The events industry is constantly adapting and changing to keep up with the latest trends. Technology has revolutionized the events industry in recent years, making it easier to stream events live on social media, manage stage equipment, collect consumer data, and sell tickets. Read on to discover the five ways technology is working to change the events industry for the better.
More Opportunities for Live Streaming on Social Networks
In the past, one of the most significant issues with live streaming was that the technology wasn’t always reliable. Dropouts and poor video quality were common, which made live streaming more of a hassle than it was worth. However, that is no longer the case, thanks in part to the inception of 5G internet technology. With speeds that can reach 10 times faster than 4G, you can provide high quality live streams with fewer of the technical issues of the past.
Current Technology Allows for More Viewers
Another historical issue with live streaming was that only a limited number of people could view the stream simultaneously — meaning that if you had a large event, only a small portion of your audience could actually tune in and watch it live. Thankfully, this is not as big of an issue for event coordinators, as the number of people who can view a live stream has increased dramatically. Now, venues can reach far more people than before, thanks to the adoption of solutions like HN High-Speed Internet Access (HSIA) technology to provide a seamless streaming experience to a large audience.
Technology Allows for Social Media Integration
Combining HN’s internet speed and social media capabilities, it is possible to integrate live streaming into your social media platforms. Streaming viewers can watch events in real-time and actively participate in the discussion on social media, allowing you to create a more immersive experience for your audience and connect with them on a personal level.
Technology Allows Improved Execution and Production of Special Events
A steady stream of recent technological advancements have allowed for drastic changes in the event production collaboration process. Thanks to leaps in communications technologies over the years — including instant messaging, video conferencing, and live drone interactive video — it’s easier than ever for event planners to stay in touch with one another and to cross-coordinate their efforts. What’s more, there are now many software applications specifically designed to help event planners collaborate on everything from budgeting to logistics.
More Sophisticated and Customizable Event Production
Although pyro-technology and laser shows are almost always fun and often impressive, designing and transporting the necessary equipment can be both cumbersome and costly. The advances in event production technologies make it possible to create more sophisticated and customizable events than ever. For example, teams can utilize tools like projection mapping and drones to create stunning visual displays that were previously only possible with physical props and materials. Moreover, new audio technologies make it possible to produce loud, crystal-clear sound without the need for bulky speakers or amplifiers.
Technology Increases Revenue Through Virtual Event Attendance
Many event venue owners and organizers used to be skeptical of investing in technology for their events, and often argued that the return on investment (ROI) was not worth the expense. However, this could not be further from the truth in recent years. Integrating technology into your event can increase revenue and attendance while providing a more memorable and inspiring experience for your guests — below are just a few ways how.
Improved Audience Insights
Technology can help you gain valuable insights into your audience to better tailor your events to their needs and wants. For example, you can use Google Analytics to track which marketing channels drive the most traffic to your event page. You can also use surveys and polls during the event (either online or in-person) to get feedback from attendees on what they liked and didn’t like about the event. All of this information may be incredibly helpful in planning future events that are more likely to appeal to your target audience and generate more revenue.
Increase Merchandise Sales
Technology can aid in increasing monetization opportunities for events by facilitating the sale of merchandise. If you’re hosting a virtual event, consider setting up an online shop where attendees can purchase items like t-shirts, hats, mugs, and even digital products like ebooks or audio recordings of the event. Offering souvenirs is a great way to generate additional revenue while also giving attendees something special to remember.
More Opportunities for Event Revenue Through Digital Signage
In the past, event venues relied on print materials like flyers and posters to promote upcoming events. However, this is no longer the most effective way to reach potential attendees. With digital signage, you can change your event information in real-time — giving potential last minute attendees up-to-date, transparent information and encouraging ticket purchases up to the start of an event. Digital signage is often more eye-catching and engaging than traditional print materials, so your attendees are more likely to remember your event.
Digital signage also has the potential to offer increased interactivity through the use of QR codes, which can easily direct customers to merchandising pages. With their ability to allow customers to learn about products, view and receive exclusive discounts and promotions, and make one-click purchases, QR codes are a simple way to increase profits.
Technology Increases Personalization and Revenue Opportunities Through Data Collection
For every business, data is an essential tool to better understand key elements like revenue sources and customers’ needs — and the events industry is no different. Data can be collected in several ways, including through social media, surveys, live streaming, and check-in apps. This data can then be used to improve the event experience, generate leads, and even close sales. By understanding who your attendees are and what they want, you can curate an event that is better targeted to their needs — and that is more likely to meet your revenue-based goals.
Increased Opportunities for Audience Engagement
When you know more about your attendees, you can engage with them on a more personal level by creating events that speak to their specific interests. For example, if you’re planning an event for millennials or Gen Zers, you might consider using smart technology integration to layer in features like social media participation opportunities, so that attendees can share their experiences with their followers in real-time.
Technology Increases Convenience for Attendees Through Mobile Ticketing
Mobile ticketing is one of the most convenient ways technology has transformed the events industry. Mobile ticketing allows attendees to purchase and access tickets on their smartphones, eliminating the need for paper tickets or will-call lines. Not only is this more convenient for attendees, but it also allows event planners to track ticket sales in real-time and adjust strategies accordingly. Additionally, mobile ticketing can help reduce costs associated with printing and mailing paper tickets, and has the added benefit of being more environmentally friendly by reducing paper waste.
Augmented and Virtual Reality
With the advent of augmented and virtual reality (AR/VR), event planners now have the opportunity to create truly immersive experiences for their attendees. AR/VR can be used for everything from product demonstrations to virtual tours of event venues. This cutting-edge technology has the capacity to take the events industry to new places in the coming years.
Blockchain is one of the newest technologies making its way into the events industry. Blockchain is a distributed ledger system that allows for secure, transparent transactions between two parties. This could potentially be used to track attendee badge scanning, verify accreditations, or manage sponsorships and exhibitor contracts. As blockchain technology continues to evolve, it will likely significantly impact how events are planned and executed.
Increase Expectations in Venues
As technology advances, event planners expect their venues to have the infrastructure to support all their needs in addition to a reliable, high-speed internet connection to handle large volumes of data. At the same time, they will expect the venue to provide various technological equipment, such as wayfinding signage, self-service kiosks, and other digital tools such as digital advertising, contactless payments, and admission kiosks to enhance the attendee experience and maximize monetization opportunities for events.
To attract and retain customers, businesses in the events industry must keep up with the latest trends and technologies. Instead of fumbling in the dark and researching each new development separately, venue owners can partner with a technology solution company — such as Hospitality Network — to provide a comprehensive solution for their needs.
Let Hospitality Network Help You
At Hospitality Network, we pride ourselves in our ability to provide the infrastructure necessary to support the needs of various venues, in addition to supplying high speed internet capable of handling high volumes of data.
Our team of experts will work closely with you to understand your specific needs and create a custom solution that meets your budget and requirements. We know that not every venue is the same, which is why we offer flexible and scalable solutions that can be easily tailored to your unique needs.
If you’re ready to take your event venue to the next level, contact Hospitality Network today and let us show you how we can help.