What's the future of the events industry? Your answer to this meta question matters, because it will determine the degree of success you experience from here.
Why? Because change is a constant, and my research has revealed what companies are really paying for when they commit resources to events as a growth lever.
It's a big idea for event professionals who are thinking about what comes next.
But before we get to my research insights, the context matters. The starting point here is one of my favourite leadership questions: 'What business are you really in?' If you lose perspective and forget the answer to this strategic question, daily activities can stray off course. And trust me, I'm an entrepreneur and a constant learner – I'm faced with shiny new ideas every day, and staying focussed takes real work.
Here's an example from the vehicle manufacturing world. One car maker could be known for safety (like Volvo), but then decides it wants to become known for racing and speed (like Ferrari). Now, Volvo is no stranger to motor racing, but it's not a core focus. It's in the safety business, not the speed and entertainment business.
Jump over to the events world and the same rules apply. Event professionals need to understand their role within the context of the real reason a company exists.
For example, I've been to plenty of large-scale conferences hosted by technology vendors over the years. We're talking 10,000+ people filling conference halls in Las Vegas, the home of entertainment.
So the question becomes: are these companies now in the entertainment business? After all, a mega event that's not interesting is dire.
However, the answer is most often no. A mega event attracting thousands of customers sends a very clear signal: the organiser is in the loyalty and retention business, particularly if it sells software subscriptions.
So what?
Here's where it gets real. It doesn't matter what you actually sell. If you're running an event of any size or shape, you're now in the numbers game. Yes, financial numbers, but what I'm really talking about is the metrics that shape success.
Here are two snapshots from my travels that reveal why numbers are the real story, with a twist.
The roundtable
I was invited to facilitate an executive roundtable in Sydney. I love these events – honest, off-the-record conversations. The sponsor was a large technology company. Just eight senior executives had been invited, followed by drinks and canapés. Perfect.
Chatting before we kicked off, one of the execs confided in me: 'We only need to land a deal with one of the companies here and the event's more than paid for itself.'
Of course, sales success wasn't a given. The roundtable itself had to be a success first. My reputation was on the line!
But that was the metric, and it made ROI a very simple calculation.
The conference
Next, let's go to a company-owned conference. Hundreds of executives were invited to attend their company's annual gathering for inspiration, education and relationship-building.
I was the opening speaker on this bright, sunny morning, so I walked into the hotel ballroom at 7:30am for the sound check. Standing next to the AV desk, I met a person who said with a smile, 'Hello Mark, I'm Chris* and this is MY party!' I responded: 'Well, thanks for having me at your party. I'm so excited to be here!'
This was indeed a party. They had an awards evening, dedicated networking sessions and other strategy and education-focussed sessions.
My job in this context was to open the event with fresh insights and energy. Give shape, meaning and context to their world. Create buzz and align my ideas to the event theme.
But stepping back, what was the ROI on this event, and what does that tell us about what business they are really in?
Well, without naming them, it was very easy to see that they were in the people business. They rely on engaged, happy and productive people to look after clients. So the metrics for an event like this revolve around the actual experience – what percentage of attendees gave it five stars?
The golden thread
In both examples, the event organisers knew their numbers. How many people were expected in the room. How much potential sales revenue was sitting in that room. What was at stake.
The bottom line is this: if you're organising events, you're actually in the numbers business.
It's an idea that starts right at the top with planning and your budget. Your ideal audience size. The number of people you need to invite to land that ideal audience.
The twist in this story is that event professionals need to get much better at analysing their numbers over time. It's very easy to get caught up in event messaging and marketing narratives as the reason your event exists, or the fact that you 'always run this event'.
Those ideas matter, but they're meaningless if you forget the real business: interpreting numbers to make better decisions.
Five Events Worlds
I'm fascinated by the impact of industry narratives on leaders in the events sector.
Often, these narratives determine the size and shape of our events. We ponder the relative merits of large-scale gatherings, niche experiences and other ad-hoc events where teams and customers gather.
In response, I've created Five Events Worlds, a weekly scan of events-related news articles that we analyse using our Narrative Intelligence Engine.
The concept is simple – track the evolution of five core industry narratives over time to give leaders context and clarity to improve decision-making.
Right now there's an interesting trend: small rooms. Event organisers are finding them more effective than mega gatherings.
At the same time, virtual events are making a comeback – with a twist. We're seeing more AI agents turning up on behalf of real humans.
So it all comes down to how you interpret the numbers in a complex world. That's the real business, and it's what keeps us coming back.
Onwards!
Read more about my research over at The Story Code Co.
* Name changed for privacy.