Live Events Gaining Greater Executive Support, Bizzabo Study Finds
February 20, 2019
While event professionals have long touted the power of the events they plan, many have not previously had great support from leadership in this area. The good news is that the data shows that to be changing.
Recent event industry studies all indicate the industry is healthy and growing, and a big part of that is due to marketing. Findings from Bizzabo’s “Event Marketing 2019: Benchmarking and Trends” report show that today, face-to-face events are more effective for achieving business goals than ever before — and executives are taking notice.
Bizzabo surveyed more than 1,000 mid- to senior-level marketers responsible for an estimated $738 million in annual event spend. Participants included representatives from leading brands including Amazon, General Mills, KPMG, AppNexus, Digiday and Porsche.
Survey results show events are considered an important part of the marketing mix. Eighty-five percent of respondents indicated that events are essential to their marketing strategy and nearly all respondents (95 percent) say they believe in-person events provide attendees with a valuable opportunity to form connections in an increasingly digital world.
The majority of executives surveyed (84 percent) say they believe live events are a critical component of their company’s success. When comparing data from its 2018 survey, Bizzabo discovered a 20 percent jump in commitment from leadership (up from 64 percent) responding that they are “very committed” to live events.
Yet event marketers still have work to do. Event ROI and leadership support are heavily correlated — and when event teams are unable to prove and measure ROI, business leaders are 2.2 times less supportive of events, the report shows.
Other key findings from the Bizzabo study include:
- The primary reason reported for organizing events is to support lead generation and sales acceleration, closely followed by brand awareness.
- Organizations using event software are more productive, more efficient and better able to prove ROI.
- Integration is key to success: Organizations integrating event software with other core business platforms, such as CRMs, experience 14 percent less trouble proving event ROI.
- The majority of businesses (62 percent) plan to increase their event budgets in 2019.
For more data and insights, download the report here.
Don’t miss any event-related news: Sign up for our weekly e-newsletter HERE and engage with us on Twitter, Facebook, LinkedIn and Instagram!
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
Add new comment