Event Management Trends In 2024: A Word from MYS CEO, Don Kline
by Don Kline on Jan 5, 2024 12:49:38 PM
As we step into 2024, the event industry is gearing up for new shifts, specifically around how event managers plan and construct their trade shows and conferences. AI and tech advancements, value recognition, and a continued focus on attendee acquisition are molding the industry as we know it. Here are some anticipated trends that will dominate the event industry in 2024 and new exciting things coming to Map Your Show.
Table of Contents:
- Increasing Perceived Value with Strategic Event Planning.
- AI in Events and Data Privacy.
- Increasing Attendee Acquisition with Measurable Show Data.
- What to Expect In 2024 from Map Your Show.
1. Increasing Perceived Value with Strategic Event Planning.
It is no secret that inflationary pressures reduce the ROI of an event for exhibitors and sponsors alike. This directly impacts your value proposition, putting your sales team in a weaker position as they fight for new exhibitors, or to keep the current exhibitors returning to your event for years to come.
To overcome this challenge, it's important to ensure that your event receives credit for all that it generates. Typically, events are judged solely by the leads they generate onsite, but there is much more to an event's value proposition. Exhibitors and sponsors collect data from leads and use this information to make decisions about where and how to allocate their marketing dollars. To truly succeed, your event must report any and all of the data generated about an exhibitor back to them while making the data easy to read and evaluate. This will help them make more informed decisions about how to properly market to your event audience. By reporting all data generated by an event to exhibitors and sponsors, you can show that your event has a much longer and larger value proposition than what onsite leads alone would show. This will not only help your sales team to attract new exhibitors but to retain current ones moving forward.
Map Your Show’s event management technology can help you tell the story of your event's value proposition by generating important data that makes your event far more valuable to your exhibitors and sponsors. With the help of MYS, you can get credit for all the data your event generates and use it to increase the ROI for exhibitors and sponsors. Let us help you get credit for it!
2. AI in Events and Data Privacy.
AI, or Artificial Intelligence, has been around for quite some time now, and it's been in use in many different industries such as healthcare, finance, and technology. However, the recent emergence of Large Language Models (LLM) and Generative AI has brought new possibilities and opened a whole new world of opportunities. LLMs have the potential to revolutionize technology, not just because they are incredible when used correctly, but also because many companies offer models that are relatively cheap or “free” to use in real-world scenarios.
However, to be able to understand just what AI can offer, it is essential to be familiar with the terminology. Knowing the difference between a “private and public model”, the meaning of "training" a model, and what it means when a model is "hallucinating" can go a long way in helping you understand upcoming conversations around AI.
When considering AI solutions, it is important to ensure that your data and privacy are protected. It is also important to have an AI usage policy in place to protect your business from any potential threats that you might not have contemplated. By doing this, you can ensure that your business is safe and secure and that you are well-prepared to face any challenges that may arise. At MYS, we are exploring new and unique ways to apply AI and are committed to having transparent conversations about our usage of this technology. We believe that this is the best way to build trust with our clients and partners and to ensure that they understand how we are utilizing AI to improve their business operations.
3. Increasing Attendee Acquisition with Measurable Show Data.
As an event organizer, it is essential to understand that attendee acquisition is the backbone of any successful event. The process of bringing the right people together is not only about selling tickets but also about creating a valuable experience for attendees. Whether it's for connecting buyers and sellers, circulating educational content for your industry, or facilitating other interactions, the process of acquiring the right attendees is often the most challenging part of an event organizer's role.
To make attendee acquisition easier, analyzing show data is crucial. By analyzing your data, you can gain valuable insights into who your target audience is and where to focus your marketing efforts. This data will tell you where and who to market to, helping you stretch your marketing dollars and increase your chances of success. Analyzing data can also give you a look into what exactly your audience is searching for. This has enabled show organizers to modify the information available and tailor what is displayed on show web pages to suit their audience's user journey.
Fortunately, MYS offers a range of reporting tools in your show admin dashboard that can help you develop target audience personas for potential attendees. These tools can help you identify the right groups to target and make informed decisions about where to allocate your resources. This way, you can create targeted marketing campaigns and reach the right people with the right message.
4. What to Expect In 2024 from Map Your Show.
In early 2024, our team is planning an exciting launch of an all-new mobile application that will have an enhanced user interface design and foundational improvements to take the user experience to the next level. The new app is expected to be released early in the year and will provide a seamless experience to the users. As the existing MYS app customers may already know, the app is always in sync with the latest event data and is designed to be easily updated by the show organizer without the need for resubmission. This helps to ensure that the users always have access to the most up-to-date and accurate information about the event.
Additionally, in 2024, the mapping team of MYS will also be releasing new versions of the attendee and exhibitor maps. These updated maps will provide a better understanding of the event's layout and help the attendees navigate through the event with ease.
Moreover, MYS will be introducing some new and exciting AI products in 2024. These AI products are expected to further enhance the user experience and provide new ways to leverage data to make informed decisions. We are committed to continuously innovating and improving the user experience by adding new features throughout the year. Users can keep an eye out for "product updates" on the show admin dashboard to stay up-to-date with the latest changes and features.
Let's focus on making 2024 the year where events gain recognition for the value they bring to exhibitors and sponsors. With rising costs, events are facing pressure from executives to showcase their worth. Fortunately, events excel at generating leads and valuable data, making them a top sales and marketing tool for many customers. As AI continues to advance, we have an opportunity to incorporate it into our events and make the most of its capabilities. But let's not forget the core of what we do - bringing people together. To ensure the success of our events, we must prioritize the attendees and their experience.
For any questions or comments, please contact our team at www.mapyourshow.com or at the form below. We at Map Your Show wish you a fantastic journey into 2024!