Bobcat

Beyond Virtual Events: 3 Replacements for Live Events That Are Taking Center Stage in 2021

The cancellation of live events in 2020 (and for most, at least the first half of 2021) has forced publishers to find new ways to connect buyers and sellers, particularly as sponsors shifted ad dollars earmarked for events into all-digital channels.

Virtual events were the obvious answer but if you talk to most publishers and sponsors privately, they’ll admit they see “traditional” virtual facsimiles of live events as a stopgap to be abandoned as soon as the world goes back to normal.

Here we look at three solutions developed in response to the crisis that have performed so well that they will continue to be offered even as live events return.

1.  Social Simulcasts

AC Business Media (ACBM) covers markets ranging from heavy construction to manufacturing to supply chain and that means serving sponsors with heavy equipment to sell. As events canceled, giving customers a way to get products in front of potential buyers was critical.

“We were at CONEXPO last March just as the world started imploding,” says ACBM Chief Digital Officer Kris Heineman. “Big manufacturers had already paid millions to ship machines out to the show but they didn’t come themselves because they didn’t want their staffs exposed to COVID. When events go away they’re not going to stop producing products, they’ll start looking for other outlets.”

While many publishers produced virtual product showcases within proprietary digital platforms, ACMB created simulcasts—basically live streaming—that leveraged social media to expand the reach of its audience.

In one example, ACBM created a single livestream that played simultaneously across the seven different Facebook pages devoted to its Construction brands.

“When we first started doing this, we were concerned that the channels would start overlapping with each other but it’s actually a case of more is more—with each platform you get a certain percentage of your overall audience,” says Heineman. “Let’s say you have 1 million Facebook followers—Facebook won’t let you organically reach all those people. But if you stream to 10 different Facebook pages, maybe you reach 40,000 here and 60,000 there, so it’s all complementary.”

ACBM created a simulcast for equipment manufacturer Bobcat that drove more than 100,000 views and 800 interactions in the first few days.

“For B2B, those are high numbers,” says Heineman. “When most people in B2B say they put something on Facebook they’re usually getting two or three interactions. Not everyone thinks there’s opportunity in B2B for social media but this product proves that wrong.”

Customers continue to clamor for the live streams even as ACBM begins exploring the return of live events. “We can’t produce enough video,” says Heineman. “We’re already sold out on some channels through 2021.”

[Editor’s note: For more on how ACBM is creating social simulcasts, register for our upcoming webcast this Thursday, March 25 at 1pm ET on New Revenue From Social Media: How To Build a Live Product Showcase.]

2. Marketing Services

Marketing services have grown faster than digital display advertising in B2B media for several years now but prior to last year still took a backseat to events as an overall revenue producer for most publishers.

Marketing services has always been tied closely to events for Government Executive Media Group (GEMG) but in 2020 came to the forefront by helping customers meet their event objectives when live events came to a standstill (and finished the year with revenue up 43 percent as a group while helping to drive 20 percent topline growth for the overall company).

Frank Salatto, GEMG

“It wasn’t just about helping customers achieve their event objectives with us but their event objectives writ large,” says Frank Salatto, Vice President and General Manager of Marketing and Communications at GEMG. “Honestly, we were part of the conversation with clients like never before in how to rebuild their event programs.”

GEMG transitioned quickly to an all-digital environment by turning large live events into multi-part integrated digital programs, using content as the connector to drive audience from one touchpoint to another.

“Digital events were part of that but it’s a series of digital events that would allow you to recreate what you would get with a live event but in between those you need additive content that keeps the conversation going,” says Salatto.

Data collection and diverse capabilities helped GEMG keep revenue whole for all but one live event booked prior to the pandemic.

“There is opportunity in the data that you can collect,” says Salatto. “That’s always been a pain point for live events. But in digital we know what customers are interacting with across a much longer time-period and we know more about them including how interested they are and how ready they are to buy.”

Branded websites proved to be a winner for GEMG last year and will continue to be a key product in 2021. “That turned out to be a great vehicle for brands to tell their story and drive sustained engagement over time but also a way for us to have a center piece for really large, long term programs and have tack-on revenue beyond the initial build,” says Salatto.

GEMG expects a similar marketing environment in 2021 and is looking to capitalize on its stable which includes branded microsites, immersive articles, video and audio, digital event integration and data visualization.

“We believe this is sustainable and there’s room to grow,” says Salatto. “The net of this is that 14 out of our 15 top clients have marketing services central to the program they bought with us. We are not a huge piece of the revenue pie as an individual unit but we are a driver of topline revenue and a significant part of the pathway to bigger revenue programs.”

3. Attendee Data

You’ve likely heard of first party data and third-party data but how about zero party data?

At our recent Business Information and Media Summit, Informa Markets chief digital officer Jason Brown, who leads a newly created group called Informa Markets DNA, showed how the company is finding new revenue by leveraging event audience data into a new take on lead gen that not only creates revenue in the interim but promises to elevate the value of Informa’s live events when they return.

That includes creating online marketplaces that are enhanced versions of the show directories that Informa produces for its live events. Customers can use the online marketplaces to search products and suppliers, discover new products via a recommendation engine, make connections, create a virtual “walking” or favorites list and register for other Informa physical and virtual events.

The online marketplaces also provide Informa with “zero party data” where users offer direct insight into their interests through their use of the marketplaces, which helps Informa create authenticated data that shows not only who a lead is also their buying intent.

“We take our first party data, the third-party data that we can buy or borrow and the zero-party data given to us by our audience when they are specifically after something and combine that information together to create something called authenticated data,” says Brown. “If we do all of that correctly, our gray cloud of a data lake becomes a green cloud of known buyer status. That’s where we can say who our buyer is and where they are in the funnel.”

In addition to the traditional model of offering leads as part of a one-off sponsorship, Informa is moving toward an annual subscription model that includes,

  • continuous access to fresh data
  • ability to count, segment and modify criteria for best data selection
  • intent scoring
  • ability to create a sales pipeline that feeds directly into the customer’s CRM

“Instead of bundling and packaging programs, this is an annual program that you can subscribe to and we can present different layers and opportunities to you,” says Brown.

Informa Markets

3 Ways B2B Giant Informa is Reinventing Lead Gen

With more than 500 trade shows and exhibitions that in a typical year generate more than 60 percent of its total revenue, few companies have borne the brunt of COVID-19’s impact on events more than Informa.

But the way forward is turning crisis into opportunity and Informa is aggressively creating new businesses out of its existing events model and the enormous cache of audience data those events create.

At our recent Business Information and Media Summit, Informa Markets chief digital officer Jason Brown, who leads a newly created group called Informa Markets DNA, showed how the company is finding new revenue by leveraging event audience data into a new take on lead gen that not only creates revenue in the interim but promises to elevate the value of Informa’s live events when they return (replays of that session are available in the BIMS archive and AM&P Network members can reach out to me at mkinsman@siia.net for a link).

“We were hit hard with corona, but on the back of that, we’re working hard to look at alternative ways we can generate revenue from a similar mix of audience,” says Brown. “We’re not seeking to replicate what a show would do but instead offer year-round engagement with buyers and sellers which will mold itself to physical trade shows when they come back over the next 12 months.”

Three-Part Combo: Online Marketplaces, Authenticated Data and Audience Extension

Informa’s new approach leverages three components—Online Marketplaces, Authenticated Data and Audience Extension—that work together to generate data, convert that data into highly detailed and actionable intelligence and ultimately leverage that intelligence and Informa’s scale in connecting buyers and sellers across its own properties and beyond.

Online Marketplaces are enhanced versions of the show directories that Informa produces for its live events. Customers can use the online marketplaces to search products and suppliers, discover new products via a recommendation engine, make connections, create a virtual “walking” or favorites list and register for other Informa physical and virtual events.

“We let attendees figure out what they want to do,” says Brown. “It’s not about driving traffic to physical shows but creating engagement for 52 weeks a year. We’re allowing buyers and sellers to connect now without the ultimate destination of a physical trade show.”

The online marketplaces also provide Informa with “zero party data” where users offer direct insight into their interests through their use of the marketplaces, which helps Informa create the next component—Authenticated Data.

Identity and Buying Intent

If the top of the buyer funnel is about generating awareness, the bottom of the funnel is about decision and action. Informa is offering its customers authenticated data that shows not only who a lead is but also their buying intent.

“We take our first party data, the third-party data that we can buy or borrow and the zero-party data given to us by visitors and our audience when they are specifically after something and combine that information together to create something called authenticated data,” says Brown.

Getting the data right is the most important part. Informa aggregates its full spectrum of audience data into a data lake, including event registrations, online behavior and third-party data from services such as Bombora. Informa then uses that information to build a picture of a user and create an intent score.

“If we do all of that correctly, our gray cloud of a data lake becomes a green cloud of known buyer status,” says Brown. “That’s where we can say who our buyer is and where they are in the funnel.”

“Right Person, Right Time, Right Message”

Audience extension—reaching customers not only on your own branded properties but beyond—is something Informa and other publishers have been doing for years (and it’s why social platforms have become such an existential threat to publishers). But the addition of highly targeted, highly accurate data makes Informa’s audience extension efforts even more powerful.

“We ask our clients what kind of customer they are looking for, then we work with several third-party companies to find that lookalike audience and present a marketing message,” says Brown.

This is something Informa has seen success with particularly in the ag vertical, where it runs events such as the Farm Progress Show. “We can take a farmer, find hundreds of thousands of other farmers just like them, find whatever device they are on and target them with a message,” says Brown. “Right person, right time, right message.”

“Giving You the Needle, Not the Haystack”

And while audience extension is about scale and Informa still sells many traditional lead gen projects (including CRM feeds, webinar series, email promotion, programmatic remarketing, geo fencing and market intelligence reports), providing access to qualified buyers is the ultimate goal.

“We don’t want to give you access to 9,000 people; we want to give you access to 12,” says Brown. “Customers say, ‘don’t give us the haystack, give us the needle inside it.’ If you do a webinar today, you might get between 200-500 attendees and that’s great, but you’re not sure how qualified they are. Here, we are talking about creating a qualified buyer and then working with clients to create a webinar for 20 people, but a very distilled audience of 20 people who have shared with us their intent.”

Changing the Ways Leads Are Sold

Traditionally, publishers sell a sponsor on a content-driven program such as a webinar, then hand over the audience list to that sponsor. That’s a risky and outdated approach for both publishers and sponsors, according to Brown.

“The current model in many places of giving away the crown jewels of our data is not a good business model,” says Brown. “The danger in handing over those leads is that they can be abused quickly. Files also start aging from day one—and not like fine wine but like moldy cheese. As soon as you hand it over to someone, their journey in that buyer funnel may have changed the next day.”

Informa is moving away from selling leads as part of a one-off sponsorship and instead offering an annual subscription, which includes,

  • continuous access to fresh data
  • ability to count, segment and modify criteria for best data selection
  • intent scoring
  • ability to create a sales pipeline that feeds directly into the customer’s CRM

Informa also enables subscribers to Bring You Own Data, in which customers can give the publisher their data and Informa will cleanse it, authenticate it and attach an intent score for the customer’s own audience.

“Instead of bundling and packaging programs, this is an annual program that you can subscribe to and we can present different layers and opportunities to you,” says Brown.

Not for Everyone

It’s an approach that requires a skillset and an infrastructure that not everyone—including both publishers and advertisers—can take advantage of. Informa has developed a criteria for assessing markets and clients that could benefit, which include,

  • an active digital market
  • a sophisticated digital sales team on the client side
  • market pricing
  • a client with existing audience data

“The markets need to be fairly advanced. We look at whether they are buying on social, on Google, how much are they spending with us and can we convert what they are spending elsewhere,” says Brown. “We’re not selling Webinars, we’re selling access to data. We need to work with really smart digital salespeople who we can train to cross-sell access to data.”

Woman connecting with her computer at home and following online courses, distance learning concept

‘It Helps You Understand Your Audience’; the Data and Connectedness From Virtual Events Give Them Value

It has become a bit too easy to undersell the value of virtual events. People still want to be connected. One media company, Winsight, went as far as not doing them, turning instead to online sponsored communities. (Still emphasizing connection, however.) While it works for them, virtual events can still be successful with the right expectations—on both sides. And even when in-person comes back, virtual will remain vital because we will not want to lose that audience. So may be worth it to get them right.

In a recent webinar hosted by exhibitions association UFI, Liz Irving, EVP, head of marketing, technology and customer experience, Clarion North America said that the need for connection—yes, digitally—has never been stronger than it is now. Her company has spent a lot of time conversing with its markets.

“We found new ways to take our markets forward by helping them address their needs today and connect in new ways digitally,” she said. One virtual event they did offered a series of live product demonstrations from people’s homes. “It doesn’t replace face-to-face, but it allowed those connections to be made further upstream.”

Here are more reasons and ideas for keeping and boosting your virtual events:

Create sub-communities. Irving said you can really “home in on specific customers that sellers are looking for, “just on a smaller scale rather than one massive event every one or two years.

Be proactive about managing customer expectations. Emphasize the positive outcomes that attendees can expect—how-to lists, video examples immediate surveys and polls. “It’s really important to manage those expectations and show them that the value of virtual events lies in the reach of the data,” said Laura McCartney, head of exhibitor experience, EMEA, Informa Markets.

Consider the data you can collect virtually. “When you overlay it, every click, every video they watch, every interaction they have, it’s all trackable,” said John Capano, SVP at Impact XM, on an EventBuzz podcast last week. (There’s a transcript.) “And that really helps you understand your audience and develop your next meeting and prove your ROI to your bosses and all those things that you want to do with an event.” That’s a similar advantage to something in my article yesterday, where Sam Yagan who founded OKCupid wanted every interaction to happen on his site where they can track it.

Smaller audiences can reap bigger rewards. “The key is to really understand the different markets you serve and develop strategies specific to each of those markets, panelists agreed,” Sue Pelletier wrote in Trade Show Executive. “Also, digital events can extend the reach of those audiences beyond just the scheduled day of the show by keeping the community and connections going year-round.”

Look at your virtual attendees as an opportunity to market for future in-person. FOMO is a real thing. Capano offered the words you’re looking to hear: “Hey, I went last year online, and it was awesome and I saw how much fun people had on site, I gotta go this year.”

There is incentive to stay with virtual events in some form to stay connected. “I’m going to spend the extra time and effort to get through this year because there’s a lot of value in that live [aspect],” Capano said. “If you asked anyone about trade shows two years ago, or even some live events that weren’t highly engaging… everyone’s like, ‘oh, trade shows are so old school, nobody wants to go to them.’ And now all of a sudden, people are dying to get to trade shows, like ‘I miss it so much. I want to see my friends, I want to be there.’ So really it’s kind of a snap back to realize that virtual well done, and hybrid well done is going to drive the heck out of your success for live going forward.”

Sustainability is a thing—young people especially have indicated in surveys that it affects their decision-making. “Live events take a lot and have a big carbon footprint,” Capano said. “And so doing an event where maybe it’s a smaller live portion, but a much larger online portion, you can get the same benefit and the same engagement for a much smaller carbon footprint. And obviously, that is important and should be important to many of the folks that we work with. So this is really a ton of benefits there. Your cost per attendee, all that stuff is better when it’s hybrid over just live.”

As Irving said, “We do have to educate folks on the value of digital and how it looks different than face-to-face. But Clarion’s business model now will have digital, and it will have face-to-face. You can take some or all of it to help reach the suite of folks you want to find in your industry.“

SIIA-amp-network-feature-photo

How Informa Jazzed Up a Report to a Profitable Tune

In 2018, the Informa Pharma Intelligence editorial and marketing teams collaborated on the release of its annual white paper analyzing the evolution of pharma R&D for the past year. But this wasn’t your typical medical or scientific report. It was more music to their audience’s ears.

InformaMusic.png

“Using the evolution of music as the backdrop for the 2018 report, the team set the trends in therapeutics, diseases and company pipelines up against everything from present day pop charts to the birth of jazz,” wrote Informa on their 2019 SIPAward-winning entry for Best Editorial and Marketing Collaboration. “Additionally, the team created webinars, an infographic, additional articles, a supplement, and even an accompanying Spotify playlist based off the white paper to ensure its life extended beyond the initial launch and provided value for Pharma Intelligence clients throughout the year.”

Indeed there is a list on Spotify called Pharma R&D Annual Review 2018 with 23 songs such as U2’s I Still Haven’t Found What I’m Looking for, Ed Sheeran’s Shape of You and Lady Gaga’s The Edge of Glory. And the cover of the Annual Review features images of headphones, a concert and a microphone.

Subheads in the report play off the music theme:

  • Plenty of debut singles, but the middle-eight is sounding a bit flat;
  • Novartis is still top of the pops;
  • New technologies call the tune;
  • Despite inharmonious times, Pharma keeps on rockin’ and rollin’.

The report and webinar acquired more than 875 client downloads and registrations resulting from Informa Pharma Intelligence email campaigns and website visits. And this engagement resulted in big revenue for Informa Pharma Intelligence from leads.

What jumps out at me here, besides these high notes, is the collaboration. That spirit of working together and sharing knowledge is also at the heart of SIPA’s new-and-just-about-ready-to-roll Executive Councils. Fortunately, there’s still time to sign up here.

The Councils—with some built around executives and others key topics—will consist of 12 niche publishers who meet by video conference 11 times a year, plus once a year for an in-person meeting in Washington, D.C., in conjunction with SIPA’s annual conference in June.

“It’s so easy to get stuck in the day-to-day dealing with in-house fires,” said Stephanie Williford, CEO of EB Medicine. She looks forward to “forcing myself out of the weeds at least once a month to focus on the business instead of in the business. She also has the unique perspective of having been a member of Vistage, a peer network group.

While that membership has allowed her to “take a high-level step back, hear from the outside and focus on strategy and big opportunities,” it has been with people who don’t know her industry.

“I am really looking forward to taking that same council idea but doing it with my industry,” she said. “They’ve lived and understood your same exact challenges and will have unique insight and perspective. There are shared real-life experiences. The other thing I like is that you don’t have to leave your office to get this value.”

The last line of Informa’s winning entry sums up the value of collaboration. “[Our] clients rely on [our] expertise to make decisions in their respective industries, and while Ian Lloyd has been the well-known author of the report for some time, it’s a task unable to be achieved without incredible interdepartmental cooperation between analysts, editors, marketing and content teams.”

That same cooperation and collective spirit should turn up the volume for any SIPA publisher. Check out the Executive Council landing page here where you can ask for further information and learn the benefits and costs involved. We’re very excited that this idea has finally come to fruition for SIPA.