How your event business can survive digital disruption
By: Warwick Levey
No industry is immune to the rapid advancement of technology; companies who succeed embrace new technologies, whereas companies who fail to move with the times will ultimately fail. In the last decade, nearly three out of every four Fortune 1000 companies have been replaced because they could not keep up with the rapid pace of technological change. Have you taken steps to ensure that your event business can survive digital disruption?
This report details ten principles that modern companies need to embrace to survive digital disruption, but how can you apply those ten principles to your event business?
Before you join the digital disruption movement, it is essential first to understand what digital disruption is. According to TechTarget, “Digital disruption is the change that occurs when new digital technologies and business models affect the value proposition of existing goods and services.” An excellent example of digital disruption is Uber and how they have affected the taxi industry.
So how can your event business survive digital disruption?
The first principle is to embrace new logic and ideas. To do this, find out how technology can contribute to your event business. For the events industry, the Eventerprise platform is a perfect example of how new technology can help you stand out from your competitors.
The next principle is to start now and move deliberately. Finding the right balance between being reactive and proactive is an art form not many people master. You won’t be able to plan for every contingency, but you can’t afford to let technology take you by surprise either. If you embrace new technology as it enters the market, you will give yourself the best opportunity to survive.
“We always overestimate the change that will occur in the next two years,” wrote Bill Gates in his 1995 book The Road Ahead. “And [we] underestimate the change that will occur in the next 10. Don’t let yourself be lulled into inaction.”
The third principle is to focus on your right to win. If you’ve been in the event business for some time, then you must already be doing something right. Your right to win is all about focusing on what you’re already doing well, and then using technology to be better at it. Once you have identified how technology can help you improve, you can focus on the fourth principle of creating your customers’ future. Uber didn’t just disrupt the taxi industry; they changed the way that millions of people around the world travel. If you fail to shape the future for your customer, you will stop being relevant to them.
The fifth principle is a good reminder to use price to drive demand. In other words, if you want your business to survive digital disruption make sure that you are competitively priced. That doesn’t mean that you need to make less money; instead, it means that you should embrace the sixth principle of generating profits from overlooked assets. The people in your team might have some hidden talents for you to leverage, or the tools you already use might have some applications you’ve never even thought of.
Principle seven suggests that you control your part of the platform; in other words, you can’t survive digital disruption by yourself. Instead, you need to find a platform that will help your event business stand out. Even something as simple as signing up for a free Eventerprofile can make your event business more profitable.
“The new digital platforms will help transform enterprises in the same way that their online predecessors, such as Google, Facebook, and Amazon, helped change consumer habits.”
That takes us to the eighth principle of integrate, don’t isolate. Many companies make the fatal mistake of separating their new tech departments from their core enterprise. If you want to ensure that your business survives digital disruption, it is imperative that you integrate your new advancements across the entire company.
The final two principles go hand-in-hand: Challenge the Rules and Define a New Way of Working. One of the most dangerous phrases in life is “that’s the way we’ve always done it.” If you are serious about wanting to survive, then you need to challenge the status quo. Can you imagine what the world would be like if Jeff Bezos thought that buying books in a physical store would be good enough? Instead, he founded Amazon (which is ranked #12 on the fortune 500 list) and became the wealthiest man in the world.
If you want to stay ahead of digital disruption in the event business, sign-up for your free-for-life Eventerprofile.