Titled, “The Event Marketing Evolution: An Era of Data, Technology, and Revenue Impact,” the report confirms a new era for event marketers in which high-performing companies are investing more in event technology and accurately tying event activity to actual revenues or profits.
The study, which surveyed more than 700 enterprise executives and shares impactful insights on their event strategies, reveals more than 90 percent of companies prioritize hosting events for customers and potential customers, and that nearly as many prioritize sponsoring events.
In addition, high-growth companies (which have experienced 30 percent or more revenue growth over the past two years) are increasing their event investment more than others.
“More than ever before, it is crucial for businesses to go beyond the digital space to build meaningful relationships through human, in-person experiences,” said Ben Hindman, CEO of Splash. “However, measuring event ROI is challenging and until recently, it was nearly impossible.
He continued, “Now, with the growing investment in events and the maturation of end-to-end event technology, event marketers have the ability to report on much more than anecdotal results. The study confirms that high-performing companies are especially tapping into the marketing power of events and investing in technology that’s helping them measure the impact of their events down to actual revenue. We see these same trends at Splash in our own top-performing customers, who we refer to as Event Optimizers.”
With insights from 739 enterprise brands, 50 percent of which generate over $1 billion in revenue, the report features:
According to the study, approximately 23 percent of companies say they are able to calculate ROI for events and exceed business goals. In addition to experiencing more than 30 percent revenue growth, what these businesses had in common is the investment in data-driven event technology, the ability to measure top and bottom funnel metrics, and a shift in strategy from sponsoring to hosting events.
“The best (technology) adopters are on average more likely to see business value from events and to consider themselves better positioned for future success,” Hindman added.
Survey respondents reported that their organizations host 73 events annually on average and sponsor another 62; respondents are also devoting significant resources to event marketing activities, with:
“Creating in-person business relationships through events is becoming more crucial than ever,” said Alex Clemente, managing director of Harvard Business Review Analytic Services.
He continued, “The study shows that, despite the prevalence of social media and digital growth-strategies, event investments are growing. This is corroborated by our survey respondents, which include senior marketing managers, who state that events drive more business value than other channels.”
In the report, Julie Hogan, global face-to-face marketing director for Facebook|Instagram, said she uses event marketing software that links to the company’s various CRM systems, a method that has been integral to improving the company’s event-measuring capabilities over the last two years.