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With Brexit looming over the future of the UK economy, it is especially important to stay clued-in to industry insights and predictions. Despite the economic uncertainty, it is interesting that event organisers remain hopeful of future developments in the industry, with the Eventbrite Pulse Industry Report revealing that “67% of all event professionals expect growth on 2017.” A further “57% expect to be holding more events” this year, a reflection perhaps on shifting marketing trends towards more experience-focused brand engagement.
It's thus safe to say that the events industry is maintaining its cheery optimism and focusing on the bright side. But what are the predictions for the event equipment hire industry itself, and how can you adapt your business to the future?
Read on to find out.
You might be getting tired of us saying this, but we promise we're not repeating ourselves because we don't think you hear us - we're repeating ourselves because this really matters! These are the elements you should be considering in your strategy:
Increase in the use of social media: 91% of organisers will ‘definitely’ be using it in 2019. Think about what this means for your reach if a client mentions you in their social media channels: you've guessed it, more referrals and more business.
Bigger budgets for event tech 31% now actively considering hiring AR/VR technologies for their events, up from 23% last year. If this is a space you can penetrate - now is the time to do it.
Investment in event marketing and automation software event planners are keen to streamline their processes to save valuable time, and thus will be more likely to do business with vendors who apply the same principles to their strategy.
In a bid to save time, hassle, and precious cash, event planners are predicted to increase their demand for bespoke, personalized services, and event equipment suppliers obviously need to be prepared to meet this demand. What do we mean when we talk about providing a bespoke, personalised service? In essence, it is:
24/7 customer support event planners don't abide by a traditional, 9-5 timeframe. The hours are long and they are erratic, and event dilemmas can occur at any time of the day. That's why it's vital that event equipment hire businesses ensure that they can provide out-of-hours support for their clients.
Remembering requests this links back to point 1 re:embracing digital. In this highly competitive business climate, you need to be prepared to show your clients that you pay attention and remember their preferences. Whether you have a children's venue who always turn to you for balloons or an in-house PA that repeatedly hires tables and chairs, make sure you keep track of their orders.
Going above and beyond event equipment hire companies are a dime a doze. What sets your business apart from the rest? The importance of going above and beyond your client's requests cannot be overstated. If you manage to keep fulfill a tricky request, and exceed their expectations, prepare to be pleasantly surprised not only by repeat business but also by new clients, better relationships and trust.
With increased competition, burgeoning event budgets and technology reaching unprecedented heights of innovation comes an endless stream of market trends. It can feel tempting to dismiss said trends as fads, but now more than ever it is vital that you pay close attention and respond in a timely and appropriate manner.
For example, event planners (and their clients) are seen to be favoring retro-inspired and minimalist furniture for setting the tone at everything from conferences to birthday parties over extravagant furniture that is now seen as 'stuffy'. It's not just about the design, though: photo booths are rapidly evolving in their technologies, as is A/V equipment and LED screens. If you want to be known as the go-to in your field, you need to stay on top of the trends and listen to your clients' insights and wishes.
While we can't promise to overhaul and adapt your business to the digital era entirely, we can do a lot of the heavy lifting for you. If you're keen to embrace digital and intelligently respond to market trends, we have something just for you: Rentuu Solutions. Give us a call to find out more.