Research showed that between 2019 and 2020, the virtual event market grew nearly tenfold from $78 billion to $778 billion. Will the virtual model continue to reign supreme for future corporate meeting and events?
June 3, 2021
How Will the Corporate Meeting and Event Planning Industry Make Its Grand Comeback?
Here's what we know now.
Virtual Events Will Remain the Norm – for Now
Virtual meetings and events will still be considered the norm, especially in the corporate world, until Q3 and Q4 of 2021 when larger events return in-person, like the Global Business Travel Association Convention 2021 – the largest business travel event of the year.
That said, the World Health Organization (WHO) is still recommending restrictions to in-person events and travel, making it difficult to plan large corporate events.
As these restrictions evolve, corporate meeting and event planners need to build a solid long-term events strategy that includes moments for teams to meet and collaborate in person. That may mean smaller collaborative team meetings or a hybrid meeting scenario.
With so many factors to consider, it’s important to do a thorough risk assessment that takes into consideration:
- Size of gathering
- Location/capacity requirements
- Demographics of those attending
- Types of interactions required
- Customer expectations and security
If your risk assessment proves that a gathering is safe – then you can start moving forward with the planning process. The good news? A vast majority of meeting planners believe that they will be holding their next in-person event sometime this year (81%), while approximately 59% have stated that their next live event is already on the books for the second half of 2021.
Industries already planning their first in-person events include:
- Entertainment (concerts, festivals, etc.)
With events starting to come back, savvy corporate brands should be planning their first in-personal meetings/events to connect with customers, considering that approximately 84% of executives believe that face-to-face meetings are more effective since they help build stronger, more meaningful relationships. After more than a year of virtual interactions, it’s critical now more than ever to find meaningful ways to connect with customers, strengthen relationships and assess how to drive mutual value outcomes in the future.
Hybrid Events Will Become the Standard
With the WHO still recommending travel and event restrictions, these restrictions are just that – suggestions. Many areas are starting to make adjustments as they see changes in their local community. Restrictions are lifting on both travel and event planning, increasing popularity and frequency of hybrid events.
Hybrid corporate meetings and events permit both in-person and virtual attendance – allowing for greater attendance overall while still allowing for proper travel accommodations and social distancing recommendations to be met. We already see the hospitality industry, corporate offices, and technology providers offer more hybrid options as part of their meeting proposition.
Of course, your meeting/event's specific parameters will depend on the area in which it will be held. So, make sure you are taking the time to research any state, local, and territorial safety laws, rules, and regulations to ensure you comply.
Take Your Corporate Meeting and Events Up a Notch with MODIV
With virtual events continuing to reign supreme in the short term and more hybrid events being planned as business as usual begins to find its way back to the corporate world, it's time to start rebuilding your event planning strategy. The team at MODIV can help.
Looking to revamp your meetings and event strategy in the new normal? Contact the MODIV team today.