3 scenarios to help event planners to take action during the COVID-19 crisis

At the end, the organizing committee of Tokyo 2020 decided to postpone to 2021 the Olympics Games, facing the COVID-19 crisis.

Many global events had to re-think their strategies, and, as reported by Julius Solaris on Skift, 3 scenarios are provided for event planners:

  • Cancel;
  • Postpone;
  • Pivot to virtual.

We must be aware that, for each of the 3 scenarios, compared to the pre-crisis situation, many losses should be bared.
None would cancel an event, the sentiment may turn to negative and it may generate discontinuity.
However, an economic assessment could lead to cancel the event when consequent losses result lower or more certain than in any other cases.
Many are postponing, although it is not possible to foresee the recovery time, whether there will be the same conditions than before the crisis, with different stage of the crisis in each region and hoping the virus will not strike again on next autumn.
So, the question is “when to postpone?”
The decision is quite delicate as it must consider (1) the degree of risk that an organization can bare due to the uncertainty of the recovery, and (2) the rescheduling time, to avoid overlapping or stressing the calendar of the audience, that will by anyway very busy.
The virtual scenario is the most certain, with less risks and, even if at this stage less profitable, it could be a chance to rethink the business model of the event. Moreover, the smart-working lifestyle we are experiencing allow to talk to a wider audience.

At Twissen we registered that it is necessary to address rationally the actual global crisis, through an economic assessment that considers potential scenarios and eventually the opportunity to go virtual, event partially.