In the last 18 months we’ve seen some massive changes in the landscape of the events industry, like the Informa and UBM merger. With this trend for consolidation, you can be forgiven for wondering how on earth you, as an event tech suppliers, can survive this ever changing world.
At Exhibition News Race Day in early September, investment and buy outs was the hot topic of a panel chaired by Denzil Rankine, Chairman of AMR International. The speakers, including Russell Wilcox, Amanda Barnes and Phil Soar discussed the impact that private equity investment is having on our industry in 2018, what the future might look like.
As suppliers in this changing market, it is crucial that event tech companies work hard to make themselves indispensable should the company tides change and new owners arrive.
Here are our basic four top tips to help you stay indispensable in this challenging industry:
1. Be Transparent
Among the myriad of metrics that event organisers use to evaluate their suppliers, the impact on revenue and number of attendees are critical.
Focus on gathering this data as accurately as possible and then communicating it widely in a clear and engaging way. Event organisers may like your innovative product but they like proven results even more.
2. Price Competitively
We all know that exhibitions are not known for their extensive marketing spend. By doing your market research and understanding your target audience’s needs you can price and market yourself in the right way, ticking all your customers’ boxes.
3. Partner Up
Believe it or not, event organisers make great partners. They are on the frontline, know what their audience need and are always looking for innovative new tools to make their lives easier and their events more effective.
Why not reach out to your customers for feedback? They are experts in their fields and will be able to give you invaluable insights to improve your business, which in turn will improve their business. It’s a win-win situation!
4. Make Friends
When people have a passion for events, it can often last a lifetime. In addition to wowing your existing customers, who you hope to retain as customers in the future, make time for networking and building new relationships with potential customers. Just because they aren’t your customer today, it doesn’t mean they can’t be in six months time!
Here at 52Eight3, we’re obsessed about event tech and want to hear your thoughts, how are you future proofing your business?