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Event Budgets on the Rise: Key Insights for 2019 Planning
As the holidays become a distant memory, many of us are focused on strategizing for the year ahead, budget mapping and tech stack review. From an event perspective, we’re analyzing what worked, what didn’t work, and having conversations about reach and ROI.
Hours are spent pouring over data and the manual review process can be tedious, to say the least. Whether you’re focused on internal communications, B2B marketing, driving tourism or maximizing the number of attendees at a sporting event, this exercise is key to successful planning for 2019. But what if there was a way to automate these processes to gain key intelligence? Enter event technology.
With increasing demand for automation and a focus on actionable business insights, the Event CMS Market is experiencing hyper growth. In fact, according to a report published by MarketsandMarkets™ on event technology, “The market size is expected to grow from USD 6.10 billion in 2018 to USD 10.57 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast period.” Essentially, organizations are expanding their event budgets, and technology is receiving a piece of the larger pie.
The Catalyst for the Influx of Event Technology
Savvy marketers are using data to augment their event decisions. For instance, to really optimize the promotion cycle, it makes sense to start with a review of past attendee data and identify where the majority of attendees have registered for your events, as well as the catalyst for that action. Was it an email? A post on social media? Once you understand what is working, you can then use this information to optimize your strategy.
As noted by OrbisResearch.com, “The sustained increase in the number of events has, in-turn, triggered the market, which has evolved into a multi-billion-dollar industry. The EMS solutions are evolving rapidly, owing to mobile and digital revolution. Most organizations spend 2%-4% of their annual revenues on organizing events. This provides vendors an opportunity to understand the requirements of the organizations and offer customized solutions.”
Marketers are Doubling Down on Events, Don’t Get Left Behind
When it comes to top of funnel marketing, 65% of B2B marketers say that events and webinars are their main source of qualified leads. They understand the value of in-person experiences and are doubling down on events. However, events are only successful if your audience can find them. It is essential to utilize an event CMS that provides branded event/webinar landing page to boost SEO, reduce bounce rates and increase on-page time. Additionally, utilizing a platform that ensures your event listings are searchable, shareable, and engaging, will drive visitors to register for your events and webinars.
Like so many aspects of marketing, data is central to obtaining that budget and technology is key to driving the traffic to make the event a success. It is now more important than ever to allocate the appropriate budget and implement a scalable system that will eliminate silos, empower users and ensure that every event is distributed to the correct audience.
To learn more about how Localist helps companies publish, brand and distribute events at scale.