Meetings technology company Cvent has released its annual "Global Event Industry Benchmarks Study," a survey of more than 2,200 executives, planners, and marketers focusing on how meeting professionals around the globe budget, target attendees, create content, market events, enhance onsite experience, collect feedback, and measure return on investment (ROI).
"Meetings and events are critical for organizations to engage customers and prospects, and executives have placed a significant emphasis on increasing attendance, staying on budget, and delivering engaging experiences," said Chuck Ghoorah, co-founder and president of worldwide sales and marketing at Cvent. "This study is a must-read resource for meeting professionals because it will arm them with industry insights to help them make informed decisions, spend more efficiently, and prove ROI. Having this valuable information will also create opportunity for them to have a seat at the table with C-level executives as key stakeholders become more strategic in their approach to events."
Speaking of C-level executives, Cvent's study found that a whopping 94 percent of them believe their events were effective upon completion.
Other key findings:
• Twenty-one percent of respondents spend more than 50 percent of their marketing budget on meetings and events; nearly half (45 percent) indicated that they allocate 6-25 percent of their annual marketing budget to meetings and events.
• While events can be expensive to host, organizations typically recover their costs through registration fees (61 percent), sponsorships (51 percent), and exhibitor fees (33 percent).
• Meeting planners are encouraging their attendees to engage on social media, with 65 percent of those surveyed using a designated event hashtag for social media content related to their event.
• Respondents use the following metrics when measuring the ROI of an event: 4evenue from registrations (37 percent), revenue from sponsorships (32 percent), number of new leads (25 percent), new business won directly (21 percent), and customers retained (16 percent).
The 2015 "Global Event Industry Benchmarks Study" is available for download in its entirety from Cvent's website.
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