Data Science for Live Events

[lvalvo-blog]

Can you grow your events 5500% in 4 years?

Web Summit did. How? Data science.

If you haven't read this Venture Beat article, you should. It is not only a great story about a really smart group of people who have created a noteworthy event experience. It is the proof positive that investing in Data Science is not akin to buying a crystal ball. It is real - and it is the biggest challenge every event organizer will face in the next few years. Some of you will, like @websummitHQ, seek out and eventually find your own team of quants, physicists and other 'unicorns'. But many more of you will outsource this critical function to companies like @insightxm. Like all build it, buy it decisions, there are benefits to both. Here are 10 reasons you should outsource...now.

Really smart data people are not only hard to find - but they are highly sought after

You can't afford to make non data driven decisions

Driving value does not end with hiring the right people - you also need a core of subject matter experts to apply real market knowledge to the process

Aggregated knowledge built through experience across many businesses provides perspectives you can't drive internally

You need to 'stick to your knitting' and let the experts in Data Science stick to theirs - building a Data Science practice is not your core business

You are missing significant opportunities every day you don't dive in to your data

Data Science is not a quick hit answer - it is a process with early and long term implications

You get a team of brilliant scientists, engineers and domain experts at a fraction of the cost

Data Science will drive Strategy, Revenue, Audience, Outcomes

Your competition is going to

[lvalvo-blog]

More Tech, Fewer Events Paradox

Back in the dark ages, say 2006 or 2007, there was a ripple of panic surging through the events industry. Like many industries, ours was afraid that the advent of new technologies was going to be the undoing of live events. How would we compete with Second Life, virtual tradeshows, FREE CONTENT being served up by Ted! 

Questions were flying around every industry pow wow. Should we even offer a virtual component? How can we charge for the content? If we offer virtual, we will cannibalize our own events. Remember?

Well - technology was, and is, something to be concerned with. But as it turns out, not because people would lose interest in getting out of the office, networking, socializing, learning in a live environment. In fact, there are many more events being produced today. So, what's the problem?

New technologies are having significant impact on professional event marketers. Because they have broken down the barriers to entry. Today, using social networks & social tools like meetup anyone can create an instant community. The competition is fierce and the only hope of survival is to hang on to your audience. And the only way to hold on to your audience is to be more relevant, deliver richer communities, hotter content, memorable experiences. In short, to know them better than others do.

Fortunately data science breakthroughs now deliver both demographic and psychographic pattern recognition, giving you the firepower to talk to each of your customers as if you were running the event just for them. 

Big data - do it now or someone else will.

[lvalvo-blog]

Data Strategy - what is it? why should you care?

Data Insights will transform your business. By knowing your customers better you can target your marketing, identify highly relevant and trending topics, create new tribes (aka events/communities), get Sponsors really excited about investment -  in short, make the emotional sale. 

Check out the video Event Tech Live used to Crowdsource sessions at their upcoming event in London. I love this! It is a great way to ensure your participants 'own' the event. And for insightXM it is validation that the work we are doing is both valuable and topical for Event Marketers. 

Anyone can tell you who. insightXM tells you why. Because data doesn't accompany the story - data TELLS the story.

[lvalvo-blog]

Event Marketing Challenge #2 - Sponsor Dat(a)ing

Most large companies receive 10-20 sponsor requests a day. And I know how it feels to be caller #19!

So what do we say to get their attention? Something like - "our event attracts C-level Decision makers" or "competitors so-and-so and this-and-such are going to be there. You cant afford NOT to be there" or "we will deliver 50 appointments with Qualified buyers". And what if this is the first year for your event? Conversations rapidly enter downward negotiation spiral mode. 

Data can transform dialing for dollars into a data driven strategic sales story that I guarantee will increase Sponsor revenues, shorten the sales cycle and improve Sponsor retention rates. To get there you need to have a data strategy - one that will help you attract, sell and retain endemic and non-endemic sponsors. But you cant stop there. For long term success your strategy should include a plan to incorporate data insights into every sponsor package. Blow your Sponsors away with outcomes they can proudly show their bosses.

By Dat(a)ing your Sponsors you will stand out whether you are caller #1 or #20.  

Take a look at a recent Case Study HERE

[lvalvo-blog]

Event Marketing Challenge #1-Audience Acquisition

How do you grow your events? I bet I can guess. You 'analyze' who you know, crunch the data, find the common characteristics such as industry, geography, job title - and buy new lists. If you are really sophisticated you have written some blogs, offered some white papers, partnered with this association or that. You have created smashing social communities using Facebook (or not), Twitter, LinkedIn Groups, Pinterest and now, perhaps, Instagram. You are AMPLIFYING your marketing. Right? How is it going?

Statistics would say, not as well as you would like. So what's up?

Let's face it. You are overwhelmed with data - from everywhere. Your social channels, marketing automation, sales CRM, event automation. Heck, you now even have some really interesting stuff (did I say stuff?) from the super sexy mobile apps you are deploying. But what does it mean?

#demographics are so yesterday. #personas are the new black. And to create personas you have to be able to see the things that are not so obvious. A bit of Sherlock Holmes meets Rembrandt. Oh, and dare I say, data scientists. Because to create personas which are the real basis for audience growth you need to include behavioral and psychological factors to find new potential participants. Do you do #personas?

[lvalvo-blog]

Event Marketing Challenge #0 - data? I'll think about it tomorrow

Few understand just how big “big data” has gotten. Many of us probably still think a terabyte is a lot of data. Today, our digital universe is about four zettabytes. To put that in perspective, while one terabyte can store roughly 100,000 minutes of music, one zettabyte can store just over two billion years of music. By the end of the decade, we’ll be starting to use a unit that few people have ever heard of: the brontobyte — a billion exabytes — or two quadrillion years of music.

And I thought a #brontobyte was what my football player son takes of his food after practice!

After reading this in an @hp article today, I couldn't help myself but to find a way to put this Challenge above the rest. Because tackling the data question for many of us is, well, daunting. So we would prefer to think about it tomorrow. Event season is upon us. Can you afford to let one more day go by without using data to make decisions, find sponsors, grown attendance, demonstrate business value? No! Because your data problem isnt getting smaller. And neither is your competition.

Data is MONEY. And you cant let procrastination, fear or budgets delay your mining efforts another day.

[lvalvo-blog]

Storyteller or Brand Killer?

Cool, hip, kitschy, fun, dare I say quirky, marketing is the new black. In the case of @CafeGrumpy, #OrangeistheNewBlack too! 

I don’t know about you, but I love orange. It is a bright, cheerful, striking, happy color. Cafe Grumpy definitely has it all going on. Hipster barista, orange splashes, bright cheerful environment, great graphic. Walking in for the first time my eyes brightened and I just had to buy the mugs. Ok, perhaps the combo of orange and #oscar is what drew me to them, but still they managed to separate me from $24 of my hard earned money. With mugs in hand I boarded the train with my $5 drip coffee, satisfied that I had once again resisted the @starbucks #habit and discovered something new. Fail. The coffee just isn’t delicious. If the brand story hadn't screamed #fresh #fabulous #fantastic #creative I expect the very average coffee would not have been such a big letdown. My expectations of coffee from the service station are almost never unmet! 

#moralofthestory - be sure the story your marketing tells about your brand isn’t better than the story your product tells. Because in the very viral world we live in more than ever before,“Nothing kills a bad product faster than good advertising" - @dellafmina

[lvalvo-blog]

If the Data you collect is Incomplete, it will become Obsolete

  Is your data strategy too big, too small or just right?  Or perhaps you have been avoiding the topic all together. As I embark on a fascinating journey to address this challenge in the very defined 'neighborhood' of Experiential Marketing, my experience with my coveted Nike+ FuelBand made me think about the data dilemma. Here's what happened.

I asked for a Nike+ FuelBand for Christmas. I didnt ask for a fitness band generically. I was very specific. And I got one.  Was I excited!  I dont usually have pressing Christmas wishes, so this was special indeed.  I got my FuelBand out, adjusted the strap, skimmed the instructions, and set my GOAL.  I charged my band every night and put it on before my feet hit the floor in the morning. I checked my status, delighted in the message telling me to Go Leonora, and felt accomplished when I was rewarded for my activity with the word GOAL. Fun. 

Then I started training for a Triathlon Sprint. Running, check. Cycling, uh, swimming, uh. My band doesn’t record these activities. So I plugged it in to my computer to enter activities manually the same way I do on MapMyRun. To my surprise, that isn’t an option.  So on days when I swim and bike, my fuel band thinks I have been a couch potato. For a number of days, even weeks, I felt frustrated by that but persevered. I wanted to want to wear that band every day. As time passed I became really disenchanted, because when I look at my stats, I know they are inaccurate. Sadly I have now retired my Nike+ FuelBandWhich brings me here.

Data and insights are at best under performing and at worst misleading when incomplete. Driving business strategy without the full picture is dangerous to your bottom line. And those who sell a partial solution to your big, and I mean big, data challenges will quickly become obsolete.

[lvalvo-blog]

Hyperlocal

Declining matriculation, digital marketing squelch, web content, segmentation. These are problems often articulated by Experiential Marketers.  I believe the secret enemy of event participation is what I term 'hyperlocal'.  Hyperlocal isnt just about geography, though it certainly is a big factor. It is about deep, personal understanding of a community, its interests and connectivity.

With the tools available to create experiences - from ticketing tools like Eventbrite to party tools like WeBunch to pop-up community tools like MeetUp, virtually anyone can be an expert event organizer.  And given the scope and complexity of the events they produce, they are.  

A mother of a friend from my teenage years used to say that when hosting a dinner party, worry more about how you look than the food, because that is what people notice. I draw a parallel to a successful event.  Worry more about the social/networking experience than most other aspects. Get that right and it will carry the day.  This essence of experience is the real challenger to professionally organized commercial events.  

But all is not lost.  With greater insights about your communities, you can create richer, more meaningful experiences. And since you are professional event organizers, you can do so within the context of the significant value add your expertise creates.  

[lvalvo-blog]

Events, Sessions & Interaction

Over the years I have participated in strategic conversations about ideal event formats both in gross terms and more granularly. There is no argument that interactive sessions prove to be the most memorable and well rated - apart from keynote talks by rock stars. (And by rock stars I mean the gurus and heroes in a market, on a topic, in a geography. They may be political figures, heads of companies, teacher of the year or Justin Beeber.) But just because you tag the session interactive in the description, doesn't make it so. So what is the ideal format to ensure sessions are interactive? Efforts include putting an 'engaging' speaker in the room; or a skilled facilitator guiding a panel and the Q&A; or creating a somewhat contrived 'workshop'. And these are important ingredients for improving the takeaway value of your sessions. But a great deal more attention should be paid to session size. Group size is an interesting topic which is front and center in the education systems around the world. What experts have found is that Shooting for session sizes of about 24 people is ideal. Here is the reason. At 24, you can divide participants in groups of 4, 8 or 12, but if you lead the discussion in total, it is a manageable number for a skilled facilitator or leader. At this size you are also more likely to have a combination of critics, leaders, listeners - all necessary for a truly fruitful discussion. As the group size reduces from 24 the dynamic begins to change. Shy types are less likely to contribute. Even outgoing types feel more self conscious or intimidated by the complete lack of anonymity. And lets face it, who wants to be the only person in the room with a specific idea or belief? Which is more likely the case in a smaller group. And what about larger groups? Nothing gets adults to mimic the praying mantis faster than an un-interactive session. Look out in the audience. Text messages, stock market results, BBC News, Words with Friends, Tinder. They are getting interaction. Not the speaker. Holding an engaging conference requires attention to detail. When you get it right it is magical. When you get it wrong you will need to invest in a very large marketing list for next year.

[themarketinggoose-blog]

Double love hit today. Was reading a great blog post on the fact that we seem to finally be getting to an age where the snarkiness (imho which was heralded in by all the IT guys in the dot com 90s) era has come to an end and sweetness now prevails. The HBR blog post takes apart Sonic’s...

[lvalvo-blog]

Great tradeshow booth advice!