Big data for the next generation of event companies

1. Big Data For The Next Generation Of Event Companies Table of Content Introduction Big Data What is big data Factors determining the rise of BD Characteristics of Big Data The Big Data Industry The Events Industry Why Big Data matters to the events industry The use of Big Data Consumer behaviour is changing Customer Centricity is an evolving concept Big data is already here How event companies can tap into big data Small-scale Big Data in the Events Industry Data capture Data management Analytics The next generation of Event Companies Summary Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 2

2. Big Data For The Next Generation Of Event Companies Introduction Only on rare occasions do we consider the amount of data that our every action produces. It’s pretty overwhelming just to think about every interaction on every app on every device in our bag or pocket, in every environment and every location. But then there’s more. We also use access cards, transportation passes and gym memberships. We have hobbies, we travel, buy groceries, books and maybe warm beverages on rainy days. We are part of multiple communities. Looking around billions of people are doing the same. Our every action produces data about us. This is big. We believe taking an interest in this wealth of data will be the key to success for next generation Event Companies. Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 3

3. Big Data For The Next Generation Of Event Companies We are living in a fastchanging world, where it’s ever more important to foresee trends and seize opportunities. A global perspective is not a strategic advantage anymore it is a necessity. Event companies are facilitators, they create common grounds for brands and audiences, by thoughtfully connecting goals and means. Having a deep understanding of customer behavior, group psychology, digital habits, brand interaction, communication, and awareness through unlocking the power of big data will ensure next generation event companies thrive on strategy. Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 4

4. Big Data For The Next Generation Of Event Companies Big Data What is Big Data? The environment in which we live is increasingly connected to every other environment. We are increasingly connected to other human beings. These connections result in data sets that are so large and so complex that they are impossible to be processed through conventional methods. Big data has been described as the human society growing a nervous system in which 1 every human and every machine is a sensor in this planetary array. It has been argued that we are witnessing a turning point in the evolution of the human race and, from this perspective, things may never be the same again. 1 Source: http://www.rocoeducational.com/the_human_face_of_big_data Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 5

5. Big Data For The Next Generation Of Event Companies Analytics is the neuroscience of big data. Just like its humanoriented counterpart, it seeks to understand the structure and to explain the processes that define our society. Big data is not about statistics. It’s about pattern and connections, through layers and layers of subtle data that have the potential to reveal the human mind in a way never before thought possible. The implications for businesses are enormous. Never before has more accurate, more complete,and more relevant information been available to describe customers, their needs and their actions. Factors Determining the Rise of BD For years, trying to back big data with numbers has been unnecessary. Maybe Professor Francis Diebold had some explaining to do when first using the term from a theoretical perspective in statistics/econometrics . 2 By the time Google CEO, Eric Schmidt, came upfront with some figures in 2010, stating that “There was 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every 2 days” , there was no doubt that big data is 3 happening. Even though the actual numbers he used were challenged at the time, a common 4 idea is in place: the amount of data recorded is in perpetual exponential growth and claims about the amount of data humanity creates may become obsolete in matters of days. The World Wide Web, online advertising, globalisation and the overall expansion of the global economy, the advancements in mobile technology, and all subsequent factors such as social media, the digitization of brands and events, data collection technology and cloud computing, are all determining factors in the development of the evergrowing layer of data that is now a part of our existence. 2 Source: https://economics.sas.upenn.edu/sites/economics.sas.upenn.edu/files/12037.pdf 3 Source: http://readwrite.com/2010/08/04/google_ceo_schmidt_people_arent_ready_for_the_tech/ 4 Source: https://blog.rjmetrics.com/2011/02/07/ericschmidts5exabytesquoteisaloadofcrap/ Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 6

6. Big Data For The Next Generation Of Event Companies Characteristics of Big Data Big data is not just any large set of data. Industry professionals seem to be on a continuous race to discover yet another of its key traits. Given the fact that big data is evolving right now it’s only natural that our understanding of it grows at the same pace. The most common definitions of the term are based on a Vfactor scale. At first (Gartner, 2001), Volume, Velocity and Variety were thought to be the key terms for an accurate, complete definition of Big Data : highvolume, highvelocity and highvariety information assets that 5 demand costeffective, innovative forms of information processing that enable enhanced insight, decision making, and process automation. However, as market players dove deeper into this new realm, additional Vs were added to the original definition: Veracity , Value , Visualization, Variability , Virality, even Viscosity the 6 7 8 9 last term being used to describe the latency or lag time in the data relative to a point of interest. On a nonV scale, big data consists of very large and distributed aggregations of unstructured petabytes or exabytes of data, about millions/billions of individuals, made of billions/trillions of records, with very few connections and interrelationships in its unprocessed state . It’s fair to say that this kind of data is unusable by the average business. 10 The Big Data Industry Luckily for most businesses, there are other businesses that do most of the work of turning big data into actionable, relevant insight. From Google Analytics to industry reports by market 5 Source: http://blogs.gartner.com/douglaney/dejavvvueothersclaiminggartnersvolumevelocityvarietyconstructf orbigdata/ 6 Source: http://www.ibmbigdatahub.com/infographic/fourvsbigdata 7 Source: http://www.datasciencecentral.com/profiles/blogs/the5vsofbigdatabybernardmarr 8 Source: http://dataconomy.com/sevenvsbigdata/ 9 Source: http://www.datasciencecentral.com/profiles/blogs/howmanyvsinbigdatathecharacteristicsthatdefinebi gdata 10 Source: http://www.opentracker.net/article/definitionsbigdata Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 7

7. Big Data For The Next Generation Of Event Companies research agencies, to academic studies in sociology, there are plenty of ways to make use of big data as a small or medium business, without the need to process big data directly. From a strategic perspective, there is a huge conceptual gap between business data and big data: ● Business data is only relevant to the business when it is specific, localized and can be processed through internal means: competitor analysis, qualitative research, marketing ROI reports, sales figures and so on ● Big data the more broad the data sets, the more accurate the analysis. Business instruments based on big data are relevant to identify global market trends and forecasts, consumer insight, opportunities to optimize online presence, etc. The good news is that big data services are increasingly available, and the big data analytics market is on the rise, with projected wide adoption across all industries . Specific solutions 11 such as DataasaService and DataAnalyticsasaService are also servicing small and medium enterprises in their need to grasp big data . 12 11 Source: http://www.idc.com/getdoc.jsp?containerId=prUS40560115 12 Source: http://www.marketsandmarkets.com/MarketReports/bigdataasaservicemarket4129107.html Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 8

8. Big Data For The Next Generation Of Event Companies The Events Industry Why Big Data Matters to the Events Industry As individuals, we may not feel the impact of big data directly. But there’s a good chance that the next time we find ourselves saying something like ‘this went so smoothly’, ‘this is just what i needed’ or ‘this exceeded my expectations’, big data analytics may be the reason. Taking business decisions based on global understanding of the market and of the customer personas is crucial for customerfacing businesses. The events industry has some particular traits that make the use of big data imperative: ● Events, both online and offline, have the highest client interaction density. This is why brands and organizers plan events: to engage as many people as possible in a given timeframe. Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 9

9. Big Data For The Next Generation Of Event Companies ● Events are responsible for some of the most genuine or spontaneous forms of clientbusiness interaction. Mistakes are not an option, organizers need to be prepared for virtually any possible scenario. ● Well organized events are one of the most effective forms of marketing and brand engagement and storytelling is the key to audience acquisition. ● People are craving experiences and brands are trying to conform. The market for online, AR, VR, and experiential events is growing to the disadvantage of traditional events such as tradeshows, conferences, and exhibitions. Big data is critical to understanding the audience profile and set up memorable experiences. ● On a more general note, consumer behavior is changing, and in more than one. There’s a huge gap between generations, in terms of how individuals respond to information and interaction. ● In a designated space and time, data can be collected accurately and easily. Technology has evolved to allow marketers to gather large amounts of data at events, in real time. We may not talk about the BIG big data in this case, but onsite data collection is still complex and relevant, and needs extensive resources to process. The Use of Big Data Event planners can get actionable insights and recommendations from many big data sources and apply it to every stage of the event organizing process, from marketing to postevent feedback. Here are 3 good reasons why event organizers should be serious about understanding the industry as a whole and the global citizen in particular and how the next generation of professionals is challenging the old ways of the industry. 1. Consumer Behaviour is Changing Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 10

10. Big Data For The Next Generation Of Event Companies Exposure to technology has brought big changes to our society. The digital realm is ever more present, to the point that it disrupts common processes and development patterns. The generation gap is deeper now, with notable differences and different reactions to technology . 13 Generation Z, the ‘digital natives’ the first generation born into an Internetconnected world have structurally different brains than those of earlier generations, as a result to perpetual exposure to digital information. Their part of the brain responsible for visual ability is more developed than that of previous generations, making visual forms of interactions more effective, while auditory interactions are disliked by this age group, for example . 14 With information readily available and ecommerce widely used, the sales process is also changing. The customer is now selfeducated, aware and in control of the interaction . If 15 anything, they are not looking at events to gain information, but experiences. Brands are shifting their focus from advertising to engagement and from sales to awareness. This is highly relevant to event organizers, as it highlights the need to first understand the customer globally (step 1), then build relevant market segmentation (step 2), before responding individually (step 3). 2. Customer Centricity is an Evolving Concept Driven by big data and analytics, event planners will be able to respond better to their customer’s expectations. Although elusive, customer centricity is a declared goal of most clientfacing businesses. However, many of them still focus solely on improving client service, in the spirit of past decades. Customer centricity as a concept has evolved. It is now about learning all there is to know about the customer persona and building the entire business around this knowledge. You want the client to feel like he belongs to the community way before he interacts for the first time and to feel that a product or service was designed for people like himself. 13 Source: http://dmresourcecenter.com/unit1/digitalnatives/ 14 Source: http://www.mdle.net/Journal/A_Tsunami_of_Learners_Called_Generation_Z.pdf 15 Source: http://blogs.forrester.com/lori_wizdo/150525b2b_buyer_journey_mapping_basics Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 11

11. Big Data For The Next Generation Of Event Companies It’s event organiser’s mission to make good use of the concept, by focusing on both their clients (brands and companies) and their client’s clients (attendees) with a customercentric approach. It is the only constructive way to deliver quality services by building a common ground for interaction. There’s a new chance with each new event. 3. Big data is already here One common misconception about big data is that it is inadequate to small companies. It’s true, collecting, managing and analyzing big data is very resourceintensive, but using big data doesn’t have to be. Chances are small and medium businesses are already using big data tools. Take Google Analytics, one of the most common examples: companies are using it to determine traffic patterns, website content, visitor profiles and so on. The highly visual graphics and reports are only the tip of an iceberg of millions or billions of entries, records, hits and clicks that would otherwise be useless to a business. Common big data tools can provide actionable insight for any business, and there are plenty to choose from. How Event Companies Can Tap into Big Data ● Using web analytics tools such as Google Analytics, Google Trends, Cohort Analysis, AdWords, that aggregate huge amounts of web performance data and present it in a visual, readable format. Using these tools to make informed marketing decisions is nothing short of making use of billion of data pieces . 16 ● Using social media analytics tools. The line between online and offline social life is long gone. Event organizers need to understand where to meet their audience in the digital realm, how to engage customers, and how to take brands further on their digital journey. Social media tools reveal significant patterns of interests and interactions that hold the key to building constructive event strategies . 17 16 Source: http://ed.ted.com/on/ldfSrtjS 17 Source: http://venturebeat.com/2013/12/20/top10socialmediaanalyticstoolstheventurebeatindex/ Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 12

12. Big Data For The Next Generation Of Event Companies ● Keep an eye on academic research. Universities have considerable computational capabilities and have been known to produce groundbreaking studies in social and economic sciences. Consumer behavior is a trending topic and big data will become a 18 standard research media in the academic environment . 19 ● Keep an eye on marketing industry giants. They are always publishing uptodate reports on consumer behaviour , trends and forecasts. 20 ● Using other big data services it’s important that event organizers take advantage of the multitude of available services based on big data use events portals, promotion apps, management and communication tools and other services that also offer industry reports based on their entire portfolio of clients. 18 Source: http://www.saylor.org/site/wpcontent/uploads/2013/02/BUS203PoMCh3.pdf 19 http://www.emeraldinsight.com/doi/abs/10.1108/JCM0420151399 20 https://assets.kpmg.com/content/dam/kpmg/pdf/2016/04/aneweraofexperiencebranding.pdf Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 13

13. Big Data For The Next Generation Of Event Companies Small-Scale Big Data in the Events Industry From a functional standpoint, big data derives from both quantity and quality. It can be argued that the big data approach differs from the traditional business data approach through its main goal to identify patterns and showcase trends, generally, rather than to identify problems and showcase solutions, punctually. Events enjoy a very special status when it comes to customer interaction. Event organisers have the power to control the environment, the audience, the actions to an extent never before available to companies, with plenty of tools to collect relevant data and use it to gain strategic advantage. Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 14

14. Big Data For The Next Generation Of Event Companies Historically, events have been used to target customers individually. From a data perspective, the more identifiable a piece of information was, the more valuable. With big data, the goal is to get an accurate image of the “collective mind”, as opposed to a database with fragmented individual information. For the event organizer, data that is not crucial to the event, but is collected nevertheless across the entire audience and across all interactions in order to understand the event and the reactions to it globally, can be considered a form of big data the smallscale big data. Smallscale big data shares some of the characteristics of its bigger sister, like velocity and variety, only downsized to a scale that is usable by SME companies. As the perfect compromise between big data and business data, smallscale big data brings together the best of both worlds: specific, yet still very broad and complex, it can be used to identify both trends and patterns, as well as individual actions and reactions. Event data, unlike big data, is absolutely manageable by event organizers, from capturing, to storing, to analyzing it, using advanced analytics tools. It is the perfect scalpel to perform the finest actions with surgical precision. Data Capture Data capture tools are increasingly available to event professionals across all stages of event planning. From following the buzz online, to measuring physical traffic in a certain location, there’s a tool for that. Mobile technology, wearable devices, the Internet of Things, beacons, augmented reality, interactive touchscreens and interactive apps, all create data for organizers to store and analyze. Data Management Unlike big data, smallscale big data is usually more homogenous and contains less errors. This means higher usability and less time from capturing to analytics. For event professionals, this is Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 15

15. Big Data For The Next Generation Of Event Companies particularly important, as it gives them the chance to act quickly and make realtime adjustments to meet customer’s needs. Analytics Also, unlike big data, smallscale data can be analyzed using conventional methods. Highly visual data mining solutions offer event planners the perfect tools to understanding their collective customer. The next generation of Event Companies A constructive approach to big data is likely to morph into a company’s growth strategy. Once professionals get a grasp of the magnitude of the insight big data provides, there’s no going back. The discipline of looking for patterns and trends and using them to gain strategic advantage will have quickly settled as a core business value. This is especially important to event companies, as they have a first hand opportunity to dive into their very own, highly specific, curated and selfmanaged data sets to look for a better understanding of both their clients and customers. Event companies need to keep up with their audience. Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 16

16. Big Data For The Next Generation Of Event Companies Summary Big data is not an abstract concept anymore. It is something increasingly available to large and small companies alike, and for good reasons. It provides strategic insight, patterns and trends that are critical to successful businesses. As the Analytics industry is seeing an amazing growth , both large and SME event companies 21 can benefit from big data at two different levels. Boosting their global perspective will help them make informed, databacked, strategic decisions, while tapping into smallscale big data analytics will allow them to address each event individually and focus on a real customercentric approach. 21 Source: https://globenewswire.com/newsrelease/2016/04/11/827636/0/en/GlobalInformationTechnologyOperation sAnalyticsMarketPoisedtoSurgefromUSD25Billionin2014toUSD92Billionby2020MarketResear chStoreCom.html Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 17

17. Big Data For The Next Generation Of Event Companies Developing Engaging Content white papers, market research, eBooks and more… Using innovative technology and distributed teams, our services reduce costs by 66% and increase speed of project delivery by 5x. Contact: Arnold Adero sales@goodmanlantern.com Goodman Lantern Limited © 2014-16, Goodman Lantern, 28 Fourth Avenue, Hove, East Sussex, BN3 2PJ. All Rights Reserved 18

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