In today’s experience economy, where intangibles are the new currency, event participants’ expectations have shifted dramatically. Audiences now seek deeper engagement, craving memorable experiences that resonate well beyond the event itself. Welcome to a new era of event creation, where hybrid and virtual events are more than trends—they’re fundamental to how we connect, communicate, and create value.
Understanding the Experience Economy of 2024
First coined in 1998, the "experience economy" has evolved into a dynamic, on-demand landscape. By 2024, location-based experiences are expected to grow into a $12 billion industry according to CES. But it’s not just about the numbers. The real shift is in how these experiences are designed—by focusing on emotional engagement, personalization, and blending digital and physical touchpoints.
Engage audience with empathy
Empathy is a key driver in crafting meaningful experiences. According to 'the7Stars' latest research, there are three primary audience profiles:
Experience Enthusiasts: Ready to dive back into events, eager to make up for lost time.
Pragmatic Participators: Optimistic yet cautious, balancing excitement with practical concerns.
Social Skeptics: Harder to engage, requiring more innovative and reassuring approaches.
By addressing these distinct mindsets, blended events that cater to all three groups can thrive. Winning brands will be those that acknowledge economic disparities and recognize the unique consumer attitudes towards experiences and events.
Ways to Wow ‘Em: Master the Hybrid Networking Challenge
Hybrid networking is the next frontier. Brands that can seamlessly blend digital and in-person networking opportunities will lead the way, creating spaces for genuine connection across platforms.
Put CEM at core
Customer experience management (CEM) is as critical as ROI. With the market for CEM expected to grow by 17.5% from 2021 to 2028, delivering exceptional, real-time service across both digital and physical realms is a must.
As Lynn Hunsaker from ClearAction Continuum points out, CEM should not just be a part of your strategy—it needs to be woven into every aspect of your business, ensuring a holistic experience for all participants.
Way to Wow 'Em : Reinvent Physical Touches
Even in a digital world, physical elements still leave a lasting impact. Get creative with personalized, safe swag that makes your audience feel valued, no matter where they are.
Meet Their Needs with Precision
Kim Myhre, Managing Director of MCI Experience, underscores the need for a precise approach in the new experience economy. It's no longer about superficial gimmicks. Success hinges on understanding the delegate journey—how they feel, think, and act throughout the event.
Today's audiences are demanding and unpredictable, making it essential to deliver with purposeful technology and astonishing creativity. As The Drum suggests, agility is key to meeting both known and unknown needs of participants.
Ways to Wow ‘Em: Ensure Your Tech is Flawless
As Freeman highlighted in 2021, your tech can make or break an event. Reliable technology, backed by thorough testing, is essential to providing a seamless participant experience.
Add Value Authentically
Authenticity remains a top priority in 2024. Your events must have clear goals, create meaningful connections, and offer value in a way that feels genuine. Audiences today expect experiences that are convenient, personalized, and memorable.
As was true in 1998, time is still the most valuable currency. Success means delivering value—whether through time well spent or time well saved.
Crafting unforgettable experiences in 2024 means going beyond the ordinary to engage hearts and minds. By embracing empathy, leveraging advanced CEM strategies, and staying true to your brand’s authenticity, you can exceed the evolving expectations of today's discerning audiences.
Are you ready to create moments that matter?