As the event industry continues to navigate through the complex challenges in 2024 which mainly include budget constraints and rising costs, Prateek N. Kumar, Founder, NeoNiche Integrated Solutions, highlights that there is a pressing need for event marketers to utilize data effectively to demonstrate return on investment (ROI).
According to a CWT survey, 68% of corporate exhibit marketers cite internal budget pressures as their primary concern, driven by a significant rise in the cost per attendee.
The key to overcoming budget constrains, according to him, lies in effectively establishing the baseline of success, communicating the impact of the events, and highlighting its inherent value within organisations.
In order to put across the effective analysis of events, he stated that markers such revenue generation, and attendee footfalls are not sufficient to convey the true impact of events which is why the analysis has to go beyond traditional metrics.
This in Kumar’s opinion can be done by organisations by harnessing advanced analytics and feedback mechanisms which will further help event companies develop a deeper understanding of how their events resonate with audiences, ultimately leading to more informed decision-making regarding future investments.
“It’s not just about showing revenue generated; we need to present a comprehensive picture that indicates the success of a show. By focusing on qualitative data such as sentiment analysis, event marketers can effectively communicate the value of their initiatives to management, ensuring that events are recognized as vital investments rather than mere expenses. This strategic approach aligns with NeoNiche’s vision of leveraging emerging technologies to create immersive experiences that are received by audiences, driving meaningful interactions,” he emphasised.
Furthermore, he also pointed out that personalised and interactive experience, backed by sophisticated technology and artificial intelligence can prove instrumental in effectively meeting success metrics with the evolving market trends and that integrating smart tools and streamlining processes via automation not only justifies the budgets but also enhance the overall value proposition of events.
This vision also reflects in NeoNiche’s commitment to meticulous planning and flawless execution as they continue their global expansion efforts. Most recently, the company had established its branch in Singapore, underscoring their dedication to reaching new markets while maintaining exacting standards in experiential marketing.
“As event professionals, the emphasis on utilizing data to demonstrate ROI will be crucial. By adopting best practices in data collection and analysis, organizations can navigate budget constraints while proving the inherent value of their events to stakeholders,” he concluded.
