Today, lets focus on BizBash Magazine’s coverage of the changes in the events industry from 2007 to today. If you haven’t already, check out Part 1 of A Ten-Year Look Back … it looks at the changes for the first 5 years of the last decade (years 2001- 2006).
"The new breed of planners are brand representatives, masters of technology, relationship builders, idea generators, and subject matter experts. They are intricately involved from an event’s inception, scouting and managing sponsorships, and discussing objectives." — From Planner to Strategist
Planners talk about going green and recycle at events, but haven’t yet reduced the total negative effects meetings and events have on the environment.
Hotels are interpreting force majeure clauses (the ability for a group to cancel without penalty if a disaster strikes) differently than they did on September 11th. When groups try to invoke this clause, they get push back from the hotel.
The Dow Jones Industrial Average plummets in the wake of the sub-prime mortgage crisis, which saw the collapse of several financial organizations. Congress passes emergency legislation in October to allow (Troubled Asset Relief Program) TARP monies to be given to financial institutions.
AIG, a recipient of $150 billion of TARP money, plans a lavish conference that receives negative media attention. The "AIG effect", which is the tendency of corporations to cut down on lavish expenditures and luxuries in areas like travel and meetings to avoid appearing wasteful in times of economic downturn is born. Many executive retreats and sponsorships are canceled.
MPI publishes a Corporate Social Responsibility Survey results, part of the Green initiative.
"Good light equipment rentals can add immediate ambiance to a room and create the atmosphere you’re looking for without spending a fortune." — Jenny Stahl, Senior Manager, Corporate Events at AOL, Inc.
Keep America Meeting! is launched to help event meeting services organizations justify the need to keep face-to-face meetings in place in the wake of a weak economy and the AIG scandal.
Planners and suppliers responded to the following BizBash Question: "How would you describe the current economic state of the event industry?"
- 41% said We’re just starting to recover
- 32% replied We’re through the worst of it and we have settled into a new normal
- 20% answered We’re still in the thick of the downturn
Social Media takes full stage for events. Tweet Ups start happening at meetings and events to allow Twitter followers to meet face-to-face.
Hybrid conferences become more pronounced, with companies such as SAP AG streaming content to 22 satellite locations.
Attendees are demanding shorter more concise presentations, the ability to interact with each other and the presenter, and the ability to constantly connect to the Internet.
AV Event Solutions, a California meeting equipment supplier, has state-of-the-art technology tools including iPads and Wi-Fi network arrays. Give them a call today at 888-249-4903!