Challenges for 2024.....

Happy New Year and welcome to another great year in events!  We are excited to see what 2024 will bring. We hope that you are well rested, because the real work begins now for the best year of events for you and your organization.

With the recent story about Time Magazine's appointment for their first Chief Events Officer, it looks like the world is starting to see the real value of #eventprofs!

Was it a publicity move or do you think this is a key position in a business organization that will be a strategic win for them? Will other organizations follow?

2024 will bring a few challenges. Several economic factors are likely to impact the event industry. Here are ten of them and their potential implications for businesses in the event industry:

1. Global Economic Trends: Fluctuations in the global economy, including growth or recession in major markets, will influence the event industry. A growing global economy typically means more corporate events, conferences, and trade shows, while a recession could lead to budget cuts and fewer events.
2. Currency Exchange Rates: Changes in currency values can affect international event planning, making some locations more or less expensive for organizers and attendees. This can influence the choice of event locations and the cost of organizing events.
3. Inflation Rates: High inflation can increase the costs of venues, supplies, and services, impacting the budgets of event planners and potentially leading to increased event costs for attendees.
4. Consumer Confidence: The level of consumer confidence in the economy influences spending on discretionary items like event tickets. High confidence can lead to more robust ticket sales and event attendance.
5. Corporate Profits: The profitability of businesses plays a critical role in the event industry, particularly for corporate events and sponsorships. Higher profits often mean more corporate events and sponsorships.
6. Technological Advancements: Innovations in technology can lead to new event formats and experiences, such as virtual or hybrid events, potentially reducing costs and expanding global reach.
7. Government Policies and Regulations: Changes in government regulations, including tax policies, travel restrictions, and health and safety regulations, can significantly impact event planning and execution.
8. Travel and Hospitality Industry Trends: Fluctuations in travel and hospitality costs, including airfare and hotel rates, can influence event planning, particularly for international events.
9. Environmental and Sustainability Concerns: Growing awareness and regulations around sustainability can lead to an increased focus on eco-friendly events, potentially influencing event planning and venue selection.
10. Social and Cultural Trends: Shifts in social and cultural norms can influence the types of events that are popular and the ways in which they are marketed and executed.

For businesses in the event industry, these factors imply a need for flexibility, adaptability, and innovative thinking. Staying informed about economic trends, leveraging technology for efficiency and reach, focusing on sustainability, and being responsive to changes in consumer and corporate behavior will be key to success in 2024. Businesses will need to carefully monitor their budgets, explore new event formats, and remain agile in their planning and execution strategies to navigate these dynamic economic conditions.

 New Podcast Episode!

The Debate: Navigating the Uncompensated Proposal Process with Leanne Calderwood and Mark Awad.

In this episode of Production Value Matters, host Matthew Byrne is joined by not one but two guests for a special panel discussion. Both Leanne Calderwood, Trainer, Course Creator and Professional Speaker and Mark Awad, Director of Business Development at bb Blanc feature on this week's episode. Together they delve into the complicated world of valuing your creative services, providing actionable insights into how to challenge the uncompensated creative process and shift the industry norm of providing free services.

Join us as we:

• Discuss the uncompensated creative process 
• Challenge industry norms that surround the expectation of free services 
• Evaluate the role of associations in advocating for event professionals 
• Champion education around the events industry
• Outline how to charge for creative work 
• Rethink the design service in the proposal process

LISTEN NOW:

🎧 Listen to the full episode here:

🍏Apple Podcasts

➡️Spotify

#eventmetrics #b2bevents #productionvaluematters

2024 is Going to be a Busy Year for Events

We work with event teams to improve their production process

If you are looking for a partner that can integrate into your event teams to leverage the right processes, people and technology for your next event, we are ready to help you develop meaningful designs and pair them with elevated production value.

We will help you save time, money and resources for the production of your next event. Connect with us to learn how the Production Framework™ works to create exceptional event experiences.