While there are numerous avenues to achieving growth for businesses, one channel that often goes underestimated is hosting events. Building communities and audiences can be very powerful for business development and unlocking new opportunities.

The work and resources required to plan and execute events successfully may seem overwhelming, however when done right, the benefits always outweigh the costs and the time commitment involved.

Here are seven reasons to remind you why incorporating events in business growth strategies is a good idea.

1. Collect Direct Feedback and Fast

Getting immediate feedback from target audiences is best achieved at events. Engaging with attendees in real-time allows companies to better understand their customers’ needs and preferences. This interaction is incredibly valuable as it leads to the refining of products or services, and ensuring customer demands are aligned with the overall business strategy.

2. Showcase Products and Services

Events provide a stage for businesses to exhibit their products and expertise. By hosting informative sessions, delivering keynote speeches, or organizing demonstrations, companies can position themselves as thought leaders and industry experts. This enhances brand awareness and boosts credibility which instills confidence in potential customers and how host organizations are perceived overall.

3. Enhance Sales Opportunities

Attendees often come to events with a specific interest or need. This makes them prime prospects for sales opportunities. Through engaging presentations, compelling booths, and interactive experiences, companies can capture the attention of potential customers, collect valuable contact information, and initiate meaningful conversations that can spark interest and awareness of products and services available. There is also an opportunity to continue conversations post-event and cultivate these new connections for future promotions.

4. Expand Business Network

By bringing together like-minded individuals who share common interests, goals, and challenges there is an opportunity to build authentic relationships with the target audience, industry peers and potential partners. Through face-to-face interactions we start the process of establishing trust, and foster collaborations that can lead to new partnerships, sales, and long-term growth opportunities.

5. Brand Awareness and Recognition

The positive buzz generated from a well-executed event can extend beyond the event itself, reaching a wider audience through social media, word-of-mouth, and press coverage. Logo presence at these events also provides a visual that the audience starts to become familiar with, which is even more beneficial when the conversation continues via these channels post event. Getting creative with how the audience experiences and interacts with brands can help convey the core mission, vision and values of the organization in a way that is strategically aligned with overarching business goals.

6. Enhance Working Relationships

Let’s face it, events are enjoyable! The social interaction, on a personal level, allows us to strengthen working relationships and offer employees an opportunity to get to know their peers. There is also an opportunity for them to better understand the dynamics of the target audience which will ultimately support the work they do on a daily basis. The social interaction also creates a welcoming environment which encourages casual conversations with industry peers and potential collaborators, and thus further enhancing these relationships.

7. Stay Ahead of Competitors

Events may be the only way we create or learn about a trend that is on the brink of going viral. Therefore, attending and participating at events that bring specific industries together can support the conversations around current trends and staying ahead of the competition. It’s also important to be aware of competing businesses and which events they participate in and host. Therefore staying up-to-date with such activity in the industry is gold dust and a must for any businesses serious about succeeding.

This article was written for Corporate Meetings Network.