B2B firms spend 25-40% budget on events and they have been an important channel to generate pipeline and accelerate pipeline opportunities. But measuring the ROI on marketing events, while organizing them and sponsoring them used to be a nightmare for me. The million-dollar question – “what’s the impact of event spend” is a question that our CEO asked us every quarter. And all we had were business cards from events with no actionable insights for our sales team to follow up effectively. We used to religiously track demo meetings and conversions in Salesforce hoping for the business cards to convert into real deals.
When virtual events started to take shape, we were extremely excited about the insights and analytics that you can gather from the event. About prospects and customers. The engagement data that was completely lacking in offline events.
And when we saw existing event tech players shift to virtual events space because of COVID, we felt it was a knee jerk reaction to what was happening but not using first principles to solve problems. Almost every event marketer in B2B companies expressed the pain point of driving engagement with online events but most importantly proving ROI by attributing to the pipeline.
It was clear that there was no purpose built product for B2B event marketers and demand gen teams to not only host engaging events, but to bring that measurability and actionability using the engagement insights.
A fundamental shift to events, similar to what digital mediums did for advertising.
Thanks to the amazing event marketing community, we uncovered several pain points that they faced while they were pivoting their event strategy- insights that informed our company’s mission and how we should build the product. More on the next blog post on our mission and key findings!