Meetings and events are getting a shot of Phat Data, and the results are nothing short of amazing
The thick data coming out of meetings and events these days is generating a keen interest among an ever-widening circle of stakeholders in the core business. Departments such as procurement, sales, marketing and finance are asking “how do I get that?”
The industry is “on the cusp of pretty significant change” says Jeannie Griffin, director product management at Cvent, an event management technology firm. Being driven by the use of “Phat Data,” its impact is not only benefiting meeting planners and attendees, but driving other sectors of business within a corporation too.
Let’s take sales and marketing; these folks are catching wind of how much data is available that allows them to track attendee activities and even track specific product sales to individuals based on different marketing done within an event. Finance departments are wanting to determine the total cost of meetings and are asking about expense integrations. C-level executives want to know, is this meeting worth it? It’s no longer a matter of guessing the ROI of a meeting; real data, with real results that impact the bottom line of the corporation, is mission critical.
Attendees & Mobility
Phat Data offers different implications and applicability depending on the audience. The most important person involved in a meeting is usually the attendee. So consider what implications Phat Data has for this individual. One of the biggest areas is the explosion of mobile apps.
Once considered a nice-to-have, mobile apps are now a critical part of a meeting and are rapidly becoming a must-have. Meeting planners and stakeholders are integrating mobile meeting apps into more and more of their meetings and events. Apps are being leveraged to make radical changes in the attendee’s experience, all based on the data that is collected, stored and used. Planners can now track when the app is downloaded, how much time attendees spend on the app, and who they interacted with at the meeting, just to name a few.
Additionally, sponsors can identify exactly who spent time reviewing their marketing information and use that data to interact with potential clients. Meeting attendees are able to improve their experiences through mobile recommendations of sessions based on previously attended conferences and sessions and speakers they enjoyed.
Gone are the days when we carried pocket agendas, session descriptions and attendee lists. That information now sits in the palm of our hands. Now instead of being asked to turn off their mobile device, attendees are encouraged to use it to improve their experience.
The use of mobile apps at meetings and events will continue to grow and its role will continue to expand. Matthew Donegan-Ryan, director mobile strategy for Crowd Compass, a mobile app solution provider, highlights five areas in which Phat Data will continue to drive growth in the meetings mobile app sector:
• Mobile technologies will get better, faster and easier for planners and attendees to use.
• More wearables will enter the marketplace (Google Glass, watches, etc).
• The capacity to understand attendees movements at events will grow and contribute to enhancing the attendees experience.
• Automation of information will increase and become more sophisticated, so it is real time and impactful.
• Challenges will continue with internet bandwidth at hotels and convention centers requiring investment in larger, faster networks.
Each of these will be empowered by the ability to collect and react to data, thus enabling planners, sponsors and attendees to immediately drive results at events through mobile applications and technologies.
The Impact on Planners
If you are a meeting planner or key stakeholder in the process of developing and executing a meeting, data can have a significant impact on your deliverable. The challenge this sector faces is what data should be collected and why.
Planners should develop a strategy around data and how and when they will leverage and use the information that is being collected. A focus on getting to wisdom around data should become a priority. No longer is the tactical work around executing an event enough to drive ROI. A focus on delivering program results through due diligence will help planners to augment the importance of big data.
If you are a meeting planner or stakeholder, you can take a few easy steps to impact ROI on your meetings using Phat Data. Here are some options that you can immediately integrate into your programs:
1. Meeting planners need to develop a keen understanding of what is being reported to senior management and ensure that the data they are providing is supporting those conversations. Ask yourself the questions, “How are you contributing to the bottom line, and how does the data you are collecting aid in that mission?”
2. Implement technologies to support meeting sourcing and planning activities in order to store the data in a centralized place. This will make access easier and create consistencies across multiple programs, creating a holistic view of what meetings are really costing.
3. Add mobility to your events. You can take a phased approach to make an immediate impact without breaking the bank – or your back – to get it done.
a. First year, use the mobile app to share meeting content with attendees; keep it simple, to avoid being overwhelmed by the process and becoming discouraged.
b. Build app templates for your meetings so you are not reinventing the wheel.
c. Understand these apps don’t take a degree in IT to operate.
d. After a year of collecting data around the use of your meeting apps (most meeting mobile apps have reporting functions for your use), you can then begin to sell sponsorships and create revenue generating opportunities.
e. As the mobile strategy begins to grow, the app and associated data can influence the behaviors of your attendees and help to drive results within your meetings and events.
4. Consider the integration of travel and meetings, so there is a seamless flow of data between the two departments.
Whether you decide to take on one or all of these recommendations, each one is inclusive of data that can absolutely change the way you plan, execute, and report on value of the meeting and turn your meetings Phat!
Supplier Benefits
The opportunities for suppliers to gain from Phat Data are ripe for the picking! When meeting planners have access to massive amounts of data about products and services that are available in this vertical, suppliers can leverage this opening and target key markets with very specific product and service offerings.
Event management software can help select a great venue to deliver this content. The massive amounts of data these services collect is overwhelming.
Systems can quickly determine the properties that are right sized and available for events, help companies determine the costs of meetings in different locations. When meeting planners are given options that will truly work for a specific meeting, the number of RFP’s being sent out is reduced, eliminating time wasted on the supplier side responding to things that are not a true match (assuming they opt to reply at all). This business-like approach can go a long way to really building good partnerships between suppliers and buyers.
Suppliers are also able to market directly to meetings for which they know they are a good fit. And using historical data about events, they can create customized programs and value added services. This enhances both the planners and attendees experience.
When companies understand the total value of a meeting (through collection of the right data – from attendee selection to expense management) and use that data when negotiating a meeting venue, this paints a realistic picture of what that meeting or event will deliver to the supplier. It continues the process of determining ROI and the impact to the bottom line of all parties.
Now A Word From Our Sponsors
Sponsors pay to highlight their products or services to an event audience and those sponsorship dollars offset costs and generate revenue for the event. Historically, the sponsor budget is consumed with printed materials, booth space, a name on a sign. In truth, it may not be an exact science to actually know if it’s working.
Meeting sponsors should be hopping on the Phat Data bandwagon – after all, it provides them with enormous opportunities to make their sponsorship dollars go further. The ability to understand the behaviors of meeting attendees based on their likes/dislikes, and previous meeting activities is amazing. Mobile apps can really drive this change.
Sponsors who are asking about an events mobile app and what data it can capture real time are seeing that they can use that data to drive targeted marketing activities to the right audience. Event planners can partner with suppliers to share data and lead sponsors to a targeted audience, whether that is by session type, similar product booths visited, an attendee’s expressed interest – the options are endless. Sponsors just need to start thinking about how data and technologies can deliver for their investment.
Word to the Wise
Whether you are a meeting planner, a key stakeholder within an organization, a supplier or sponsor, keep in mind that there are tons of data at your fingertips. Now it’s about taking that data and getting to wisdom. You don’t need to capture everything, just because you can. Instead determine what is important and the impact it will have on your meetings and event, then create a strategy to deliver results through data. When the last light goes off, what will your attendees say? Is it WOW? Or maybe, they might say, “That meeting was PHAT!”
Jennifer Steinke is director, TCG Consulting, and an industry thought leader with over 27-years experience managing corporate travel. She holds an MBA plus Certified Corporate Travel Executive and Global Travel Professional certifications from GBTA. Jennifer strives to deliver innovative and thought provoking ideas to the corporate travel industry.