According to new research, event marketers want to increase the number of small events. They want to use event technology to streamline and replicate small events that deliver results.
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The many aftershocks of the Covid pandemic have provided a wild ride to event professionals. Trying to make suitable investments and host effective events is proving difficult. There are smaller events that could be part of the solution.
Splash released an event outlook report on Monday. 670 event marketers and professionals were surveyed by the company. Common challenges and a greater focus on what Splash calls 'everyday events' are highlighted in the findings.
The biggest challenges facing respondents are the need for more human resources, budget constraints, and technology that helps them improve their efficiency.
Increasing Budgets
The report found that the budgets for event marketing are going up. 73 percent of respondents think their budget will grow, while 69 percent think it will increase.
Less than half of respondents plan to increase their investment in technology. Only 6 percent will spend less on technology than they did in the previous year.
More Focus on Small Events
81 percent of respondents said they would hold more events if they had access to event technology. There is an excellent case for streamlining with more than half of the people surveyed hosting small events.
Splash defines a daily event as an event designed to be replicated multiple times across regions. It is possible to reach audiences more frequently with the benefit of 'everyday events'. In just two years, the number of interactions with buyers has increased by more than half.
The research shows that marketers are adjusting their strategies to create more connection points with attendees. Kate Hammitt, chief marketing officer at Splash, said that they are seeing evidence that everyday events can have a significant financial impact on a company.
There are some challenges that are still on the rise. The biggest challenge is coordinating across departments, followed by building new attendee or invitation lists and creating similar event designs, according to those surveyed.
Rethinking Virtual and Hybrid Events
The concept of 'everyday events' includes in-person and virtual events, but webinars are a big part of this. Thirty percent of the people said they only focused on in-person events. 58 percent of them will host virtual events in 2023, but this is down from 92 percent in the previous year.
Shifting focus away from virtual events is obvious with most destinations now able to host events. The perception of virtual events being cost-effective has dropped from 49 percent to 38 percent in the last five years.
It's more significant when it comes to hybrid events. Only 20 percent of respondents expect to host a hybrid event this year, compared to 81 percent in 2022.
Almost two-thirds of respondents still use the same tools to host virtual events as they did before 2020. Budget constraints are one of the main reasons for this stagnation. There is a top priority for those looking to invest in live streaming software.
In Search for Return on Investment
32 percent of respondents chose attracting the right audience as the key to a successful event program, up from 26 percent in the previous year. Compelling event content was third in attracting the most attendees. This shows that event marketers are trying to attract a more targeted audience.
Accurately measuring return on investment came in fourth, with 13 percent of respondents selecting it as the key, but a jump from 8 percent in the previous year.
In-person events yielded the highest return on investment according to respondents.
Digital Revenue Gains Ground
The 2023 edition of the event tech forecast was published by the company. Increased expectations for digital revenue were found in a survey of 100 event professionals. More than half of respondents said they expect income from online sources to grow, with over a third saying digital revenue will provide 30 percent or more of their predicted revenue this year.
Digital packages will start being sold a lot more alongside the live event according to the chief growth officer. He agreed that the forming of year-round communities is a result of increased digital revenues. Community nurturing is seen as the biggest opportunity for event tech by 64 percent of respondents.
The format used in this shift is still being discussed but the intent comes through in the report. There is a lot of opportunity in digital and we want to invest in it. Bilton said that individuals may not be charged for the virtual event but may be charged for content or community.
Event Technology Wishlist
Mobile event apps were selected as the top event technology feature by 60 percent of the respondents, with artificial intelligence being selected by half of the respondents. On-demand content was the top result in the last report. This shows that on-demand content isn't as important as it used to be.
Creating a seamless experience across platforms was selected as the most significant challenge by respondents. A lack of skilled resources, a lack of integration between suppliers, and a good return on investment were some of the things that were found to be problematic.
