Stuttgart, September 10, 2020. The events industry is in the midst of a major transformation: In 2020, not only were a large number of events canceled, but a variety of new event formats were also created and old structures were reimagined. But what does the future hold for B2B and B2C events: “Back to normal” or rather a “new normal”? In this interview, Sebastian Wiese, managing partner and event expert at follow red, explains which event trends B2B and B2C companies should consider for 2021 and what advantages these new formats offer.
Looking back on 30 years of event experience: What do traditional B2B formats look like, and why are they so popular?
Sebastian Wiese: “B2B event formats are generally ‘sales-driven’ and connect customers and retailers with the sales team. Fifty percent of the focus is on conveying information, but the other fifty percent is on incentivizing customers through, for example, keynote speeches and entertainment, or even a special atmosphere and catering. Side events at trade shows are also important occasions for B2B events. They serve as major industry gatherings.”
COVID-19 has now led us to reevaluate these traditional formats, to question trade shows in general, and to devise and test new formats. In the long term, this could lead to projects and their associated budgets being invested in newer, more innovative, and more digital formats. We’re already seeing this reflected in the high demand for purely digital or hybrid event solutions.”
What might be some modern B2B formats for 2021?
Sebastian Wiese: “Roadshows, for example, are a way to engage customers or target audiences in a different and more nuanced way. Roadshows have the potential to reach a broader range of customers than a trade show. At trade shows, only selected delegations are sent. Roadshows, on the other hand, offer the opportunity to engage customers in a more comprehensive, nuanced, and targeted manner. This also includes easier and more direct engagement with, for example, C-level executives, R&D departments, or even procurement. Why? Because the event takes place right outside the factory gates, and each visitor only needs to spend a fraction of the time they would at a trade show. When properly designed and well-planned, a B2B roadshow can thus become a highly efficient way to establish important contacts with minimal organizational effort and a high degree of planning certainty.”
What other trends and changes can we expect in the B2B events sector in 2021?
Sebastian Wiese: “Of course, COVID-19 has also brought digital options more into focus and made them more prominent. These convey everything that would be presented at a B2B event via a digital platform. However, it’s important to note that face-to-face encounters, conversations, direct interaction, facial expressions, gestures, and physical contact—all of these are diminished or eliminated. The impact is therefore reduced. In the long term, the wide range of possibilities will give rise to hybrid event formats that combine the advantages of the digital world with the live experience. The trade show business will decline over the long term, while digital alternatives will increase. COVID-19 has certainly accelerated this development.”
What added value do these new event formats offer businesses?
Sebastian Wiese: “On the one hand, the new B2B formats help reduce costs such as travel and lodging expenses, as well as organizational and personnel expenses. Cleverly designed content management using video and audio formats and infographics, along with effectively utilized opportunities for interaction between the company and its target audience, open up additional possibilities for more targeted information delivery.”
In the B2C sector as well, the events industry had to adapt to new circumstances in 2020. What challenges and opportunities does 2021 hold for B2C events?
Sebastian Wiese: “The first challenge in the near future will be to implement hygiene regulations even at larger live events, so that events and cultural life can resume. That, of course, is the hope of the entire events industry, the artists, and the fans as well. It’s inexplicable why soccer games with spectators are allowed to resume, but live events are to remain banned.”
That said, roadshows will continue to play an important role in the B2C sector as well. Using the promotional elements of a roadshow—while adhering to social distancing guidelines, of course—can create opportunities for customers to try products and allow brands to engage in meaningful interaction with their target audience. In addition, the flexibility and adaptability of roadshows are a major advantage, especially in these times: for example, the budget or the number of participants can be scaled flexibly, allowing the event to be adapted to the specific situation—and implemented in accordance with COVID-19 regulations, for instance. This predictability, flexibility, and scalability, combined with the ability to engage specifically with the target audience, represent the most important advantages of a B2C roadshow.”
For many, pop-up stores are also among the event trends of 2021. How can companies benefit from these temporary retail spaces, and what is important for a successful implementation?
Sebastian Wiese: “COVID-19 has dealt a massive blow to the retail sector. Retail space will become available in downtown areas and shopping malls. Companies can use this as an opportunity to set up a pop-up store there. To do so, companies first need flexible and scalable tools, as well as a suitable product lineup and qualified staff. Furthermore, effective and targeted communication is essential to inform the target audience about the pop-up store and convey its added value. This allows retailers to boost product sales while simultaneously promoting their brand by combining shopping with an experiential element.”
Are you currently planning an event and would like to learn more about modern B2B and B2C event formats? If so, Sebastian Wiese would be happy to hear from you—please send an email to sebastian.wiese@followred.com or call +49 (0)711 90140-23.
