Improving event strategies to drive commercial success

Author: Toby Lewis, CEO of Live Group

Events are a great way for a business to build a positive relationship with its audience. Recently, the industry has developed rapidly and new formats have emerged that are redefining the way events are conceived and carried out. This means there are more ways than ever to ensure engagement is meaningful and achieve maximum results.

As a result, B2B engagement strategies need to be updated to allow companies to capitalize on the new power of different event formats – whether in-person, hybrid or virtual. This can help spur post-pandemic growth and drive commercial success.

Maximizing meaningful engagement

Hybrid and virtual events can expand a company’s offering to the widest possible audience. Attendees have the option to attend the event however they prefer – either in person or online – and there are no geographic restrictions. This expands and diversifies the pool of people who will engage with a business.

These events also offer unprecedented insights into the content that resonates best with this increased audience. Data tools provide a constant flow of analysis showing which “areas” of an event have the most dwell time. This data can support a constant cycle of event improvement, provide a strong foundation for future business strategies, and drive long-term commercial success.

maximize returns

A 2021 study found that 33% of organizers do not monetize their virtual events. However, there are now many different ways to price tickets. Leveraging these pricing structures could be the key to increasing event sales.

Flexible, tiered pricing models can accommodate the diverse needs of different participants. While some may just want to view speaker presentations, others may want access to networking areas. Alternatively, a personal pass may have higher overhead than a virtual ticket. The prices can be adjusted accordingly.

This doesn’t have to mean that prices will increase dramatically and therefore people will be discouraged from attending at all. It just means that events, where possible and reasonable, can offer organizers higher returns. These can then be reinvested to continuously improve events in the future.

Maximizing sponsorship experience

Sponsorship is a key element in achieving commercial results at events. As we return to in-person events, organizers should take full advantage of how technology can help sponsors determine their return on investment—something that was previously difficult to assess or underexploited to paint a full picture.

With the advent of virtual events, we’ve become accustomed to having access to a constant stream of data. Technologies such as Bluetooth beacons or near-field communication devices can replicate this at in-person events, providing insights that help map sales avenues, analyze the effectiveness of sponsor placement, and track leads through a sales funnel. You can also create cadence heatmaps around a large venue, allowing businesses to make informed decisions about the most impactful placement of their brand. This will enhance the experience for both sponsors and attendees – increasing results for both.

Meanwhile, data analysis on virtual platforms will continue to be provided in detail Insights into the behavior of the delegatesclearly showing where delegates spend most of their time, including points of engagement and preferences. You will likely see high levels of traffic on homepages, network portals, and speaker videos. Each of these locations can host consistent sponsor branding.

Before COVID, we found organizers reluctant to engage with data tracking technology. but, it is now clear that the future of effective sponsorship will rest on these insights, whether the event is virtual or in-person. These data points need to be combined to create a more accurate map of the buyer journey. This is key to monitoring and reporting on ROI for sponsors and can help inform future sponsorship and engagement strategies.

Maximizing Use of Content

Thanks in part to the development of virtual platforms that can accompany in-person engagement, events now have longer lifespans than ever before. Session recordings can be made available on demand, while networking forums can remain open for weeks – if not months – on either side of peak activity.

Access to these resources may be offered at a reduced price, or alternatively may be compiled into a content library that may be sold through a subscription model. This not only creates an extended arc of interaction between a brand and potential new customers, but also ensures that content is efficiently and fully exploited.

maximize impact

Events have unfolded rapidly during the pandemic. The content is more tailored; Platforms are more sophisticated and audience insights are more detailed.

Each of these improvements offers real benefits to companies across all industries. Marketers and organizers who are redefining their event strategies to capitalize on these changes are well on their way to generating meaningful engagement and driving commercial success. Improving event strategies to drive commercial success

Fry Electronics Team

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