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The events industry has changed forever with the advent of the pandemic, as it has normalized virtual events. It has also accelerated the adoption of different technology-based solutions for these events. Hybrid events have quickly become the way of the future. As we are navigating through the new landscape, we need to re-evaluate the way we are planning the events. Conventional ways of thinking may no longer serve the purpose. Although the way toward the future of events was appearing uncertain about a year ago, it looks pretty clean now. Event technology has to be at the forefront of your strategy.
1. Make a beginning with KPIs and targets: First thing you need to do is establish smart event targets. Keep in mind that no two events are the same. There are always different ways of achieving the objectives. Every event has a distinct set of stakeholders and attendees. Use the target of the event to establish the key performance indicators (KPIs). These can be made quantifiable and can provide some useful insight. Although it depends on the type of event, you may want to measure things such as gross revenue, attendee satisfaction, NPS, sponsorship satisfaction, and session analytics. KPIs will measure your goals to decide whether the event was a success.
2. Event budget: All the event budgets arrive from different sources. Some of them include attendee registration fees, corporate budgets, donations, and partner sponsorships. Roughly speaking, the event planners divide the available budget into many distinct sections of the event. A huge piece of the event budget goes into renting the F&B, ballrooms, and blocking the rooms. The production with audio, video, power, lighting, and internet AV costs will take up another big chunk of the budget. There are several other expenses for event design, logistics, marketing,
3. Use innovative event technology: The revolution in hybrid and virtual event technology has brought in an important new player and that is event technology. Although the event technology has been around for many years, it conventionally fell under the category of production and AV. You can reach a global audience by using innovative event technology and cost-effectively automating several procedures. Although this sudden blinding arrival of technology-based solutions has made things a bit scary, keep in mind that most new things appear like that. If you’re not sure how to properly use that then try collaborating with a translation services company.
4. Use event technology holistically: One of the initial steps you can take for transforming the event strategy is by letting go of the traditional ways for a while. Consider the new event technology holistically. When it is time to use effective budgeting in the modern era of events, you need to consider the way you will allocate your budget. Find out the ways used by the technology and the features it is offering for various sectors of your budget. For instance, you can use technology tools to provide a file-sharing capability to your hosts and attendees as it is extremely convenient for everyone taking part in the event.
5. Using the community model: As the event industry has gradually become virtual during 2020, the delivery of content has come to the forefront. Although many people considered re-purposing the event content even before the advent of the pandemic, it has become an accepted standard these days. Several companies are making their content available on-demand by using event platforms. Now, events will no longer be limited to the attendees. The concentration shifts to catering to communities. All the communication in an event can be viewed long after the event is finished.
It is pretty much clear that event technology has to be at the forefront of your event strategy. It will allow you to meet the goals you have set for your event. So, you must not think of it as something you do only when you have some leftover money. You need to do away with the category-based and conventional approach and become a holistic event professional of the future. The use of a proper strategy has become possible with the entry of data science into the picture. You can use accurate and measurable data for making well-informed decisions about enhancing the event experience.
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