How Data Is Driving the Events Industry

September 11, 2024

New research shows just how data is driving the events industry forward.

You may not have gotten into the events industry for its number-crunching potential, but data has become an indispensable tool for meeting and event planners and suppliers alike — even if how and why they use it may vary.

According to a recent survey of 407 industry professionals — 40% suppliers, 60% planners — by Ovation Global DMC, suppliers tend to lean on data analytics to measure event success and return on investment (ROI), while planners value data most for how it can help improve their event planning and personalize the attendee experience, including the communication strategies they use both pre- and post-event. The tools most commonly used by event planners are survey feedback tools (66%) and CRM systems (55%). To a much smaller degree, other tools in use include event management software and data analytics platforms, trailed by conversations with attendees and vendor partners.

Suppliers also are using the data they collect to create new products and services based on their clients’ needs (33%), and to improve customer service and support (33%). The last third was split about evenly, with 16% each saying they use data to refine product offerings and to optimize pricing and packages.

Of course, there’s no silver lining without a black cloud, and planners and suppliers alike say data comes with its own set of challenges. The survey results found that the top challenge for suppliers is gaining employee consent, followed by the ability to capture relevant data, though navigating data privacy and analyzing/interpreting the data they collect.

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Event planners also list gaining attendee consent to collect their data as their top challenge, as well as being able to capture relevant and accurate data.

Part of the reason data privacy and security is a top challenge may stem from Europe’s General Data Protection Regulation laws, which include large penalties for non-compliance. There also are 18 states, including California, Virginia and Colorado, that have consumer data privacy laws on the books. These new rules and regulations mean that planners and suppliers both have to take care to ensure their data collection strategies are in compliance with whichever of these rules and regs pertain to their events and attendees. In fact, half of suppliers said they had to change up their data collection strategies to comply with GDPR, the survey found.

Despite these challenges, data will likely continue to be a driving force toward an events industry that is more personalized, innovative and creative. Data is already helping make event management more efficient, said 46%, while another 33% said it helps them achieve higher attendee satisfaction. To a lesser, but still noticeable, extent, their embrace of data collection and analysis has helped them achieve higher event attendance and engagement, improve event profitability, and achieve greater client satisfaction.