US B2B events spending to exceed 2019 levels by 2024
Spending on B2B events in the US is expected to cross 2019 levels by 2024, according to research.
The figures by consultancy firm Plural Strategy estimate output will reach $22 billion by 2024, higher than the $21bn in 2019.
Meanwhile, spending on tech and data is set to almost doubled in that timeframe, increasing from $5bn to $9bn in the same period.
These will drive the overall US B2B marketing spending – anticipated to grow at a CAGR of 10% from $95bn to $122bn in 2024.
What’s behind the figures?
The increasing adoption of digital processes and data-based systems is a key driver of B2B marketing growth, including events.
Another crucial factor is the changing buying behaviour – consumers now prefer an omnichannel approach to explore their options and close business deals.
The MarTech landscape has changed significantly over the past two years. Successful marketers are employing aggressive growth strategies and evaluating new tools to meet their growth targets.
DGR’s 2022 Demand Generation Benchmark Survey shows 72% of marketers surveyed expect their budgets to increase by up to 20% during the year.
The spend areas include content marketing (58%), account-based management (47%), sales enablement (46%), personalisation (37%) and event marketing (30%).
Tech such as AI matchmaking, Hosted Buyer and Lead Capture in B2B events are playing a key role in boosting marketing spend.
Audiences demand more digitally-enhanced live experiences aka Smart Events that use data to offer more insights and value.
Customers are also now more comfortable with online and digital methods for their purchase journey. This has made the B2B sales more omnichannel than ever. Read more about it here.
What does it mean for organisers?
Upping your event spend shouldn’t mean just bigger shows – it’s a strategic tactic to give you a competitive edge over others.
Organisers can leverage these higher budgets to provide more engaging, value-driven live experiences. Customers expect the best of both worlds – digital as well as face-to-face.
Smart Events are tech-enhanced live shows which increase the value of participation for all involved. Organisers can leverage the power of event technology and data analytics to create a mix of digital offerings.
The result is an enhanced experience where visitors and exhibitors find value at every step of the event. Learn how you can get started with Smart Events here.
Meanwhile. an online 365 community becomes a fantastic platform to bring buyers, sellers and sponsors together year-round. Download our Community Blueprint to read how you can build your own.
We hope you enjoyed reading this article and found it useful. At ExpoPlatform, we want to help you build better events and communities. Please get in touch and ask for a demo here. Thank you.
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