SITE’s first 2023 webinar, held March 24, featured Cvent’s Senior Director of Partnerships Scott Lockey and their Head of European Partnerships Matt Davies. Together, the presenters predicted what might be next for events in the year ahead.
Here’s a recap of Scott and Matt’s fortune-telling endeavours and, with the needs of our members top of mind, how we see their predictions playing out in the world of incentive travel.
And you can watch the full webinar on demand below.
Trend #1: race for quality space
Venue sourcing remains tough, said Mat. As events come back with a bang, he also noted that Cvent data is reflecting that an average of 30-40 percent of budget spend is going toward the cost of venue space.
In terms of recommendations for an incentive travel audience, both Matt and Scott recommended diversifying your search as one way to tackle costs. Staying open to a range of options, streamlining the RFP process as much as possible, and trying to move quickly to reach decisions were all suggestions they gave related to this trend.
The longer you wait, said Scott, the more expensive things become. Educating clients about the realities of today’s market and the need to avoid delaying decisions means more wins all around, the two presenters agreed.
Trend #2: more connected event programs
Another big post-pandemic change, Scott observed, is the different understanding we all have of the formats open to event designers. This often means that planners and partners are no longer segmenting roles or events, but instead are embracing both tech-driven and in-person solutions for each event they plan or host.
Scott’s tip to use in-person events as an anchor point is good advice for incentive planners. It’s important for those constructing programs to understand how an incentive trip fits within a company’s larger overall events program, connects to year-round messaging, the corporate brand, and overall experience and values an organization wants to convey.
The savviest of incentive experts too will think about how to leverage the content created as part of the in-person program and use that to encourage more participation and grow overall program returns.
Trend #3: in-person events embrace digital elements
Not surprisingly, event tech featured prominently as part of the webinar discussion, as both speakers focused on the continued blend of virtual, hybrid, and in-person event elements that will impact experiences over the next 12 months and beyond.
“Don’t fear the hybrid,” said Matt, as he encouraged those listening to find opportunities for digitization and virtual content delivery that can supplement in-person incentive experiences. Scott added that doing so can drive excitement and engagement and make a notable difference.
One key way to do this that the speakers focused on is using digital marketing tools to build hype and excitement during the qualifying period. Using Cvent’s own incentive travel travel program as an example, Matt explained how the company ensured energy was high from the start, beginning with a splashy digital announcement of the reward destination.
Cvent then held a virtual briefing to explain the qualifying process. Their team also sent biweekly digital reminders that teased different facets of the program specifically designed to increase excitement, further connect team members to the company, and make people feel excited about earning the incentive.
Trend #4: intense focus on ROI
A key part of our job as event professionals, said Scott, is to keep stakeholders informed about the impact of events — including incentive travel programs — on the company and easily demonstrate returns.
Scott advised striking the right balance between showing where you’re finding efficiencies throughout the event planning process (whether that’s through sourcing earlier to save, comparing year-over-year data to demonstrate improved overall returns, or by consolidating your tech stack and making your digital tools work smarter, not harder) and focusing on the big picture benefits events can shape for companies — especially internally focused ones like incentives.
Incentives have the baked-in advantage, Scott also pointed out, of being able to show how using the right rewards scheme motivates teams and drives much better overall results for a company’s bottom line.
Again though, Scott said: it’s critical to have the right data ready at your fingertips so you can demonstrate this ROI to the right audiences.
Trend #5: more strategic use of event data
Not surprising given the trends above was a fifth prediction focused entirely on making smart use of information collected onsite or virtually around events.
Centralized data is key, advised Matt, as is making sure you’re able to access it efficiently and that you’re capturing the right metrics in the first place.
Most important he said is finding ways to get the incredible insights data can show out of whatever system it lives in and into the hands of teams who will benefit from it most.
Make sure you know who needs to see this data, and that you’re reporting out in ways that are digestible and easy for other teams (whether it’s marketing, HR, or other functions) to easily integrate into their own work.
Trend #6: internal events step into the spotlight
This trend is great news for incentive audiences and is being driven, Scott said, by hybrid working now the norm for many firms. When teams don’t have the same opportunities to meet one another compared to 2019 and before, prioritizing internal event programs provides new measurable benefits.
This is a chance, Scott continued, for incentive professionals to capitalize on this new hunger to connect with colleagues and peers.
Matt added that it presents a big opportunity to work with clients to understand their employee engagement strategy even better and to identify key themes that should transcend all internal events.
Doing so will help event professionals message more effectively, show how they can contribute to overall affinity employees have for their company and its culture, and the ability to massively impact overall positive business success.
Trend #7: events designed with ESG goals in mind
Last but definitely not least to be covered by Cvent was discussion around sustainability as an increasingly prominent core pillar driving organizational goals.
Sustainability in its widest sense — including responsibilities to people, the planet, and responsible profit-making — is also increasingly important to attendees, Matt and Scott said.
Ensuring incentives trend more sustainably starts with choosing the right venue, Matt suggested. Companies can also explore the structure of their program, with some opting to hold closer-to-home “satellite” programs if teams are especially dispersed, to reduce the need to fly long distances.
Scott also elaborated that it’s critical to think about the social sustainability dimensions of events, with DEI and accessibility needs top of mind these days for many.
Our thanks again to Cvent for supporting SITE’s webinar series.
We also want to know — what did these event tech experts overlook? What other predictions would you make about what the future holds for incentive travel specifically?
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