The recent CEIR Index report on 2016 exhibition industry report was…meh.
The overall tradeshow industry growth for the year was 1.2 percent, down from 2.3 percent the year before. Gross domestic product growth for 2016, on the other hand, was 1.6 percent. The most discouraging analysis of this indicates it has been more than a decade since the factors measured by the CEIR Index routinely outperformed GDP. Meanwhile, marketing channels that directly compete with events continue to enter the arena.
CEIR economists predict stronger growth for the CEIR Index this year (2.5 percent) and even stronger growth in 2019 (2.8 percent). Their explanation is that they anticipate tradeshows in the heavy equipment and raw materials sectors will pick up – although I’m not sure I understand why they would.
At some point, event organizers will have to understand they are on their own when it comes to competing with digital marketing channels and they must offer both buyers and sellers something different than in the past – and many organizers are catching on.
The first element, for attendees, is engagement. Face it – if you haven’t already – your show is no longer the one place in the world where the industry professionals you serve can get information they need to do their jobs or news about new products. That’s what the Internet is for.
What the Internet cannot offer them is the ability to engage with each other in a meaningful way. The first time several years ago I saw a B-to-B event create a time slot for roundtables where attendees could sit down wherever they want and talk to each other, it sounded like a waste of time in a valuable event schedule. Who would just sit down and talk to a stranger?
And yet today you would be hard-pressed to find an organizer who’s thinking about the future of their show who doesn’t include a space for these roundtable discussions in their event.
The second element, for exhibitors, is more data on who is coming to your event. With enhanced data analytics, choosing a marketing channel to communicate with potential buyers is increasingly being commoditized. Marketers have the means to use numbers to find the most effective way to reach the people they want to communicate with.
So, do your part. Give them the attendee information you have; collect more of it if you need to; and make sure exhibitors and sponsors understand they can count on you to deliver to them the leads they want.
Michael Hart is a business consultant and writer who focuses on the events industry. He can be reached at firstname.lastname@example.org.No Fields Found.