Digitisation
The monetisation journey
OLIVER THOMAS REVIEWS GLOBAL EVENT TECH COMPANY EXPOPLATFORM ’ S NEW E-BOOK , THE MONETISATION BLUEPRINT , WHICH AIMS TO PROVIDE GUIDANCE FOR ORGANISERS ON SECURING REVENUE STREAMS IN THE RAPIDLY DIGITISING EVENTS WORLD
C ovid-19 has changed the way event organisers monetise their digital platforms and ExpoPlatform believes that this industry shift , accelerated by the pandemic , requires “ new skill sets and new processes ” that are critical to shifting revenue mixes more equitably between ‘ digital and in-person engagement ’. The Monetisation Blueprint looks to provide a practical resource that gives advice to organisers who want to make this change .
The e-book uses a variety of industry reports and leading figures to build a template for eventprofs to use in their digital strategies . The ‘ blueprint ’ is split into four sections : 1 ) Keeping up with a changing landscape . 2 ) Digital solutions and packages . 3 ) How to adapt your sales team to the new world . 4 ) A go-to -market checklist .
Luke Bilton , ExpoPlatform ’ s chief growth officer , told CMW : “ We speak to a wide cross-section of event organisers , who are all at different stages in moving to blended revenue streams of events plus digital ”.
Bilton believes : “ The benchmark target of around 25 % revenue forecast to come from digital , first identified by AMR research , seems to be a pretty accurate reflection on the journey organisers are on . Delivering this over the next three years represents a real step-change for the industry , which is having to adapt teams , processes and technologies to the challenge ”.
Keeping up with a changing landscape ExpoPlatform ’ s first chapter , ‘ Keeping up with a changing landscape ’, explores the ongoing uncertainty created by the pandemic and the key trends that have been created by it . Brian Field , COO of Emerald , commented that “ a certain amount of hubris and lack of willingness ” to invest in digitalisation before Covid-19 was completely changed when the crisis hit , and organisers looked to “ whatever solution one could muster up .”
The chapter provides tips on how to be adaptable and make overall event strategies ‘ pandemic proof ’. An emphasis is placed on a shift from inperson spending to the rise of online markets . Specific attention is given to the rise of the subscription economy and micropayments . A case study is provided by James Hampton , director of operations at event management specialists MCI UK , where he explains how to extend “ engagement outside of the period of the event .”
Digital solutions and packages The second chapter investigates ‘ Digital Solutions and Packages .’ Digital solutions are categorised under three classifications : ‘ Thought leadership ’, ‘ Branding ’, and ‘ Lead generation ’. Through these three titles , the chapter goes into detail about the diverse inventory that can be produced and monetised on digital platforms beyond the opportunities offered purely by the traditional in-person events . Summarising ‘ Dos and Don ’ ts of digital inventory management ’, ExpoPlatform highlights the importance of not underestimating the value of digital platforms and the need to spend time thoroughly organising an all-encompassing strategy .
The ability to segment your clientbase was also outlined as an important tool in tailoring your strategy to different customers . The consideration of different budgets and expectations was highlighted as key differentiators to segmenting client bases . Once event organisers have a better understanding of their clients , digital packages can better customise their prices .
18 / CONFERENCE & MEETINGS WORLD / ISSUE 115