It could be argued that the use of well executed events, particularly in certain verticals such as technology, has supported significant revenue growth and development of business relationships for numerous companies. However, due to the success that the event management profession has seen, many other companies are now trying to offer the same service, leaving the market saturated. Competition within any industry is a normal occurrence, however within the events market it has multiple knock on effects.
With a higher number of events being executed for the same target audience, the issue arises that the same group of target delegates will be contacted by numerous companies trying to secure registration and attendance. The result of this, as you would expect, is these people become less likely to respond to invitations or register, having received so many requests. Therefore, companies are having to work harder to deliver attendance rates. However, once registration is achieved, this does not guarantee the attendance of that individual. A difficulty for every company within the events industry is drop outs. At larger events, this may not be as much of a detriment, however at more intimate events such as roundtables, an empty seat is noticeable. Thus, with a vast number of options delegates have to choose from, if they decide not to attend, there will be an alternative opportunity for them. Events companies are therefore having to work harder to minimize the risk of this happening. At METCO Global, this is a key strength, with attendance rates at CXO level being at 89% vs registrations which is 42% above industry average.
An unavoidable obstacle today, is the increased barriers on open communications. If the target attendees of the event are of a senior level, as they are with METCO, the level of security to work through creates a significant block on the delivery of desired attendees. With large organisations now having very secure filters on emails, often anything sent will not even make it in to the inbox, removing a channel altogether. When trying to make follow up calls, you are faced with professionals responsible for filtering our unessential calls or contact, which can stop many companies in their tracks. The success of an event can be put down to your choice of partner. This is a decision that should not be taken lightly, as it can either be a great assistance with new business development and client acquisition, enabling your business to increase turnover. Or, it can be a large sum of money and a large percentage of your budget that you cannot get back.