The Abbreviated Case for Innovating (for trade show and event organizers)

The good news is that the face-to-face business is growing. Coming out of the pandemic, the industry landed on its feet and has been in a strong recovery mode ever since. The industry is not quite back to pre-pandemic levels (per this news - CEIR Releases Q3 2024 Index Results - Center for Exhibition Industry Research) but gaining in all metrics and on the path to full recovery. The cautionary news is that this could lead to a false sense of security. It could mean that show and event organizers are seeing enough in their results that they are not focusing on innovating. Success can breed complacency.

It is also true that the trade show model of today is largely the trade show model of 25 years ago. In the wider world of events there is more variety, but the space is still dominated by traditional models. And how long have we been hearing that people are tired of talking heads . . . that the most effective learning environments are interactive, collaborative.

Isn't it time we got out of the box? I mean really out of the box.

Here's why it is worth considering:

1. We need to work harder and smarter to build attendance. The reality coming out of the pandemic is that we are having to dig deep (a.k.a. deliver more value) to deliver attendees. The recent CEIR report cites growth across all of the four key metrics measured - number of exhibitors, net square feet, revenue and attendance. But, of the four, the one growing at the slowest pace is attendance. This is a bit of a yellow flag for the industry and could be a real drag on any future growth. The reports suggests that a contributing factor could be rising costs (re: travel). I also think that our potential audience places a higher value on their time, having been opened up to a new perspective and appreciation for time during the pandemic. We need to deliver more value to get them to return. PLUS, our audience universe is (constantly) changing. For example, we know that universe is getting younger, with different priorities and a different approach to work. Without adapting, we risk looking old and tired to this group.
2. It's a highly competitive landscape. There may have been a time long ago when it would have been okay to assume that having built a successful event, perhaps taken a leadership position, it would be fine to put the operation on cruise control. The level of competition wasn't all that diverse, or even that strong. That is no longer the case. The sophistication of the entire industry has increased dramatically. There are lots of smart people and organizations -- for-profit and not-for-profit -- looking for opportunity and it is probably not wise to assume they would not be looking your way.
3. One size does not fit all. To some extent we've locked in, at least on the trade show side. We have a model. It works. It is natural then to just rinse and repeat; keep doing what we are doing. But the reality is that our customers do not approach things that way. They have a diverse set of needs (that are also constantly evolving, by the way) and trying to jam them into the box you have built is not always going to work. This is why there is still a good bit of churn among exhibitors and attendees alike. If you are not giving them something that satisfies their particular needs, they may give you a try, but they are unlikely to become regular customers.
4. Our relationship with our customer is often surface-deep. The traditional relationship between event organizer and visitor, exhibitor or sponsor has been largely transactional. It is based on a one-time participation at a fixed place and time. We reach out for the contract, for the registration, for payment. Beyond that, there is often no relationship with our community. That leaves us highly vulnerable, not only because we simply have a very shallow level of knowledge and understanding of our market, but also because it does nothing to set us up as trusted allies of our customers. How do you change this? You look beyond what you are doing now to how you can connect with, and serve, your marketplace. You innovate.
5. We can be disrupted. If the pandemic taught us anything, it taught us this -- in a very real and very painful way. What happens if we are once again in a position where we cannot deliver live events? Or if some aspect of our business is suddenly shut down? How are we positioned to serve our community? What do we do -- or can we do -- on their behalf?

There are other reasons it makes sense to innovate (innovation excites people and drives results, among others). Here are a couple of articles that make the general case: Innovation in Business: What It Is & Why It’s So Important -- Why Corporate Innovation Is Essential Today.

The events industry has evolved over time. There are good people and organizations in the business pushing the envelope every day. But we need to collectively place a greater emphasis on innovation. If we can do that, the effect will be enormous. This business - the live events business -- moves industries. Think of what we can do if we really step out of that box.