Saturday, July 13

New Study Shows Businesses Spending More Money on Company Events

In today’s society, businesses have a lot of things to worry about. Making sales, attracting customers, and keeping their website and blog updated are all crucial aspects of running a business. In fact, 57% of businesses have gained new customers through their blog, so these tasks can’t be left behind. Approximately 40% of small businesses are profitable — but more and more businesses (of all sizes) are beginning to pay more attention to their employees. And a new study shows that companies are spending more money than ever before on company events.

Cvent Inc., a big event technology supplier, recently released the results of their annual Global Planner Sourcing report. The report showed evidence that companies are investing more and more in meetings and events for their employers and customers.

The report includes results of a survey that asked almost 3,000 corporate event planners questions regarding their choice of event venues as well as factors that influence their event-planning decisions. This year’s survey showed that 52% of respondents report an increase in their budgets over the last year, compared to only 32% last year.

Along with an increase in event budgets, the number of events held each year also increased over the past year. Furthermore, the size of the events increased as well. Compared to only 15% last year, 28% of respondents this year reported planning six to 10 off-site events and meetings.

Patrick Smith, chief marketing officer at Cvent, explained, ‚ÄúThere are many indicators pointing to the strength of the economy, but one of the most telling may be growth in the corporate events industry. While more spend on meetings and events is great news for the travel and hospitality industry, venues and destinations cannot fully reap those benefits until they can deeply understand what makes a meeting and event planner tick.”

And despite growing budgets, it’s not all about the cost of the event. More and more event and meeting planners aim to deliver a memorable experience to the event attendees. Respondents to the survey said they’re increasingly using technology to provide a more enhanced experience, with using social media displays (36%), mobile gamification (15%), and interactive pools (25%).

Company culture is something that is becoming increasingly important, especially when planning company events. Without a good company culture, it’s more difficult for businesses to grow. In fact, a study done by Columbia University found that at companies with low-rated cultures, the likelihood of job turnover is 48.8%. So more business owners are focusing on providing fun and immersive experiences for their employees, customers, and partners.

So from spending more money to planning more events to making events better overall, companies are showing more effort than ever before when it comes to planning company events.

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