With 7 in 10 economists thinking that we will be entering a recession in 2022 or 2023, companies must look at how to operate within an economic downturn. Events are critical to most organizations’ strategies and can help with marketing, product rollouts, internal events, and more.
During the 2008 recession, exhibition revenues dropped by 15% in an industry largely dependent on in-person events. However, things are different if a recession hits soon. The CoVid pandemic has increased the availability and acceptance of virtual events, allowing you more options for your business. Below are four things to consider on how to recession-proof your event strategy.
Mindset is the most critical factor in recession-proofing your events and your event strategy.
You cannot let fear and uncertainty take hold of you or your organization. Opportunities abound during recessions, and more people became millionaires during the Great Depression than at any other time in American History. If you can anticipate and prepare for any economic downturns, you will be miles ahead of your competitors. Microsoft, Apple, Netflix, and Lego made giant steps forward in market share during recessions, so you can too!
Specific attendees will also be looking to create new opportunities for themselves, which will create even more options for you! Stephen Wynkoop, Founder of Bits On The Wire, said, “During the 2008 recession, we saw a massive increase in people looking to gain a leg up. Certification courses, new information, and online education really took off after that point.” Take advantage of this and expand your audience to people looking to further their careers or change industries.
During an economic downturn, every dollar matters. Your organization will be looking to optimize cash flow and profitability, so you need to maximize the revenue from your virtual conferences. Use the tracking and reporting tools inside your virtual event platform to keep in touch on registrations, event usage, minute-by-minute reports, and more to keep track of your organization’s KPIs.
Here are three ways to increase your revenue to help you stay on budget.
While your organization may begin to feel the pinch, your attendees and their businesses likely are also feeling any effects of a potential recession. You’ll need to solidify your offer with your event.
Here are 3 tips on how to provide great content while keeping in mind where your attendees are coming from:
Your event platform should be able to help you. Experienced platforms have various support options, ranging from a Self-Service option to a Fully Managed experience. While companies have made top-line revenue the #1 goal in an attempt to reap the benefits in the marketplace, they have been ignoring their bottom-line expenses. This puts jobs at risk, and many major corporations are currently looking at layoffs in an attempt to trim the fat and make profitability the #1 goal once again.
To avoid being looked at for layoffs, you should look to make yourself as irreplaceable as possible. To do this, find a platform that will help drive massive revenue through your events while allowing you the time and resources to hold as many events as you need. Here are some things to be looking for in a platform to ensure that you have the help you need to be irreplaceable as an event organizer:
So, how can you recession-proof your event strategy? First, adjust your mindset – think about ways to get more out of what you have. Second, track your key performance indicators, so you know exactly where your money is going and what’s working (and what’s not). Third, meet your attendees where they are by offering various affordable options. And fourth, get help from the experts – like vConferenceOnline. Click below to schedule some time to see how we can work with you to create a virtual event that is both successful and budget-friendly
For a limited time, we are offering a free Fully Managed event with any annual agreement. Click below to schedule a demo to see vConferenceOnline in action, and put “Wifflesnargits” in your note section to get your free Fully Managed event. We’ll be your support for your event and allow you to focus on other ways that you can be irreplaceable for your organization.