No matter what type of industry you’re in, events, food, entertainment, hospitality, etc., business acquisitions happen. But particularly for the meeting and events technology industry, how do they affect innovation? Your customers? The future of the industry as a whole?
To answer all of these questions and more, we sat down with Mike Burns, Aventri’s chief revenue officer in this two-part Aventri Expert series. In part one of this interview with Mike, you’ll learn about the current state of the meeting and event technology industry’s market maturity, how acquisitions affect the market, and what that means for customers. Check it out.
What Customers Need to Know About the Industry Acquisitions: Q&A with Mike Burns
Q: Can you explain to our audience marketing maturity, the current state of the meeting and event technology industry’s market, and how mature the market currently is?
With every emerging industry, you find a sea of new products dedicated to achieving one goal. Think back to when marketing automation was born, and there were a ton of point solutions offering the same exact thing. But, as the market matures, we started to see more end-to-end platforms emerge. That’s because the early mainstream adopters of those point solutions, which make up 13.5% of customers, will adopt and adjust those innovations over time, ultimately buying them out to build their own end-to-end solution.
As research has shown, with any new technology or industry, in less than 25 years, that industry will progress through four stages—opening, scale, focus, and balance and alliance—to reach consolidation.
In the meeting and event management technology market, we are moving into the balance and alliance stage, which means the market is really consolidated.
Q: What does it mean for customers that we are moving into the “balance and alliance stage” of the Consolidation Curve?
At this time, it’s important for people to think about what that really means for them as a customer, specifically, for people who have chosen to stay with smaller, point solutions companies. Usually, people stay with smaller companies for three reasons: they want a “best in breed” solution; they're looking for cost efficiencies and choosing point solution companies allows them to select the features they want; they don't want to go with the largest players in the industry.
But if the industry has consolidated to almost 100 percent enterprise segments, like ours, these customers will no longer have the choice to choose point solution companies. So, what do they do? Customers are left to look at how enterprise companies integrate with their acquired companies.
Q: What is the key takeaway for our audience? Why is improving one platform key, specifically for meeting and event planners?
The big message here though is that because of the maturity of the market and the consolidation occurring in the industry, an all-in-one provider that continues to improve their platform with new technology is key.
Just about every event planner today wants to organize better events or maximize their revenue opportunities, especially while utilizing data. Therefore, it’s crucial for that data to flow throughout the entire lifecycle of the event, from registration to marketing, to managing onsite intelligence and, yes, your mobile app too. If you’re using different platforms, this process becomes more complicated and difficult.
Historically, the difficulty with point solution companies has been that you can't measure your touch points, you can’t measure your attribution, methodology, or you can’t use your lead sourcing tools to measure engagement at events. With our technology you can, we’re first to market with that.