Day 2 of the Cvent Corporate Meetings Summit was kicked off with inspiring presentations by 2 of Cvent's co-founders. Reggie Aggarwal, Chairman and CEO, and Chuck Ghoorah, Executive Vice President of Sales and Marketing.
Reggie explained how Cvent's practices of hiring the best people, building the best products (through development and acquisitions), and customer service have resulted in a customer satisfaction score of 95%. Reggie also shared the message that Cvent delivered to Wall Street, that the meetings and events industry is the "biggest industry you've never heard of." The meetings and events industry cuts across industries, economic sectors, and geographical borders. It also cuts across functional areas having an impact on sales, marketing, customer service, IT, and training and development.In its communication with Wall Street, Cvent highlighted the fact that estimated worldwide spend on meetings and corporate events is $565 billion. Meetings are mission critical to organizations reflecting opportunities to engage clients, prospective clients and employees.
In response to predictions that technology will make the meetings industry obsolete, Reggie shared that technology transforms meetings and events and brings them to much larger audiences. For example, SAP's Sapphire conference had 25,000 face-to-face attendees and 250,000 virtual attendees. In view of the significance of meetings and their increasing impact, Reggie closed by saying "Let's together transform meetings and events."
Chuck Ghoorah traced the evolution of Cvent from an online registration platform in 1999 to a strategic partner that provides clients organizations with end-to-end solutions for events.He underscored the importance of meetings with the statistic that 1 to 3% of total corporate revenue is invested in meetings and events. The challenge, he said, is that the meetings and events budget is decentralized in training, marketing, sales, procurement, and other departments. Technology, however, is making it possible to track this investment and more effectively measure R.O.E. (return on events).
Chuck highlighted the transformation that has taken place in the personal space as a result of technology, and encouraged event planners to embrace a similar transformation in the meetings and events industry.
Key trends will include:
- the continued migration from offline manual processes to online processes provided by cloud-based technology
- the need for event industry professionals to provide enterprise solutions incorporating new roles as strategists, marketing and social media specialists
- putting technology in the hands of end users and consumers
As this transformation continues, Cvent will continue to act on feedback from clients to provide user-friendly technology that support every phase of event management. Cvent Corporate Meetings Summit and Association Meetings Summit are examples of opportunities to dialogue with clients. The content was designed in response to client feedback. Breakouts by product line will give clients an opportunity to shape emerging technology. The agenda for Friday's Town Hall with Cvent executives has been created from topics suggested and voted on by clients.
For more highlights from Cvent Corporate Meetings Summit, also read #CventCMS Live from Vegas: Transforming Meetings & Events.
Photo Credits: Executive Oasis International