Art of Management of Events through Prism of Behavioral Economics
Events often revolve around the success of the business, influencing many aspects of interaction with clients, partners, and employees. In such an important area as the management of events, behavioral economics opens limitless opportunities for improvement. Exploring psychological, social, and emotional factors in making decisions, brings a fresh vision of the dynamics of events. For achievement of maximum effect, you can turn to audio visual equipment suppliers for quality equipping of your event.
The theory of “nudging” (nudging), which is the the core of behavioral economics, helps gently guide the participants’ behavior, making their experience more meaningful and engaging. This is not just a theory—it is a way of transforming participants’ experiences at each separate event, increasing their loyalty and satisfaction.
Understanding Foundations of Scientific Approach
- Bounded rationality: Decisions of people are often based on incomplete information and can be subject to cognitive biases. In 2022, more than 75% of participants of events noted that the presence of clear and understandable instructions significantly simplifies the choice process.
- Social norms: People tend to follow example of others. At the TEDx events last year,r 85%of visitors admitted that role models and successful examples of participation inspired them.
- Influence of emotions: Emotional states influence on decisions. Statistics showed that more than 70% of successful events create an inspiring atmosphere, with 30% increasing engagement of participants.
Energy “Nudging” in Action: Cases and Examples
- Conferences: At the conference WebSummit 2023 used colored badges to the determination of interests of participants, which increased opportunities for networking by 40%.
- Workshops: In 95% of workshops with parallel sessions, organizers discovered that soft recommendations increased attendance of sessions on the profile of participants by 20%.
- Exhibitions: Known that bright, interactive panels at exhibitions capture the attention of visitors, 2021 year showed that such methods increase the time of delay in the zone of stand by 50%.
Strategies and Fancy Tools for New Era
- Design of choice: Creation of clear and intuitive options of choice by use of digital platforms. 90% of participants confirmed that such an approach simplified their choice, increasing participation.
- Feedback in real-time: Introduction of interactive surveys and evaluation of sessions in real-time allows adapt walk of the event to the needs of the audience, increasing engagement by 25%.
- Social encouragement: Active use of social networks for engagement of participants through contests and hashtags, on average, increases reach by 30%.
Aspiration to Success and Journey Through Challenges
<p Behavioral economics's advantages in managing events become more noticeable. Thanks to creating more personalized and purposeful experiences, companies observe increased satisfaction and loyalty. For example, program solutions for event adaptation for each participant helped some organizations increase the satisfaction of the audience by 20%.
But, as in any progressive method, challenges exist. This deep understanding of the audience and the necessity of thorough planning. Implementing an innovative approach requires ethical standards, so “nudging” remains voluntary, avoiding manipulative imitation. Learn more about theory of nudging and its application.
In conclusion, integration of behavioral principles in the management of events creates space for innovations and sustainable successes. Innovative strategies transform events into moments that remain in the memory and hearts of participants, helping organizations achieve outstanding results.
Surfer, coffee addict, guitarist, Swiss design-head and javascripter. Working at the intersection of aesthetics and mathematics to craft experiences both online and in real life. Let’s chat.
