New data reveals event-led growth strategies give marketers a competitive advantage in driving revenue, boosting brand visibility and increasing customer loyalty
NEW YORK, Feb. 21, 2024 /PRNewswire/ — Splash, a global event technology company, today released the findings of its global 2024 Outlook on Events report. More than 1,200 marketers who are involved in their companies’ events programs in the US and UK were surveyed, with findings indicating that event-led growth (ELG) has an overwhelmingly positive impact on revenue. Seventy-seven percent of marketers stated events were the most effective marketing channel for their company in 2023.
ELG is a key strategy for organizations looking to improve the efficacy of their events as a marketing channel. And the data doesn’t lie: US-based teams that adopted ELG were 75% more likely than those who didn’t to see a growth rate of over 50% in 2023. What’s more, 84% of marketers report that events help their company stand out from the competition and 83% say events are critical for their business growth.
Yet, businesses fall short when it comes to measuring the ROI of their events. Notably, over half of marketers shared they don’t track opportunities created to measure event effectiveness, which means the most impactful revenue-driving tactic also has the potential to drive inefficiency and waste resources. Without these crucial data points, event marketers struggle to translate event impact, with 20% of respondents reporting they can’t directly attribute their events to company revenue, and 26% noting they’re unable to accurately predict their team’s progress toward event goals.
“While there’s no one-size-fits-all strategy for executing event programs, the impact on business growth is undeniable,” said Kate Hammitt, CMO of Splash. “When event-led growth is properly enabled, we’ve seen companies scale their event programs, running hundreds of events globally per month across the organization. Companies harnessing event-led growth are tripling their pipeline, increasing their win rates by 10% and seeing up to a 45% lift in product adoption. The proof is in the data: businesses employing event-led growth are reaping the rewards and those that aren’t are missing out.”
Additional findings from the report include:
In an AI-obsessed and Zoom-fatigued world, audiences have a clear appetite for unique and intimate in-person gatherings. And marketers need to provide authentic experiences to engage with prospects and stakeholders, make their brand stand out, and capture first-party data in a world of hard-to-track buyers who are increasingly concerned with privacy.
That’s why traditional in-person events remain the industry’s bread and butter, with 73% of companies holding in-person events in 2023. More than half (60%) of those who hosted a blend of in-person, virtual, and hybrid events noted in-person get-togethers have been the most effective for generating revenue.
To learn more about the 2024 Outlook on Events report, as well as how event technology can help you market, measure, and scale your in-person, hybrid, and virtual events, check out the report.
Methodology
The 2024 Outlook on Events survey was conducted between December 13 and December 31, 2023. Splash surveyed a total of 1,255 respondents in the United States and United Kingdom who work in marketing full-time and have a hand in their company’s events program. The study was conducted at 95% confidence with a +/- 4% margin of error.
About Splash
Splash, a global event marketing technology company, empowers everyone within an organization to host on-brand, measurable, repeatable, and compliant event marketing programs (live, hybrid, and virtual) and digital experiences at scale. Splash helps companies execute more impactful events through brand-compliant templates, real-time integrations, and deep insights into attendee engagement and event ROI. Using Splash, event professionals and teams can simplify their processes, amplify their brand, measure their results more effectively, and grow their event programs through a single, powerful platform. Visit www.splashthat.com to learn more.
SOURCE Splash
