Exhibition News May 2020 | Page 22

Cover Feature PHILIP SOAR ORSON FRANCESCONE TIM BORTHEN ready. We can protect our businesses by putting the measures in place now for a long-haul, just in case. Unfortunately, we are at the tail-whip of this crisis, exhibitions. Thus, as they ‘ease’ restrictions, it could be we are last out the traps with big shows. We have a range of scenarios that we’ve drilled many times of running shows from this September, through to getting going at various points next year. Work to the best but plan for the worst. Meanwhile, we are also using this period to hone new ways we can bring leads to our customers, whilst we wait for the big day. In wasn’t until 2012 that there was a real uptick. In terms of total revenues, it took until 2011 or 2012 to return to the 2008 base. History doesn’t repeat but it does rhyme. I have no more idea than anyone else, but these numbers are the closest guidelines we have got. I think the same may apply to venues - this is a body blow to their conservative and predictable model. I wonder whether smaller venues, which will be hit harder and are usually owned by the local authority, might decide that this is not a business they should be in - and seek to sell their exhibition and conference venues off. This could be true in the UK and in the rest of Europe. Philip Soar, Chairman, CloserStill Media Group Firstly, a cliché, but it is all about cash. And that is why the whole events world has been hit so hard. The deposits fund the costs until final payments come in - and even then, almost all event companies have excess deferred revenues. But if an event is cancelled - bang goes the model. This isn’t a matter of size either. A small supplier with a reasonably well- off owner will survive. Some very big groups (I can think of at least two) will probably end up being broken up. Travel, hospitality, food, media - all of the obvious areas which will be hit hardest. Areas which should cope are anything featuring eCommerce or eLearning, healthcare in all its forms, security, online gaming etc. Over 2008 and 2009, visitors to trade shows, the best available statistics suggest, fell by 16 percent - but, critically, they didn’t bounce right back. Orson Francescone, MD, FT Live, Financial Times FT Live was the very first of the B2B event organisers to say ‘stop’, and to move all Q1 and Q2 events (over 60) into the autumn. Moving 60 global live events with revenues attached to them was a huge undertaking. Renegotiating all the venues, finding suitable dates and space, minimizing cancellation costs while trying to roll over sponsors and delegates to the new dates all in a matter of days, was one of the most impressive tasks I have ever seen an event team perform. Live events will be back. Don’t let anyone tell you otherwise. There will be huge pent up demand for business development, lead generations and brand alignment. However, the digital event solutions we are all racing to launch will become enduring in the long term even when live events are back. The effect they will 22 — May have is twofold: A - a new revenue stream, what’s not to like? B - an acceleration of the digital enhancements and sophistication to our live events, finally! Out of every inflection point you get new bursts of creativity. The famous Austrian economist Schumpeter called it “creative destruction”. Tom Borthen, Group MD, Prysm Media Group We've learned that in every 100 people there's 20 that truly drive the business forward and 80 making up the numbers, we have cut back to just the core ‘rock stars’ of the business, many of whom will become directors and shareholders within 12 months. They are currently working extremely hard from home with incredible levels of camaraderie, and it's exhilarating to think what this group of people will be able to achieve when we are through this situation and they start expanding the business into all sorts of marketplaces and locations around the world. In addition, many of the younger people (who make up most of the firm) have never experienced a recession in their careers. It's been a rapid learning curve for them, it feels like they've gained two years’ experience in two months, which has benefitted them individually and the whole business going forward. These genuinely are career-defining times and lessons that will stay with them for the rest of their lives. We were already internationalising the business (we opened offices in Las Vegas and Hong Kong in early 2019), but this has been the catalyst to seriously accelerating our international expansion. It's highlighted the benefits of being able to take advantage of different markets being open when others are still locked. For instance, sales in our Hong Kong office started exploding again as China moved out of lockdown.