The event industry is a massive sector that plays a significant role in economies around the world. In the UK alone, the events management industry is worth a staggering £42.3 billion ($57.4 billion). However, recent events have caused a significant disruption, leading to a decline in the number of business events from 1.4 million in 2019 to a mere 195,000 in 2020.

The event industry is a massive sector that plays a significant role in economies around the world. In the UK alone, the events management industry is worth a staggering £42.3 billion ($57.4 billion). However, recent events have caused a significant disruption, leading to a decline in the number of business events from 1.4 million in 2019 to a mere 195,000 in 2020.

The contrast between pre-pandemic and post-pandemic years is evident when examining event industry statistics. The impact of the global health crisis has been profound, forcing event organizers to adapt and find new ways to engage audiences. Virtual events and online conferences have become the norm, allowing businesses to continue networking and showcasing their products and services.

But what does this have to do with product management? Well, it highlights the importance of adaptability and agility in the face of unexpected challenges. Just as the event industry had to pivot and embrace new technologies, product managers must be willing to do the same. They should be open to exploring innovative solutions and testing new ideas, even if it means stepping outside their comfort zone.

In many ways, the event industry's shift towards virtual events mirrors the product management approach of testing small ideas with limited resources before scaling up. Good product management involves having a vision and gradually increasing investments as objective evidence is gathered. Similarly, event organizers started with small-scale virtual events and expanded their offerings as they saw the positive impact and engagement.

However, it's essential to note that product management shouldn't become "bullshit management." Companies often claim to have flat hierarchies and promote agile decision-making processes, but the reality can be quite different. As organizations grow, politics often seep in, and decision-making becomes more convoluted. Pleasing critical stakeholders sometimes takes precedence over solving end-users' problems.

To combat this, product managers must lead by context and not by control. They should inspire their teams and empower them to make decisions on how to reach the goals set. A product manager is not just a boss but a leader that the team willingly follows. Decision power is crucial for product managers to thrive and make meaningful contributions.

To apply these insights to your own product management journey, here are three actionable pieces of advice:

1. Embrace adaptability: Just as the event industry had to adapt to the virtual landscape, be open to new ideas and technologies. Embrace change and explore innovative solutions that can enhance your product's value.

2. Prioritize evidence-based decision-making: Instead of blindly following a plan, focus on gathering objective evidence to support your decisions. Test small ideas with limited resources and gradually scale up based on the results obtained.

3. Lead by context, not control: Inspire your team by setting inspiring goals and empowering them to make decisions. Be a leader that people willingly follow, rather than a boss who micromanages every aspect.

In conclusion, the event industry's shift towards virtual events and the challenges it faced can provide valuable lessons for product managers. Adaptability, evidence-based decision-making, and leading by context are essential elements for success in both industries. By incorporating these principles into your product management approach, you can navigate the ever-changing landscape and drive meaningful impact.