First, let’s just get this out of the way; there are a ton of marketing technology companies. In one of the most overused moves in blogging, here is the Marketing Technology Lumascape to further illustrate my point.
Marketers have a huge responsibility when it comes to your business. They are responsible for growing your brand, accelerating your pipeline, and creating a unique perspective within your industry. With such a big responsibility often comes a highly scrutinized budget as well… so it makes sense the marketing technology landscape is so vast.
All of these companies exist to provide marketing teams the insight they need to optimize campaigns for success and demonstrate ROI to leadership teams (and their ever-so-popular finance departments).
If you look at just the sales empowerment side of marketing, which, if I’m honest, is what I am most interested in… marketing’s ultimate goal is to maximize sales by increasing the pipeline and accelerating deals to closed won business. To do so successfully, they’ve had to navigate the undercurrent of shifting customer behavior from 1-way, mass communication channels like newspapers and magazines to 2-way, digital channels like email and social channels.
All of these channels, thanks to the introduction of powerful technology, enable modern marketing teams to collect behavioral signals from the customer by tracking everything from clicks to conversions and every digital footprint in between. These behavioral signals allow marketers to learn more about each customer and tailor their next communication with that customer.
For example, if I know what products and topics a particular lead may have an interest in, I can send the right message, about the right product, on the right channel, at the right time. In my time in the Oracle Marketing Cloud I came to fully understand and appreciate how marketers can collect mounds of behavioral signals on their customers across the World Wide Web.
So, as I learned about DoubleDutch and the event marketing industry I was surprised to discover that as the rest of the marketing organization has gone digital, live events have yet to experience their digital moment (and still remain the largest line item in marketing’s budget at a whopping $600B in annual spend according to Frost & Sullivan).
More importantly, because live events are still rooted in the analog world, event owners collect little meaningful data about their attendees’ interests at those events. Data collection today really stops at registration and attendance, while some shows with large budgets have the ability to track session attendance and a few other key metrics.
Now, this is a problem I’m interested in!
Let’s lay it out… When a lead attends an event they take many actions (or don’t). These actions should inform your company’s communication strategy with that person. Really, a single live event is the culmination of dozens, if not hundreds, of data signals for marketers to capture. What are some things you should consider?
- How many interactions is each lead pursuing with product experts within your organization, or with your existing customers?
- Which new topics or product lines are they investigating?
- Which content and speakers do they bookmark, interact with, or rate highly?
And this is just scratching at the surface. The point is, attendees of live events are throwing off hundreds of signals of interest that can, and should, be leveraged by event owners and marketers to have a tremendous impact on their business.
At DoubleDutch, we call this Live Engagement Marketing.
Armed with this data, marketing can accurately assess live event effectiveness by comparing events with more (and better) metrics than their digital counterparts. Live Engagement Signals also inform the host’s communication strategy with each attendee before, during, and after the event by integrating with marketing platforms like Eloqua, Marketo, and Hubspot.
Today, significant revenue opportunity is lost because customer buying signals are leaking from events and not being pursued by sales and marketing. Leads and customers attend events and exhibit signals that are the real world equivalent of placing an item in their online shopping cart, but because nobody knows or is tracking that behavior, the sale is lost.
This is the opportunity DoubleDutch is tackling head-on with the industry’s first, and only, Live Engagement Platform. This is why I couldn’t be more excited about joining DoubleDutch. Having spent most of my career selling into the marketing organization, I have a keen understanding for the pain points of the modern CMO. I’ve also seen first-hand what the kind of powerful insight and data a Live Engagement Platform like DoubleDutch can deliver to marketing organizations and the business at large.
We have great technology, an incredible culture, and we’re leading the charge to make the $600B event industry measurable and actionable. It’s an exciting time to be a DoubleDutcher. If you’re interested in experiencing life at DoubleDutch, check out our careers page! If you’d like to use DoubleDutch to drive Live Engagement at your events, reach out to us for a demo!
Post by Dave Simon - Chief Revenue Officer, DoubleDutch