New Freeman Study Shows Marketers are Getting Serious About Data

November 20, 2018

Data has never been such a big focus for corporate marketers, according to The Freeman Data Benchmark Study, a new report by brand experience company, Freeman. In fact, data plays a critical role in all aspects of corporate marketing, the study shows, from developing successful marketing strategies and campaigns to deciding where to allocate budgets and best reach target audiences.

Released earlier this month and produced in partnership with Chief Marketer, the report examines how brands are leveraging data across the entire marketing mix, demonstrating that data is becoming a top priority for leading corporate marketers and playing a significant role in helping them secure budgets, set strategy, make decisions and impact ROI.

Comprising input compiled from more than 650 leading marketing executives from many of the world’s largest companies, the study provides an in-depth look at the rise of data and how

brand and event marketers using event data to inform their approach, justify their investments, drive leads, increase brand awareness and connect with their customers.

“Data is becoming the fuel that powers the marketing mix – it powers the insights that drive critical decision-making at all junctions in both marketing and throughout an organization,” explained Ken Holsinger, vice president of data and analytics solutions for Freeman.

He continued, “With The Freeman Data Benchmark Study, we were able to dive deep into how some of the world’s most successful companies are leveraging data across their marketing mix, as well as which different marketing channels are being used as data funnels. The findings from the study provide key insights to help corporate marketers better understand how to put their data to work to drive business results and strategy, and also serves as a great benchmark to gauge where your company is at in the data journey.”

According to the study, two-thirds of corporate marketers from large companies surveyed said they plan on increasing their dedicated spending on data and analytics next year. In addition, the report found that:

  • 89 percent of marketers use data to make strategic decisions
  • 98 percent of marketers use data to secure budgets
  • More than 70 percent of marketers leverage data to impact wider marketing and business goals

 When surveyed for this study, CMOs and marketing vice presidents agreed that everything comes down to ROI, with 44 percent indicating that total sales over a product/service’s life cycle was their top metric (representing the highest percentage among choices). 

Rounding out the top five most important metrics to senior marketing executives were leads, sales from partners, brand awareness and digital marketing impact.

Of all marketing channels, events and experiential marketing stand out as effective sectors for data collection, generation and influence, with survey respondents indicating that events provide a “wider and deeper” range of data and metrics than other channels, demonstrating that event data not only informs event strategy and planning but also can add value and insight to wider marketing purposes and campaigns.

The study found that:

  • Nearly nine out of 10 companies use event marketing data to inform wider marketing strategies and tactical decision-making
  • Approximately 70 percent of brands integrate their event data with their corporate marketing databases and CRM platforms
  • More than 60 percent of companies also use their event data as part of their business intelligence and product development efforts

 According to Skip Cox, senior vice president of research and measurement for Freeman, data needs to be an underlying, fundamental component of any marketing strategy. 

“We’ve seen corporate and event marketers alike put an increased emphasis on data lately, collecting, analyzing, leveraging and activating it to improve their strategy and operations,” Cox said. 

He continued, “For event marketers, the actionable insights derived from data analytics empower them to not only drive results, justify event and marketing budgets, and improve overall attendee quality and event experiences, but to bring those insights back to the larger marketing strategies. Data is a tool and if your organization is not using it, you’re missing out on reaching and exceeding your potential.”

To view The Freeman Data Benchmark Study, go HERE

 

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Partner Voices
Less than six months ago, Lisa Messina joined the Las Vegas Convention and Visitors Authority (LVCVA) as the first-ever chief sales officer after leading the sales team at Caesars Entertainment. A 12-year Las Vegas resident, Messina is a graduate of Cornell University’s School of Hotel Administration and serves on MPI International’s board of directors. TSNN had a chance to catch up with this dynamic leader and talk to her about her vision for the new role, current shifts in the trade show industry, creating more diversity and equity within the organization, and advice to future female leaders. Lisa Messina, Chief Sales Officer, LVCVA With Las Vegas becoming The Greatest Arena on EarthTM, what are some of the things you’re most excited about in your role? Our team was at The Big Game’s handoff ceremony earlier this month, and I couldn’t help but think, “We’re going to crush it next year!”  These high-profile events and venues not only drive excitement, but also provide unmatched opportunities for event planners. Allegiant Stadium hosts events from 10 to 65,000 people and offers on-field experiences. Formula 1 Grand Prix will take place in Las Vegas in November, after the year-one F1 race, the four-story paddock building will be available for buyouts and will also offer daily ride-along experiences that will be available for groups. And, of course, the MSG Sphere officially announced that it will open in September, ahead of schedule, with a U2 residency. It’s going to be the most technologically advanced venue as far as lighting, sound, feel, and even scent, and it will be available for buyouts and next-level sponsorships inside and outside. There’s no ceiling to what you can do when you’re doing events in Las Vegas.  Allegiant Stadium As the trade show and convention business returns to the pre-pandemic levels, what shifts are you noticing and how do you think they will impact the industry going forward? Our trade show organizers are very focused on driving customer experience. Most of our organizers are reporting stronger exhibitor numbers and increased numbers of new exhibitors, with trade shows proving to be almost or above 2019 levels. Now our organizers are really doubling down on driving attendance and focusing on the data to provide that individualized, customized experience to help attendees meet their goals and get the best value. Some companies continue to be cautiously optimistic with their organizational spend when it comes to sending attendees, but I think it will continue to improve. As the U.S. Travel Association makes more progress on the U.S. visa situation, we also expect a growing influx of international attendees. What are some innovative ways the LVCVA helps trade show and convention organizers deliver the most value for their events? We focus on customer experience in the same way that trade show organizers are thinking about it. We got rave reviews with the West Hall Expansion of the Las Vegas Convention Center (LVCC), so over the next two years, we will be renovating the North and the Central halls, which will include not just the same look and feel, but also the digital experiences that can be leveraged for branding and sponsorship opportunities.  Vegas Loop, the underground transportation system designed by The Boring Company, is also a way we have enhanced the customer experience. Vegas Loop at the LVCC has transported more than 900,000 convention attendees across the campus since its 2021 launch. Last summer, Resorts World and The Boring Company opened the first resort stop at the Resorts World Las Vegas , with plans to expand throughout the resort corridor, including downtown Las Vegas, Allegiant Stadium and Harry Reid International Airport. The LVCVA also purchased the Las Vegas Monorail in 2020, the 3.9-mile-long elevated transportation system that connects eight resorts directly to the convention center campus. This is the only rail system in the world that integrates fares directly into show badges and registration. For trade show organizers, these transportation options mean saving time, money and effort when it comes to moving groups from the hotels to LVCC and around the city. Also, the more we can focus on building the infrastructure around the convention center, the more it supports the customer experience and ultimately supports our trade show organizers. Scheduled to debut in Q4, Fontainebleau Las Vegas will offer 3,700 hotel rooms and 550,000 square feet of meeting and convention space next to LVCC.  What are some of the plans for advancing DEI (diversity, equity and inclusion) within your organization? We’re currently partnering with instead of working with a leading consulting firm, to lay the foundation and create a solid DEI plan and be the leader when it comes to DEI initiatives. The heart of that journey with the consulting firm is also talking to our customers about their strategic approaches to DEI and driving innovation in this space.  What are your favorite ways to recharge? My husband and I have an RV and we’re outdoorsy people. So, while we have over 150,000 world-class hotel rooms and renowned restaurants right outside our doorstep, one of my favorite things to do is get out to Red Rock Canyon, the Valley of Fire, and Lake Mead. Five of the top national parks are within a three-hour drive from Las Vegas, so there’s a lot you can do. We love balancing the energy of Las Vegas with nature, and we’re noticing that a lot of attendees add activities off the Strip when they come here.  Valley of Fire What advice would you give to women following leadership paths in destination marketing? I think it’s about being laser-focused on what you want to accomplish; building a team around you that lifts you and helps you achieve your goals; and being humble and realizing that you do it as a group. No one gets this done alone. Thankfully, there are a lot of women in leadership in this organization, in our customers’ organizations, and in this city that we can be really proud of. We’re a formidable force that is making things happen.   This interview has been edited and condensed. This article is exclusively sponsored by the Las Vegas Convention & Visitors Authority. For more information, visit HERE.