Event marketing is a tried and tested method for marketers to build brands, promote products, generate leads and enlighten customers. That said, successful event marketing is about maximizing event ROI.
But how exactly should companies go about maximizing event ROI? The short answer: technology. In a study, ¹ the event management software market was pegged globally at USD 6.89 billion in 2017 and is projected to touch USD 12.51 billion by 2023. This underlines that technology is an important constituent in the event management strategy. It is essential to pick the most relevant metrics and suitable technology for maximizing results.
Here are some areas where technology can help maximize event ROI:
Event Planning and Management
There’s a lot of manual work that goes into the planning and management of events. Also, there are numerous stakeholders from different functions and organizations involved in the planning, budgeting and execution of an event. More dependence on people also implies more complexities and more possibilities for miscalculations and delays. The solution lies in a strategy that drives cost-efficiency, speed and convenience for the event organizer.
The right technology can be used to plan better and organize the entire event with minimal wastage of time, money and resources. There are numerous event management tools available out there.
“Virtual events, web/app-based registrations and payments, AI-based chatbots for answering queries and event diagramming tools for planning layouts are being used to streamline the planning and execution process.”
The most talked-about technologies of augmented reality (AR) and virtual reality (VR) are also being used to visualize what the venue will look like on the big day.
Attendee Engagement
The agenda of most events is face-to-face interactions, product demos and mass presentations. But the challenge here is to measure the efficacy of these activities with relevant metrics. A prospect who walks into a stall might also see a print ad and buy after a couple of months. So, attribution becomes an issue because of the unpredictable behavior and lengthy buying cycles in most B2B transactions.
It makes sense for marketers to gauge the worth of every event, every attendee and every interaction. It’s also true that nitpicking about every minuscule detail is indeed a daunting task.
Marketing automation, social listening and CRM solutions are being used for tracking all the required metrics – visitor count, personal details, level of interest, engagement rate, etc. If executed well, live polls, social voting, gamification, interactive kiosks and feedback sessions can increase the level of interest and response.
Business Networking
An event brings customers, prospects and competitors together on one platform with just one objective in mind – buy more for less or sell more to more people. Also, attendees are always looking for immersive experiences as they are taking time off their hectic schedules. The marketer’s task here is to grab the attention of attendees through meaningful interactions that add value to their business.
Every event aims to engage a community of like-minded people.
“Brand owners are using technology to cash in on the networking opportunities events offer. Networking apps, Twitter contests and LinkedIn groups are increasingly being used at most events for meaningful interactions.”
If formulated well, the networking strategy can turn passive attendees into active ambassadors of the brand.
Post-Event Follow-Up
After investing tons of money to host an event, brand owners encounter the test of converting the visitors into customers, or in other words, leads into deals. That’s because even the competitors are dolling out offers left, right and center. At this juncture, marketing and sales must be on the same page to make the follow-up process easy and effective. Whether it’s for closing a sale or striking a relationship, technology can play a pivotal role. Lead scoring and analytics tools are required to perform this task efficiently. Email and phone are the usual channels for making follow-up calls, but messenger marketing, app notifications, loyalty programs and LinkedIn mails are also being widely used effectively.
Conclusion
As the concept of events continues to shape and shake the marketing domain, new trends and technologies are opening a floodgate of opportunities for product marketers, event managers and droves of vendors. The good news is that an increasing number of brands are vying for a share of the customer’s mind space, with events giving them a platform to explore new frontiers in sales, advertising and marketing. This means more demand and more disruptions can be expected in the event marketing circuit. Evidence of change is everywhere, but technology will be one of the main drivers of this change in the future.
Reference:
http://downeygazette.com/event-management-software-market-2019-is-predicted-to-rise-with-a-cagr-of-10-45-by-2023-industrial-analysis-according-to-revenue-market-share-growth-leading-investors/34698/
