Event Marketing is poised to continue explosive growth over the next decade. In this collection of stats and trends, you’ll see how today’s event marketers combine new and old approaches to drive brand awareness, engagement and sales.
The Future of Event Marketing
The challenges we’ve faced the last few years including COVID-19 Lockdowns have left the Event Marketing industry very resilient. And despite these challenges, hosting in-person events and the event marketing industry is stronger than ever. Market researchers predict some impressive growth in the space over the next several years. These stats reveal the state of the event marketing industry from businesses and marketers from their perspectives as they are entrenched in the space.
By 2026, the Event marketing industry is expected to grow to $36.31 Billion (Daedal Research)
B2B event marketing has the most significant share of the industry with 40%. B2C and mixed segments make up the rest of the market. The rise of virtual and hybrid events play a large role in the industry’s projected growth.
Increase or Decrease in Event Marketing Spend in 2024?
67% of event professionals expect an increase in overall meeting spend in 2024, with 13% predicting an increase of more than 10%. American Express
86.4% of event organizers plan to maintain or increase the number of in-person events in 2024 compared to last year. Bizzabo
In-Person Events vs. Virtual Events
Nearly Half (47%) of Event Marketers say that In-person events have the highest ROI (Splash)
80% of people prefer in-person events over virtual formats. (Freeman)
97% of marketers believe they’re effective at running in-person events, with 44% saying they’re “very effective.” Overall, marketers are far less confident in their ability to run other event types.
Only 12% believe they’re very effective at executing Virtual events, with 79% claiming to be at least moderately effective. 8% are very effective at executing hybrid events and 14% are very effective at running webinars.
The survey conducted by Splash indicates that the number of in-person events expected in 2023 remained essentially unchanged from 2022. 40% reported they hosted more in-person events in 2022 than they initially anticipated, likely due at least in part to the success of in-person events early in the year. However, many marketers may feel that they found their ideal event mix last year and are reluctant to make any changes in a year where funds for experimentation could be tighter.
On the other hand, virtual events have not see the same growth as their in-person counterparts. Those planning to host five or fewer virtual events have nearly doubled since last year, indicating fewer virtual events in the works. This decrease is despite 41% expressing that virtual events were more effective that anticipated and 38% reporting that virtual events were cost effective.
In-person events are a proven money maker, which is why 83% of event marketers include them in their strategy. Here’s a full breakdown of what kind of events marketers are executing:
- 43% run a mix of in-person and virtual events
- 30% only run in-person events
- 11% only run hybrid events
- 9% run a mix of in-person, hybrid, and virtual events
- 6% only run virtual events
What are the Top Metrics used in measuring Event Success?
For B2B Companies at events, the top three success metrics are new quality of leads, new accounts engaged and revenue generated from events.
For marketing event planners, increased attendance is the number one success metric, followed by new accounts and higher attendee-to-exhibitor ratios.
Consumer Sentiment on In-Person events
64% of consumers hold onto positive impressions of brands for one month or longer after a brand activation or event. ~Freeman
69% of event attendees prefer events that offer a “meaningful, transformative experience.” ~Eventbrite
77% of consumers say that interacting with a brand at a live event increases their trust in the brand. ~Freeman
The Take away
The event marketing industry is still growing at an extremely fast pace, despite the trend of workplace environments becoming more remote. Also with the digital world blending more with traditional events, marketers are able to run ongoing events efficiently throughout the year and accommodate more global audiences as well.
NextGen Event Co. is the premier Experiential Event & Promotions Company that specializes in Custom event production, Brand Activations & Gamification for In-person & Hybrid Events. We offer services for various types of events including Corporate events, Experiential Events, Trade Shows & Exhibits, Colleges & Universities, and Social Events.
For more information on how we can take your events to the next level, please contact us to schedule a consultation and explore all of the possibilities.