Yep, 2021 is Going To Be Another Rollercoaster Ride
AND HERE’S WHY
Ladies and gentlemen, budgeting season is upon us!
But this year, things will run differently, thanks to the pandemic and companies’ need to remain agile going into 2021. We can all expect a makeover of sorts, but one thing is clear, this will have a serious and lasting domino effect on the events market - for ALL planners, be they on the client or agency side.
Many may argue this was long overdue, because the pandemic has forced companies to take a hard look to ensure that each and every dollar is going toward something that adds value - and the strategy behind that value has to be proven worthwhile. We will all look back at what we spent our money on in 2020 and assess if it makes sense to replicate in 2021. Companies will also begin adopting the concept of rolling budgets so that they can remain fluid throughout the year, and adjust based on what’s working and not.
Here’s what this means for us all:
AGENCY PLANNERS
FLEXIBILITY WILL BE THE BUZZ WORD IN 2021. Be prepared for 2021 to be as ‘unpredictable’ as 2020 from a forecasting perspective. Many of our client planner counterparts will not know what they have to spend because it simply will not have been established yet. It’s also likely that client planners will continue having to make their case to leadership to invest in digital experiences while the world waits for a viable and accessible vaccine. Help them do this in your proposals. Make it easy for them to sell you in.
ROI WILL RULE. For the events industry this means we will HAVE to prove ROI at every turn (not unlike pre-COVID but this period of time is more of a critical need vs. nice-to-have here). Measuring and tracking successes and failures is possible in ways it wasn’t before, so NOW is the time to take advantage of this. Look at the data, learn and take the time to optimize - it will pay dividends in the end. Talk to your clients at the beginning of the proposal process so they understand how seriously YOU are taking it on behalf of their brand.
EFFICIENCY, EFFICIENCY, EFFICIENCY. Because there will continue to be more situations where we are asked to plan last minute, our teams will have to be even more efficient, as we all know by now that digital experiences require sometimes even more work than live. Get your teams organized and look for ways to share knowledge and learnings across them NOW so that when the time comes, they can move more nimbly. Additionally, consider strengthening and solidifying partnership commitments (both old and new) to enhance your ability to operate more efficiently.
IN-HOUSE PLANNERS
TRY TO PLAN AHEAD HOWEVER YOU CAN. Here’s the thing, if your business depends on meeting, you need adequate time to plan for your digital experience. Don’t make the mistake of underestimating the intricacies, time and resources it takes to make your experience successful and salient. Said another way, if you’re going to spend the money on a digital experience, do it RIGHT, and this means investing in the right way with a proper team and 90+ days at a minimum to prepare.
MAXIMIZE YOUR RETURN. Events lead to business - this has been proven time and again. But, plan strategically. Make sure your agency is advising you on the best ways to capitalize on your investment. Challenge them to SHOW you how the value of how the event translates to sales (or whatever benchmarks are important to you). This will also help you make your case to your executives for an additional budget.
SPONSORSHIPS CAN BE A LIFELINE. As we’ve written before, getting sponsors involved - and committed - will add much needed budget to your bottom line. Take the time to strategize on how you will successfully convey the benefits of a sponsor's participation in your event and don’t give up if you get ‘no’ or ‘maybe’ for an answer the first time. It is worth the pursuit and you will get better with practice!
Next year WILL be another tough year, BUT we learned a lot in 2020 that we can apply to how we approach 2021. Talk with your teams and map out a game plan now so that you are prepared for multiple scenarios. If this pandemic has taught us anything, it’s been that we are all stronger and more resilient - individually and collectively - than perhaps we thought we were. I have every reason to believe we will all emerge on the other side better professionals, better colleagues and with a better work product for our clients and customers.
Onwards with the planning!
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