Navigating Increased Competition in the Event Industry

The COVID-19 pandemic has led to a surge in the number of event companies, dramatically reshaping the competitive landscape. As businesses adapted to new realities, many professionals who were furloughed or made redundant took the plunge and started their own event company. While this influx of new companies has invigorated the industry, it has also significantly increased competition. For established event businesses, standing out in this crowded market is more challenging—and more crucial—than ever before.

Understanding the new market is the first step toward navigating it successfully. The pandemic triggered a wave of entrepreneurship, with many event professionals leveraging their skills and networks to start new ventures. According to the Events Industry Council, the number of new event companies increased by 20% in 2021 alone. This surge has led to a highly competitive environment, where differentiating oneself has become more and more difficult. There are lots and lots of great companies out there.

To thrive in this new world, event companies need to develop unique value propositions that set them apart from the competition and this means moving beyond traditional offerings and innovating in ways that resonate with clients. For example, really focusing on niche markets or developing highly specialised services might help create a distinct identity.

Green Events Co.

One company that has successfully done this is the Green Events Company, which specialises in environmentally sustainable events. By catering to the growing demand for eco-friendly solutions, they have carved out a unique space in the market and attracted a loyal clientele.

Building a strong brand identity is another critical strategy for standing out. A well-defined brand tells a compelling story and connects with clients on an emotional level. This involves not only high-quality visuals and consistent messaging but also delivering exceptional experiences that reinforce the brand's values. According to a study by Edelman, 64% of consumers cite shared values as the main reason they have a relationship with a brand. For event companies, this means showcasing what makes their services unique and ensuring that every client interaction reflects their brand's ethos.

Increased competition therefore necessitates having a robust and well thought through marketing strategy. Digital marketing, in particular, has become indispensable. According to HubSpot, 70% of marketers are actively investing in content marketing, reflecting its importance in today's digital landscape. For event companies, this means creating engaging content that showcases their expertise and provides value to potential clients. Social media, and video content are powerful tools for building visibility and establishing authority in the industry.

Caiger & Co. Catering

Alix Caiger is excelling in creating engaging and informative content that highlights the unique offerings of Caiger & Co. Catering. A recent post featuring a Q&A session with her Senior Event Team  is a prime example. It addresses frequently asked questions about site visits, suppliers, and service style, effectively communicating the comprehensive and personalised nature of their catering services. By assigning a dedicated Senior Event Manager to oversee all logistics and end-to-end planning, Alix ensures that clients can focus on enjoying their events. This level of content not only informs but also builds trust and anticipation, positioning Caiger & Co. as one of the  leaders in the special event catering industry.

We live in a world of reviews, so case studies and client testimonials are invaluable assets in this regard. They provide social proof and demonstrate the tangible results that an event company can deliver. Featuring detailed case studies on your website and sharing client testimonials on social media can significantly boost credibility and attract new business. For instance, Event Solutions, a leading event planning company, regularly publishes case studies highlighting their innovative solutions and successful events, helping to build trust with potential clients.

Investing in technology is another way to stay competitive. Event management software, CRM systems, and virtual event platforms can streamline operations and enhance client experiences. According to a report by Cvent, 80% of event planners use technology to increase efficiency and improve event outcomes. By leveraging these tools, event companies can offer seamless, high-quality services that meet the evolving needs of their clients.

Understanding and adapting to client needs is fundamental. In today's market, clients are looking for more than just event execution; they want strategic partners who can provide innovative solutions and drive engagement. This means staying ahead of trends, continually seeking feedback, and being flexible enough to tailor services to individual client requirements. A focus on client-centric services can set an event company apart from its competitors.

Ultimately, the key to thriving in a competitive market is continuous innovation and adaptation. The event industry is dynamic, and companies must be agile to keep up with changes. Regularly reviewing and updating service offerings, exploring new markets, and embracing emerging trends can provide a competitive edge. For example, incorporating virtual reality experiences or hybrid event models can attract tech-savvy clients and open new revenue streams.

The influx of new event companies post-pandemic has undoubtedly increased competition. However, by understanding the landscape, developing unique value propositions, building strong brand identities, investing in marketing and technology, and staying attuned to client needs, established event businesses can not only navigate this competitive environment but also thrive in it. In this new era of heightened competition, those who innovate and adapt will be the ones who succeed.

References:

Events Industry Council, "Event Industry Growth Report," 2021.

Edelman, "Brand Trust and the Consumer," 2021.

HubSpot, "State of Marketing Report," 2022.

Cvent, "Event Technology Report," 2022.