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However , while the utility of a data management strategy appears to be understood , it does not mean creating this strategy is a simple matter . Firstly , running virtual events is making data management a lot more complicated according to 50 % of event organisers responding to Eventsforce ’ s survey . Also , 34 % of event organisers feel they do not have the time or resources to do anything useful with all the data they collect , the survey found . This underlines how creating an effective data management policy is not only difficult but becoming more complex with the increased involvement of virtual .
Paradoxically , while data management appears to be getting more difficult to effectively coordinate , its importance is increasing . Eventsforce ’ s study shows that 82 % of event organisers feel a good data management strategy is going to become even more important for them in the future .
Lewis argues : “ Leveraging data is a key component to business growth across all industries . Organisations must listen to their audiences , particularly as we emerge from a pandemic that has fundamentally changed social behaviour .”
“ Data insights from events and marketing activity are crucial for ensuring that businesses can plan future content that is both compelling and relevant to their audiences . Digital
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analytics are key informers to the creation of marcomms strategies that build upon the expressed interests of their intended consumers , and thus are more impactful than traditional campaigns . If organisations successfully collect data that is tailored to support the objectives of their business , they will have a head-start in enhancing their brand through meaningful engagement . Any businesses that don ’ t gather such insights risk being left behind ,” he concludes .
There is certainly no sign that this trend will reverse . While the appetite for live , in-person events remains large , Live Group suggests that their event briefs have moved from 65 % regarding in-person live events , to fewer than 5 %. This increased focus on the virtual aspects has been accompanied by tech goliaths , such as Microsoft , a company valued at over US $ 1tr , entering the events market with concepts such as Microsoft Mesh , a communication and collaboration virtual platform . With LinkedIn , Cisco and PE houses investing into the virtual events sphere , it is difficult to see any reversal of the trend .
On the positive side for event organisers , indications are that they have become receptive to this trend with Eventsforce showing that 73 % of planners are taking steps to improve their data strategy . Within this , 46 % are
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Top : Mayank Agarwal
Above : Toby Lewis
Left : Benefits of hybrid events include increased audience reach , as well as the ability to solve space limitations
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investing more time into data analysis to remain as competitive as possible .
Mayank Agarwal , CTO at event platform Hubilo , tells CMW : “ It ’ s absolutely critical that event organisers have a data management strategy that maximises the data that organisers get from every event .”
Agarwal adds : “ The most important consideration for an effective data management strategy is to understand what you want to measure . Too many event organisers measure vanity metrics like the number of logins and registrations , but this doesn ’ t tell you how good an event is . For us , we believe that engagement is the best measure for the attendee experience - knowing which sessions were most attended and provide metrics on the number of total unique views , video replays , total unique replays , how many users liked each session , and how many made notes per session .”
Additionally , some government funded schemes have developed to aid companies in their tech-focused transition . In the UK , the Treasury announced a ‘ Help to Grow ’ initiative , which offered £ 520m of funding to SMEs intended to assist them in improving their digital technologies and training associated with it . Following the pandemic , Singapore ’ s ministry of finance announced grants equivalent to £ 258.92m to support businesses in their digital transformations . Qualification for these measures includes the SMEs Go Digital programme , which aims to assist SMEs in the adoption of new technology .
While some actors within the events industry have been embracing this tectonic shift , it is not universally prioritised , and those organisers stuck in stasis will face a real existential threat to their future .
Finally , if organisers are convinced they need to move fast to introduce slick , modern data management systems , then there is another question looming . Who owns that data ? This is a big question in its own right and another hot topic the industry must address .
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