Wednesday,July 1st, 2009
How many times have you read or watched news shows about the economy in the last several months? If you Google economic conditions in the United States you will get more than 37 million hits.
The reason I talk about this is that the Exhibition Industry is not immune to the economic restraints we are experiencing. In 2008, the Industry was down significantly for the first time since 2003. Even though we face a unique set of challenges that could greatly affect recovery, we continue to see that companies still value the face-to-face marketing strategies.
That’s because face-to-face is core to human relationships. Why do you think people flock to the Super Bowl, inaugurations, concerts, etc.? When people meet face-to-face, trust is established, ideas are exchanged, business occurs, relationships are built, and so on. Think of the great events in history – would Martin Luther King’s speech have been as effective if he had given it over the radio instead of in front of thousands of people? Even though we can access information through the internet, TV, radio, etc. – we still thrive on the live experience.
When I sit down with a potential client, speak to an audience or just spend time with people I’ll be working with in the future, it builds a relationship that lasts and creates a bond that enables far greater communication.
Although we have this need for face-to-face interaction, we know that the industry is ever changing. Two of the most prominent challenges we face are: 1) the role/importance of live events to young professionals and the next generation of workers; and 2) the impact of the Internet and virtual events.
We live in an online digitized world, which young professionals and next generation of workers are very familiar with. This world, where most communication is done online, is how these young professionals communicate on a daily basis. Knowing and understanding this is a helpful step in changing the way we do business that incorporates both worlds.
Change can be a scary thing. But overall – change is good. If we don’t change with the industry we will get left behind. We all know that the ultimate goal of customers is to spend less, increase revenue and still promote products. The exhibition and event community is here to help companies successfully attain these goals.
Long-term growth for the exhibition industry is promising, but even though the industry has rebounded strongly after previous recessions, there is no guarantee the recovery will be the same this time around. Continuing to change and being flexible to the ever changing economy will make us an even stronger Industry.
Recently read an interesting article on millenials that had some interesting insights on the generation. These insights will have a direct impact on how associations, corporations, and suppliers do business today.
The article re-labeled them the “trophy generation” reflecting the trend in sports to give all kids a trophy for participating and thus fostering the mentality that no one loses. The result is a generation feeling entitled as the enter the work force.
They want to shape their job to their lives and not the other way around. They are considered to be the busiest generation of children growing up facing time pressures previously reserved for adults.
They are growing up seeing things globally, connected and open for business 24/7.
The article ended by highlight three areas that will be important to this generation: (1) Impact – they are movtivated by making a difference, (2) Communication – due to the constant communication they have in their lives today, they have a need for more professional feedback than previous generations, and (3) Flexiblity – the divide between work and home life is more narrow.
The industry is making strides to meet these expectations. More and more events are incorporating a charitable aspect to their face to face meeting, they are exploring how to leverage social media to provide meaningful content to support the face to face experience, and with more of the work force working remotely, they are approaching their events as an experience from the moment they arrive until they fly home.
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