Event planners are busy scrutinizing their metrics and reviewing all the big wins and lessons learned in 2023. You’ll use these details to help you carve out a new event planning business strategy in 2024. And ideally, you’ll be able to make some improvements to how you work with clients, your marketing methods, your vendor relationships, and planning your events. But before you put your 2024 plan together, keep reading. Today, we’re sharing some proven insights for building a winning event planning business strategy next year. Prepare to take your business to the next level in earnings, brand visibility, and event success.
1. Get Real About Your Goals
Sure, you’d love to double your earnings next year - but is it a realistic goal? Before putting any action items in your 2024 business plan, start by identifying your business goals. With your goals in place, you can reverse-engineer your strategy to develop the methods needed to reach those goals.
Create a list of objectives and achievements you’re hopeful for in 2024. Then evaluate them to make sure they’re S.M.A.R.T.:
- Specific: Get super-specific about each goal, never lofty or broad-stroked.
- Measurable: Make sure you have a way to measure progress and results with each goal you set.
- Achievable: Keep it real. Annual business growth goals need to be attainable.
- Relevant: Is your goal actually going to help you grow, scale, or improve your event production efforts?
- Time-Bound: Give each goal timeline parameters you can stick to as you work to achieve them.
2. Identify and Amplify What You Did Right
To create a winning event planning business plan moving forward, you must first spend some time looking back. Use your data to inform you - don’t just rely on your “gut” to tell you how you did as an entrepreneur in 2023. These data points might include:
- Number of event clients you had
- Types of events you curated
- Event earnings and expenses
- Vendors you worked with throughout the year
- Event marketing analytics
- Business marketing analytics
- Advertising ROI
- Event sponsorship ROI
As you look through how you did, start making a list of things you got right. Identify the big win moments of 2023 so you can create a way to amplify and scale those efforts for 2024.
3. Eliminate and Correct What You Did Wrong
Just as you use your 2023 data to tell you what you got right, use those same metrics to spot where you fell short this year. Look to identify key mistakes you made or opportunities you missed. Any efforts that didn’t produce results or ROI need to be fixed or eliminated from your plan in 2024. And remember - mistakes are entirely expected and ok to make, so long as you don’t keep making them and expect different results.
4. Improve Your Processes
Look for opportunities to save time and money with technology, software, and automation to streamline your event planning processes. The future of events is rooted in a digital-first approach. Event planners should be leveraging all the organizational and cost-saving benefits of event apps, digital event registrations, and event planning software. Don’t be intimidated by all the options, though. Choose the one or two upgrades you can commit to first and take manageable steps toward embracing these innovations.
5. Prioritize Sustainability and Hybrid Experiences
Speaking of “the future of events,” two pivotal trends include event sustainability efforts and the widespread adoption of hybrid event experiences. As you develop your growth plan for 2024, be mindful to include goals and methods for embracing both.
- Promote eco-friendly practices, work with sustainable event services vendors, and market your event planning service as dedicated to sustainable events.
- Every in-person event you curate, from birthday parties and weddings to corporate events and conferences, includes an additional layer of planning to incorporate remote guests.
6. Plan for More Networking
Event planners are collaborating with each other now more than ever. And the power of strategic partnerships cannot be overstated. Don’t run your event business from a silo, on your own, and always chasing competitors. Instead, include networking in your event planning business strategy as a top priority. Get out there more next year. Meet other professionals. Work together and join forces to create even bigger and more memorable event experiences. Together, we can all elevate the industry and make greater impacts.
Commit to attending as many networking events as possible in 2024:
- Community meetings
- New business ribbon-cutting ceremonies
- Chamber of Commerce engagements
- Business luncheons and after-hours parties
- Industry trade shows
- Local festivals and seasonal celebrations
- Charity fundraising events
7. Don’t Miss The Event Planner Expo 2024
Your winning event planning business strategy isn’t complete without The Event Planner Expo. Make sure you get tickets to immerse yourself in this annual three-day conference. It’s the premier event for the event planning industry. And it’s where you can network, learn, and grow as a professional. With thousands of top planning pros, marketers, executives, influencers, and event service professionals in the room, you’re guaranteed to form new strategic partnerships. Take your Expo engagement to a whole new level as an exhibitor in 2024 and really showcase your business.
FAQs About Developing an Event Planning Business Strategy
What are some event trends to know in 2024?
Of all the emerging event trends to know, these few are the most notable: Wellness and sustainability, customization of experiences, convenience-based technology, and experiential events.
What are the popular five P’s of event planning?
In general, event planners can align their efforts with the five P’s: Plan, Partner, Place, Practice, and People.
What are the five C’s of event planning and event management?
Event pros can also follow the principle of the five C’s: Concept, Coordination, Control, Culmination, and Closeout.
What are the biggest business challenges to expect in 2024?
Forbes suggests that business owners should be mindful of market fluctuations, including inflation, stock market volatility, and global tensions. These could impact costs of doing business in a challenging way.
Keep these winning insights in mind as you carve out your event planning business strategy for 2024. And we’ll see you at The Expo!