Big data is a term that describes the large volume of data, the data can be categorized into two types; structure & unstructured. This data can be exploited in order to run a business on a day-to-day basis. But it’s not the amount of data that’s important. It’s the way that organizations utilize that data which matters the most. Big data can be analyzed for insights that lead to better decisions and strategic business moves.
In the world of MICE, implementing the process of harnessing valuable data from the huge pool of attendees can generate better turnovers & ample of benefits for the industry. The foremost objective it achieves is to make better decision-making process. The two particular departments it benefits is the sales & marketing department of an event planning company. The software’s that have these data mining functionality have an ability to generate real-time & instantaneous data. It also helps people in creating a better website, to promote their event via email and social media, maximize participation, and maximize engagement. The technology also integrates easily with LinkedIn, MailChimp, and Salesforce among others. Here are some of the very specific tasks performed by these data mining software for event planners & associations: -
1. CHOOSING SPEAKERS, MORE EFFECTIVE MARKETING, AND REGISTRATION: -
Let’s understand the process of this benefits with an example. DTC Perspectives, is a company organizes Hospital Marketing National Conference. They use 'Big Data' to know which speaker to feature in the upcoming event's e-marketing campaign. Not only this but they maximize their revenue by securing the registrations more effectively. The data extracted from websites notify them about ‘abandoned registrations’. They then drop them an email to the customer trying to know the reason behind in-complete registration. Hence, they finally apply personalized marketing & sales strategy in order to seal the registration; converting an abandoned registration to a successful one.
2. BUILDING BETTER RELATIONSHIPS WITH SPONSORS, GETTING TO KNOW ATTENDEES.
A Return on Investment (ROI) for a sponsor is not just in terms of revenue & business opportunities but it also includes aspects such as learning experience of the attendees, practical implementation of knowledge acquired, recommendations & feedback.
Post-event an evaluation is sent to attendees. The huge data achieved from this response is mined in order to achieve a report on above aspects. This report helps in building long-term partnerships with sponsors with the aid of process improvement process.
3. GETTING TO KNOW MEMBERS BETTER.
Associations & Association management companies use ‘Big Data’ in order to improve their member’s experience with regard to benefits provided in membership packages. On the basis of people visiting their channels on various social networking platforms, they target their new potential customers. It also helps in identifying the locations from where people are searching more for the association. They then target these locations not just with ‘e-marketing’ but also establishing marketing with aid of banners, newspapers & other advertisement mediums.
‘Big Data’ extraction by data mining methods shall hence develop surplus benefits for the MICE industry where attendee’s management is the deciding factor for the success of business presently and in the years to come.
Ziting ZHAO & Yash Desai
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