, wants to be considered a leader in “building dynamic, market-driven platforms” that integrate live events with proprietary B2B solutions, it said. “While the core, in-person aspect of an event will remain critical, companies appear to be looking for year-round engagement, diversification, commerce and community,” said Emerald's Andrew Gaffney, president-G3 Communications division.
B2B vendors and providers expect the sales pipeline attributed to trade events this year -- live and digital -- to “more than make up for the downturn” from 2019, Emerald said. Vendors/providers, planners and attendees said they will prioritize the quality of contacts and engagement level beyond events themselves in the future. Though attendees and B2B vendors value in-person events, “they are also looking for a dynamic model that combines the best features of live and digital events orchestrated for year-round engagement and commerce,” the company said.
Responses suggested e-commerce will become a growing part of year-round engagement, with respondents wanting organizers to enable such transactions by integrating with existing online platforms, providing e-commerce capabilities and developing marketplaces, Emerald said.
On the sales pipeline from leads attributed to live events, 50% of B2B vendors expected it to rise this year vs. 2021, 15% said it would drop and 22% expected it to stay the same, with the remainder unsure. For virtual events, 28% of B2B vendors expected the sales pipeline to rise year on year, 16% said it would be down and 29% expected it to be flat.
Metrics for event success varied among the three groups. The top three metrics for event planners were increased overall awareness, new accounts and a higher attendee-to-exhibitor ratio. B2B vendors listed new accounts engaged, quality of leads and revenue generated on deals; attendees said the number of new business opportunities generated, an increase in community engagement and increased brand awareness. Going forward, all three groups said success metrics will have more focus on quality of contacts, level of engagement with key contacts and engagement beyond the few days of a trade event.
People who attend live events want additional ways to participate, said the survey: 39% want on-demand access to content, 57% want more livestreaming of the event, and 49% want to be able to use live chat. Attendees and providers want year-long access to webinars, meetups and networking opportunities, in-person and online roundtables/forums, and podcasts, Emerald said.