Beyond The Horizon

Insight 1: The Virtual Events Channel is Here to Stay

64% of Barometer respondents are pessimistic about F2F events returning to their Go-To-Market plans before the end of 2020. This statistic is reflective of much of the narrative we are seeing across the media right now. Whilst EI's barometer question was framed around plans for 2020, EI's extensive conversations with both clients and established influencers in the media industry indicate that the Virtual Events channel presents itself as a significant opportunity for marketers to diversify their marketing mix far beyond 2020.

Covid-19 is likely just the catalyst for a new era in events engagement, propelling businesses to think more strategically about how best to utilise physical events versus where virtual events are likely to be much more effective. EI is already aware of clients that are building extensive frameworks to incorporate virtual events into their strategies going forward.

EI View: What are the upshots here?

Physical events not just an automatic go-to anymore – marketers will be assessing where a F2F opportunity fits into a plan based on their objectives which will free marketers from being tied to the same year in year out events plan that the business are wedded to, and stay relevant.
Virtual/Hybrid Events truly become embedded as a new channel - As this happens the technology platforms will offer better analytics, more accessibility, and larger audiences that are more international in scope.

Webinars have been a nice surprise for us and will now be a staple part of our events strategy going forward.

Insight 2: COVID-19 drives Digital Disruption & Transformation, and Greater Product Relevance

75% of Barometer respondents are seeing new product & service innovation driven by Covid-19, both in terms of delivery and new products, with 78% of respondents also reporting an increase in product relevance for new audiences. It is clear that the circumstances around Covid-19 are:

1. Forcing greater digital acceleration and transformation across marketing channels with increased scrutiny on opportunities. Whilst the integration of a virtual events channel into the marketing mix has already been discussed, this brings with it a need for greater creativity and innovation to deliver with impact and stay relevant. Firms will be pushed to think harder about how they engage audiences with so much competition and fear of webinar fatigue. The results of this innovation are likely to come to bear and progress throughout the year as we all become comfortable with the new norm.

2. Bringing about a greater focus on digital content creation and distribution to retain and attract new audiences. This will be founded on content that is both purposeful/relevant and empathetic to customers given the nature of the time we are living in and will go onto ensure a distinctive point of view in the post-COVID-19 world, and then it's about engaging digitally to retain share-of-voice.

EI View: Greater product relevance means the opportunity to gain access to new markets. When bringing products to new audiences in this fast paced environment, marketers need to do their research. Whether this is through persona profiling, ABM or independent research, with budgets constrained it is integral to get it right the first time. Content should be tailored to mirror the needs of the audience in order to resonate.

In such a saturated market, it is crucial to deliver timely, appropriate messaging.

Insight 3: COVID as the Catalyst for the New Era of Agile Marketing

In a time of turbulence, agility, speed and innovation are key. When innovation becomes the mantra of the industry there is an obvious need to evolve quickly with an ever-changing environment, get things out of the door, and demonstrate to customers that you have your finger on the pulse. Marketers need to move away from short-term contingency planning and build frameworks that allow us to embed agility and speed into the core of campaigns.

EI View: In these turbulent times, it is imperative to stay on the pulse of the market, whilst keeping sight of the broader business goals. Marketers need to build robust frameworks that allow for resilience in the long-term, with innate flexibility and reactivity to adapt to the immediate situation and allow for faster decision making.

It's clear that this crisis has challenged everyone. As a result, it has accelerated the drive towards new ways of working, innovation and a focus on what really matters. 'Nice to have' has been replaced by 'must have' and the budgets have followed. People will have a long hard look at their marketing operations and their dependence on third parties. Expect a laser-like approach to ROI and some tough conversations about how hard-earned budgets can be spent.

Our marketing strategies will need to be very adaptive and flexible. Not relying on tried and true but taking the lead in boldly shattering outdated constructs of "normality."

Faster decision making, great focus on the where we can most help clients, better integration across all facets of our company to enable us to move faster and help clients with COVID-19.

Events will be used more as a platform, rather than as the key activity

Virtual events/opportunities will be a string to our bow. I don't see us relying on these 100% in the future but we will now have these as an additional channel”