5 Ways Industry Events Are Revolutionizing Business

Industry events have long been a part of the business world — and business events are growing like never before. In fact, the global market for B2B events is expected to grow from roughly $498 billion in 2023 to over $929 billion by 2032, with a CAGR of 7.2%.

Such growth is only possible because of the way these events are revolutionizing results for the businesses involved. A successful event can be truly transformative for your operations.

1. Strengthen Existing Partnerships

Industry events can serve as an excellent opportunity to strengthen your existing business partnerships. While digital communications have certainly streamlined many aspects of partnerships and created collaboration opportunities that wouldn’t have existed years ago, there is no denying the power of in-person interactions.

As an energy sector executive interviewed as part of a report from McKinsey notes, connecting socially is an important aspect of nurturing business relationships and keeping parties fully aligned: “‘It’s important to spend as much time as you can on their turf.’ He says about 30 to 40% of partnership meetings are about business; the rest of the time is spent building friendships and trust.”

An event that is tailored to the needs and interests of your partners provides these important opportunities for connection and relationship building. Such events may even unlock new ideas or discussions on how to improve your collaborative efforts.

2. Network With Others In Your Industry

While industry events can provide valuable opportunities to nurture your existing relationships, they can further revolutionize your business by creating new networking opportunities with others in your niche.

Whether you are hosting an event yourself or attending another industry event, a conference that focuses on topics and themes relevant to your company will naturally attract others in the same or similar industries. Many of these people will have complementary services to your own, or may have expertise and insights in an area specific to a challenge you are currently facing.

By using industry events to form new connections, you can find new collaborative partners and possibly even investors who can help you optimize your operations or find new opportunities for funding and growth.

3. Events Can Lead To Bigger Business Opportunities

One aspect about industry events that cannot be overlooked is that a successful event can directly lead to new clients or partnerships that help you further grow your business.

An excellent example of this comes via event production company Premier Sound & Lighting. After running a series of high-profile events for Rolls-Royce and Porsche, the company was recently designated the resident AV event production company for The Astorian and LeTesserae in Houston, Texas. In this instance, providing high-quality event work led directly to an exclusive partnership with other leading event spaces in the company’s area.

Of course, you don’t have to be managing the logistics of the event for a successful event to lead to bigger and better results for your business. Whether you organized or sponsored the event, participated on a panel or contributed in another memorable way, a quality event experience will help you become top of mind with prospective clients and partners, which can lead directly to new revenue opportunities for your company.

4. Demonstrate Your Value In A More Engaging Way

A big part of why so many companies continue to prioritize industry events is because they can create opportunities to display the value of their products or services in a much more engaging way. For example, trade shows provide an excellent opportunity for in-person experiences through displays, demonstrations and other presentations. This not only creates direct sales opportunities, but it also helps you gather feedback directly from your target audience that can be used to refine future marketing — or even your products and services themselves.

These in-person opportunities to demonstrate your value will ultimately be much more memorable for participants than an email, LinkedIn request or visiting your website.

5. Find New Suppliers

Industry events are often frequented by suppliers who service that particular industry. If your current suppliers aren’t living up to your expectations, participating in an industry event is a great way to find new prospective partners.

For example, if your current logistics partners don’t share your vision for sustainability, an industry event could be the ideal place to find new vendors who share your vision and values. The ability to discuss these and other important matters in person can help you feel more confident in your decision-making as you decide whether to move forward with a new vendor.

The right supplier relationships may not be as visible to your customers, but they can improve your bottom line, increase customer satisfaction and ensure full alignment with your primary goals.

Don’t Overlook The Power Of Industry Events

The power of events that offer face to face interactions with current and potential partners, clients and others cannot be overstated. By making these events a priority (and by hosting quality events of your own), you can make greater progress toward your key business goals.