5 Ways Covid Will Impact the Event Industry - and 5 Tips to Plan For Them

According to CNBC, the covid-19 pandemic will significantly affect travel and both local and global event industries for at least the next 18-24 months - or until a

vaccine is widely available.

Current statistics are startling. As of April 2020, 87% of event professionals had to cancel planned events and 66% postponed them. The week of June 29, 2020, saw the number of flights worldwide decrease by 56% compared to the same time last year. And, hotels are seeing upwards of $400 million per day in lost room revenue. Many have had to close altogether.

Admittedly, those are discouraging figures.

But, as best-selling author and quantitative futurist Amy Webb wrote for Fortune online, “At a time when we’re all dealing with soul-crushing uncertainty, it might seem unwise to pilot radically new ideas. But paradoxically, this is the perfect time to innovate. If an organization can recognize risk early enough, it can turn it into a present and future opportunity.”

There are many steps travel and event companies can take to mitigate and overcome the inevitable changes brought about by the coronavirus pandemic. Prepare to pivot away from business as usual by asking new questions, initiating new practices and planning in new ways.

Here are five things to consider.

First...

...establish go/no-go dates for an event determined by things like insurance, contractual agreements, and cancellation costs covering details from accommodations to florists. Also consider the dates distributors must ship materials or attendees must decide whether or not to brave flights without incurring cancellation fees.

Second...

...decide whether you’ll still hold an in-person event or take it to the web. Zoom meetings have become common during quarantine, but here are ideas for holding larger events online:

1. Choose or build a streaming platform that works best for your needs.

2. Offer great content that’s forward-thinking and engaging, like 3D virtual expos and booths with real-time answers from experts.

3. Provide space for smaller group meetings and opportunities for attendees to network.

4. Give away swag either in the form of purchasing power during your livestream or gifts that show up to attendees’ homes in time for your virtual event.

Third...

...if you decide to go ahead with your in-person event, have a CDC-approved risk management plan. This should include the basics of providing masks, hand sanitizer and disinfectant wipes, as well as socially distanced seating charts in smaller conference rooms and temperature checks. Know where the closest testing site and hospital is located. In order to reduce person to person contact, instate a no-handshake rule.

Fourth...

...be aware of the local covid situation, mandates and protocols. For example, if restaurants or bars in the hotel have closed or local eateries are running at half-capacity, you may need to consider catering for your event. Also, you may have more difficulty than usual hiring event staff like waiters, audio visual crews or entertainers, so make arrangements as early as possible.

And finally...

...accept that covid-19 waivers are likely here to stay for the foreseeable future, both for the liability of those you make contracts with and those who attend your event. Although the legality or illegality of these documents, as well as the details they contain, will inevitably end up being dissected in courts, for now a waiver is one option to protect your company from lawsuits.

Covid-19 will continue to gravely affect the event industry for the rest of 2020 and likely well beyond. Even as restrictions relax and economies around the world begin to reopen, portions of our new normal are here to stay for the next several years.

But, by preparing to pivot away from business as usual by asking new questions, initiating new practices and planning in new ways, members of the events industry can find ways to be successful now and in the future.

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