Insight: Issue 133 | Wed 26 April

Hello, Possums – Event News Time!

In the week where we said a sad farewell to our favourite Aussie dame, the events biz has seen a whole heap of news worthy action. Let’s take a little peek at what’s been occurring shall we?

On the agenda this week: EICC increases revenue 45% in ‘rebound’ year; How behavioural science can help you achieve better event outcomes; Why multiple event staging drives my passion for the industry; Glasgow’s SEC strengthens association sales team; and UK Gov-backed insurance scheme paid out only once.

EICC increases revenue 45% in ‘rebound’ year

A big shout to the Edinburgh International Conference Centre (EICC) – the venue saw it’s revenue rocket a staggering 45% in 2022!

The major capital venue saw a 72,000 attendee strong year in ‘22, meaning for a huge boost in its takings from £7.4m to an impressive £11.8m. The EICC is estimated to have brought in an estimated £51.9m to the regions’ economy last year, and is set to expand it’s offerings with the opening of a 350-bedroom Hyatt Centric hotel in the city’s Haymarket area in 2025.

The venue’s CEO Marshall Davis is optimistic for the industry’s recovery: “Our 2022 figures tell a post-pandemic rebound story and, combined with bookings in 2023 and the pipeline for 2024 and beyond, we have real confidence that the industry is moving back to pre-Covid levels.”

How behavioural science can help you achieve better event outcomes

In an article by Event Industry News, ZS Meetings leader Steve Marley sheds some light on how we can utilise Applied behavioural insights (ABI) as a useful industry tool to influence and change behaviours amongst its delegates. Behavioural science is a concept that draws and develops its content on the principles of sociology, psychology, and economics (to name but a few).

Marley notes a couple of areas where ABI could prove effective. We’ll sum these up for you:

Challenge 1: Filling in Surveys

Its common industry practice for organisers to distribute surveys in order to garner insight into their attendees’ experience. However, response rates tend to be pretty low – on avg. 20% or less; this may be because in the moment the individual sees no personal benefit from filling it out.

So how do we implement a behavioural change towards this? Marley suggests the answer lies in reciprocity. A little incentive, such as a small reward or a gift, may encourage attendees to complete surveys as they see some ‘reciprocation’ for their efforts.

Challenge 2: Getting People to Pre-Register for Events

In many cases, ticket buying incentives such as ‘early bird’ discounts have little to no effect on an attendee’s willingness to buy a ticket to your event. This is often because tickets are most likely being reimbursed by their place of work.

In order to tackle this, organisers could implement an early bird reward (benefits the delegate) alongside the early bird discount (that benefits the company).

Why multiple event staging drives my passion for the industry

In an article by Conference News, Manchester Central’s Sarah Bickerton talks her passion for the job, as well as the importance of a strong relationship between venues and events organisers.

Having worked in the industry for over 20 years, the venue’s Director of Event Delivery and Operations has a huge passion for managing, shaping, and hosting a variety of major events – and at Manchester Central (a vast 23,000sqm space), the challenges and opportunities keep Bickerton’s love for the job intact.

Throughout the past year, Bickerton has noticed a drive for creativity that has bolstered the need for collaboration between venue teams and organisers. This has meant for higher quality events that are experience-led; attracting and exciting audiences while ensuring commercial success. As Director of Event Delivery and Operations, she believes the successful longevity of repeat events relies on constant dialogue, and a deeper understanding of client objectives and ambitions.

Drawing on Manchester Central’s recent roster of events, from large sporting competitions to big brand activations, Bickerton notes that versatility, experience, and in-house expertise at a multifaceted venue are becoming more important to organisers.

Wise words Sarah!

Hop over to Conference News to see what she says in full.

Glasgow’s SEC strengthens association sales team

Say hello to senior sales manager and lead bid strategist, Jennifer Roddie, and association sales manager, Louise Watson – as they begin their new roles at Glasgow’s SEC!

Taking on the new role from her previous tenure as the venue’s international sales manager, Roddie will collab with the SEC’s associations team on furthering its success. Watson joins the SEC team from PCO In Conference, where her time as senior project manager saw her oversee projects such as the International Association for the Scientific Study of Intellectual and Developmental Disabilities and the International Congress and Exposition on Noise Control Engineering.

Kathleen Warden, director of conference sales, SEC comments on the new appointments:

“Jennifer has a wealth of industry insight and it’s terrific to have the opportunity to capitalise on this as we move forward in an ever-changing marketplace. And we’re delighted to welcome Louise who is highly regarded in the industry.”

“Louise’s PCO background will bring a fresh perspective to what we do, and I am so excited to welcome her to the team.”

UK Gov-backed insurance scheme paid out only once

Remember the ‘great success’ that was Live Events Reinsurance Scheme – well it paid out only once.

According to the Financial Times, the UK government’s £800m Live Events Reinsurance Scheme, which covered a total of 169 events, paid out just one claim of £180,500, while collecting £5.9m in premiums. Introduced in Sep 2021 in order to cover costs incurred by events that had to be cancelled, postponed, relocated or abandoned in the case of a government-imposed Covid-19 lockdown.

Unfortunately, the scheme didn’t cover events that reduced capacity or called off due to artist or production staff catching the virus. The scheme, a partnership between the UK Gov and Lloyd of London, was widely condemned by the industry for its limited scope.

Jon Collins, CEO of LIVE, criticises the scheme:

“Despite government’s best efforts, the reinsurance scheme was never right for our industry,”

“It was expensive, arrived too late and, crucially for a scheme to give confidence during Covid, did not cover for cancellation due to an artist having Covid.”

We’ll call it a day there folks.

Make sure to check in with us next week for your next weekly batch of live events contemplation.