Facing the facts...
Introduction On Boxing Day 1886, Olympia London opened its doors for the very first time. A home for inspirational events, visitors from far and wide would come for their opportunity to be entertained, delighted and learn something new. These moments to connect with idols or like-minded peers were few and far between; thefore of great anticipation and prestige. Today, the purpose of the event industry remains, but our audience s attention could not be more divided. Where the industry s competition has moved on from just rival shows to being anything from social media to the cinema, how do we secure our foothold as the marketing tool of choice to provide holistic brand experiences and keep the allure of events alive? Our audience s attention could not be more divided... Working with leading market research agency, Kantar TNS, we ve sought the opinions of visitors to both consumer and trade events, in our mission to answer just this.
The tipping point Today s consumers have seemingly endless access to information, especially with the exponential growth of online sources. Kantar TNS population research found that in 2016 a pivotal tipping point was reached when, for the very first time, UK consumers spent more time using digital media than its traditional counterparts. 41% Traditional 59% Digital Source: Kantar TNS Connected Life 2016 The diversity in types of digital and social platforms used is also growing... There are 23 million LinkedIn users in the UK. 95are shared on million photographs Instagram each and every day. 5Connected consumers are using 5 social media platforms every week. 23 Olympia In 2017 online video will account for 74% of all online traffic. 74 London (2017)
What does competition actually look like? This fondness for digital sources and platforms was also reflected in Olympia London s research. We asked visitors where else, if they hadn t attended an event, they would seek opportunities for inspiration, networking or new products; with answers clearly indicating a high consideration of digital sources as alternatives (see below). As companies increasingly look at new ways to communicate and share information with their customers as well as build their brands, the growing use of digital and social platforms should not be seen as a threat, but rather a new opportunity for the event industry. If you didn t attend this show, where else would you seek inspiration, networking, entertainment and new products? * Trade event attendees % Leisure event attendees % Industry contacts Social media Trade press Podcast 8 40 52 54...the growing use of digital and social platforms should not be seen as a threat, but rather a new opportunity for the event industry. 46 Magazines and newspapers 42 Online retailers 36 High Street shops 20 YouTube 15 Attraction (e.g. museum) 9 Smartphone app 4 Podcast *multiple answers allowed
So what does this mean for the future of events? Organisers should see digital as friend, not foe; a supportive tool for extending the reach of key messages and strengthening relationships with their audience. After all, the AEV (Association of Event Venues) report that 87% of business directors still believe that face-to-face is the most effective form of communication. Human interaction is a core driver of any customer s experience. This emotional exchange can be enabled and enhanced through technology, but never replaced. 87% the most effective... of business directors still believe that face-to-face is For exhibitions to remain the favoured choice for visitors, the industry should focus on not just good performance, but fostering active preference for their event over alternative information sources. It doesn t matter how well rival sources of information or entertainment perform, so long as exhibitions continue to be the preferred choice for visitors. How do organisers maintain preference? Prioritising the moments that truly matter is key to ensuring conscious and active visitor preference. When we asked organisers, visitors and exhibitors what matters most, the results varied group by group. That being said, there were still some clear and consistent themes. Location ranked as a top three priority in each group and Atmosphere did the same across the top five. By identifying and placing focus on the areas that truly matter to your audience, you will be taking the first step in securing the much desired visitor preference.
So how can this research formulate your future strategies... 1. Refocus and target your marketing spend Content marketing spend in the UK is expected to rise from 125m in 2014 to 349m by 2020. As sources of information and inspiration used by visitors diversify, we all need to adjust marketing spend and resources to include social and digital outlets. This will help to ensure audiences are communicated with effectively and, ultimately, standing out as the preferred source of entertainment, inspiration and education. 2. Know your audience As competition changes, knowing who your visitors are has also become increasingly important. For example Kantar TNS research shows that events at Olympia London continue to appeal to a predominantly young, affluent audience with almost half of visitors in the following population groups: City Sophisticates Executive Wealth Career Climbers Affluent young, prefamily, graduates with senior managerial and professional jobs. Enjoy the lifestyle that comes with living in a city with opportunities to socialise & spend. Wealthy families in large properties in edge of town suburbs or semirural locations, high incomes, financially secure, early adopters of technology. Younger singles, couples and families with young children, higher education and white-collar professions,confident users of new technology and frequent users of the internet. 20% of Olympia London visitors v 3% of population 16% of Olympia London visitors v 12% of population 10% of Olympia London visitors v 6% of population 3. Utilising partnerships Organisers are not the only ones who have a vested relationship in the success of an event. Venues, suppliers and exhibitors do too. Each stakeholder brings with them a pool of expertise, research and a network of peers; establishing and utilising these trusted partnerships with a shared goal and vision is the best bet for ensuring happy visitors who will want to return. In today s world, the event industry s competition extends beyond just other shows. In order to remain a visitor s preferred source of entertainment, inspiration or education we must work together to identify the moments that truly matter to them most. Only then will we secure our place as the leading choice for brands wanting to create rounded, connected experiences for their audiences. We would be thrilled to discuss this research with you further, as we work together as an industry to keep visitors at the heart of what we do. Please contact marketing@olympia.london for more information.