The event industry has undergone a significant transition in recent years. There has been a monumental shift in the way events are perceived and executed. In the New Era of Event Marketing, it's no longer just about making money in the short-term – it's about strategic brand reach, building customer relationships, and long-term revenue.
Successful events must now deliver in two ways: generating new business and upsells while also increasing brand awareness. As a result, event teams must place a greater emphasis on aligning internal expectations of success, be open to shifting the format of events, and transition the metrics used to measure the impact.
In part two of our “New Era” journey, “A Shift from Money-Making to Marketing”, we'll explore these key areas and discuss how field marketing teams can adapt to this new reality and create long-term revenue and brand recognition.
In the past, stakeholders frequently have operated with the expectation that events should be profitable immediately. However, there has been a great reset in this perspective, and it is now understood that the real value of an event is downstream in the form of net new deals and upsells. This takes time.
For regional events, we recommend buffering at least four weeks to see pipeline and three to six months for the first closed deal to cross the finish line. For larger scale conferences, teams can expect four to six weeks for pipeline, and six to nine months for closed revenue. It is important to ensure that all cross-department stakeholders are aligned with these expectations and timelines for an event to bear fruit.
Given this event-to-revenue cycle, you may need to plan ahead to offset costs. Here are four ideas:
As organizations move away from the idea that events should produce immediate profits, there has been a dramatic shift in the format of events. Brands now have the freedom to adjust their approach from pushing a stiff product-focused agenda to cultivating a community of buyers and providing a valuable, educational, and inspirational experience for attendees. The most successful brands do this through the inclusion of networking opportunities to connect peers, hands-on workshops to uplevel the attendees' skillset, and by increasing the inspirational elements of keynote sessions. These shifts do more than increase the profitability of the event, they build loyalty.
Networking opportunities are a crucial component of any event. They are a powerful tool used to unite peers, build relationships, share knowledge, and create lasting connections. Teams can organize social happy hours, upskill sessions, or interactive activities to facilitate networking among attendees. By encouraging the exchange of ideas and experiences, brands can foster meaningful relationships. These connections can lead to future collaborations, partnerships, and business opportunities.
Along with focusing on ways to build a community, brands are moving away from product-focused breakout sessions and transitioning to sessions that increase the skill set of the attendees. Oftentimes these sessions are hands-on workshops and focus on providing practical skills and knowledge that can be taken back to their organizations and applied in their day-to-day work. This is an evolution from the product-focused sessions of the past, which tended to be more promotional in nature.
Lastly, keynotes are now expected to be more aspirational, and less tactical. The emphasis has shifted from simply sharing information to inspiring and motivating attendees. Keynote speakers should be entertaining and engaging, while also offering insights and ideas that will challenge attendees to think differently. Brands can elect to partner with up-and-coming or celebrity keynote speakers, making the experience exciting, unique, and memorable. To further engage attendees, interactive elements such as asking the audience to stand up, answer questions, and participate in small activities can be incorporated. A great example of this is an “envelope hunt” under chairs with a prize of a selfie with the celebrity keynote speaker. This will create a buzz and stimulate participation. By making the keynote entertaining and interactive, it is more likely to leave a lasting impact on your attendees.
As the events industry has evolved, so have the metrics used to measure the impact and financial return on investment. In the past, event success was almost always measured by the number of contacts, leads, and pipeline generated - all short-term metrics. Now, event success is measured by the reach of the event, the relationships formed or strengthened, and the revenue generated as a result. This shift in approach has made event discussions more strategic, aligning sales and marketing teams to ensure that the event produces for the organization.
By focusing on these new metrics, field marketers can better understand the true impact of their efforts and make more informed decisions on future strategies, driving more alignment with sales and internal stakeholders. This in turn leads to more successful events that strengthen customer relationships and revenue growth.
Events have undergone a significant transformation from being perceived solely as short-term profit machines to being a tool that elevates brand reach, establishes strategic customer relationships, and drives enduring ROI.
At Thinkstream, we understand that events are about more than just ”money-making”. By aligning expectations, shifting the approach of event formats, and up-leveling the metrics used to measure success, we create events that deliver lasting results for your business. Contact us to schedule a strategy session for your next event.
While it is important to understand WHAT gets your attendees talking and HOW the perception of events has shifted, WHEN events take place has also dramatically changed… What has caused this change? How does this impact event strategy and design? What new approaches can you leverage to more effectively appeal to your target audience?
Throughout our five-part thought-leading blog series, The New Era of Event Marketing, we are diving deep into the five key trends that have shaped the evolution of marketing events. Coming up, we will explore how the seasonality of events is on the decline as marketers evolve to a year-round event cycle.
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