Good morning…….. Las Vegas!
Man, it feels good to be up here! And it just feels so good to see so many familiar faces here today!
And for those of you watching online... I haven’t forgotten about you…… good morning, good afternoon, and good evening!
Whether you’re in-person or virtual, I’m thrilled to welcome all of you to Cvent CONNECT 2021!
I can’t tell you how great it is to be here in front of a live in-person audience for the first time in over 18 months! I’m so excited to be here, but I’m even more excited to see that because of this hybrid experience, we’ve been able to expand the reach and the impact of Cvent CONNECT.
As you can see from this map, people are joining us from around the world. It’s just simply incredible.
We organized this hybrid experience with you in mind so you can see how it’s done in real time…. so you can be better prepared for your own hybrid events.
Now before I start my keynote, I want everyone to do me a favor.
Take a minute, and try to remember, what you were thinking in March of 2020. COVID hit us like a freight train and practically overnight the entire world effectively shut down.
In the early days of the pandemic, when in-person events were practically non-existent, none of us were feeling very optimistic about our industry.
Who would’ve thought that just 18 months later, we’d have the technology and expertise to deliver events that can reach and engage more people than pre-pandemic.
Even when I think back to last year’s Connect conference, I remember we were literally just trying to catch our breath and remain standing.
But even in that moment…. with so many unknowns…. with so many challenges in front of us…. we never lost hope. And you know what? Neither did you.
And if you recall, during my keynote last year… I said that we’d be entering something I called the Golden Age of Events. I know at the time, a lot of people found it hard to believe. But I feel now more than ever that we are entering a time, where event programs are among your most important marketing tactics.
A time where…… more events are being organized….A time more attendees are being engaged. A time where events become an even MORE critical part of the business landscape.
The pandemic has been a catalyst for innovation that I believe will literally change the face of our industry. Event professionals have become TV producers, technologists, and marketers….
At the same time, hoteliers have become safety consultants, hybrid event experts, and strategic advisors to the planning process.
We’ve witnessed a transformation of our industry…. in just a matter of months – not years.
But why is this transformation making such big headlines? Because the meetings and events industry, adds more than $1 trillion dollars to the global economy.
To put that in perspective, there are only 13 countries with GDPs larger.
Now, just imagine the transformation of an entire country – in less than 18 months. That’s what we’ve been witnessing. In other words, together….collectively…. we’re transforming a trillion-dollar industry.
I remember when I used to talk to Wall Street, I used to say that the meetings and events industry was the biggest industry you never heard of. Now…because of this transformation, it’s ALL that people are talking about.
We believe the interest in our space has never been higher. We believe the power of events has never been greater. We believe, over time, that our industry will be in a better place than it was before.
[VIDEO]
This truly is…. a world transformed, And at Cvent, we have a somewhat unique vantage point….. because we can see both sides of the ecosystem.
We help hundreds of thousands of users across the entire meetings & events landscape including Hoteliers, CVBs, associations, non-profits, universities, and corporations of all sizes…. get the most out of their meetings program.
Now given our diverse customer base and decades of experience, I thought it’d be helpful to highlight, what we think is driving this massive transformation. I’ve broken it down into 4 key pillars.
- 1st; The rapid digitization of our industry
- 2nd; the evolving roles of planners, suppliers, hoteliers, and attendees
- 3rd; the triple threat, of in-person, virtual, and hybrid
- and 4th, the arrival of the continuous event.
Let’s dive into the first pillar: The digitization of our industry.
The pandemic fueled one of the biggest shifts we’ve seen across the entire business landscape. Just take a look at what McKinsey said about the rapid digital transformation.
We effectively experienced…. digitization by force.
People had no choice but to embrace technology to fill the void that was left, after in-person events were cancelled.
And now….there’s no going back.
Organizations quickly discovered the massive reach of virtual events.
It became clear how accessible and scalable they are….and how much flexibility they give attendees.
And more importantly….by leveraging technology, organizations collected more data than ever.
For example, at last year’s virtual Cvent CONNECT, through the Cvent Attendee Hub, we captured 1.1M engagement touchpoints with our attendees
Here’s a video that shows how Cvent powers these virtual events.
[VIDEO]
As you can see, technology enables organizations to capture more data, build an engagement score and gain more insights into their attendees’ behavior.
And all this ultimately leads to better outcomes.
Now let’s look at pillar #2: How digital transformation has changed all of….your roles.
When everything went virtual, planners had to change. You had to work more closely with your marketing and tech teams as the lines between digital marketing…. technology …. and events blurred.
By working more closely with these divisions, you’ve effectively become data scientists…. Because you had to ensure that data flowed from one event to the next, so that you could calculate the ROI across your Total Event Program.
And this is just one of the many ways that the event planner role has evolved. And look… the same thing is happening to hoteliers.
As you know, your customer – the planner -- is searching for venues online more than ever. But what’s really interesting is how they’re leveraging digital channels to better QUALIFY the venues that they’re considering. And it’s not just for safety – because that’s just table stakes in today’s world.
Planners now want to explore & book event spaces completely online.
Some don’t even want to interact with a hotel salesperson – they just want to book their meeting space, like they do on consumer websites.
They expect their hotel partners to offer virtual site visits as a standard offering. In response…the forward-looking hoteliers are showing off their space with high quality virtual tours.
They’re also enabling planners to tailor that space, in real time, using collaborative event diagramming technology.
The technology looks a lot like this….
[VIDEO]
It’s really incredible to see how far diagramming technology has come over the last year and how it’s helped facilitate collaboration between hoteliers and planners.
And finally…. planners expect that hotels have the right technology infrastructure – from enhanced wi-fi, to virtual studios, to onsite production experts.
The point is, it’s not just the planners that have to become technologists, but also the hotelier.
In short, we’re in an environment now, where a hotel’s digital assets are becoming almost as important as their physical ones.
Now, let’s talk about the most important part of the ecosystem…the attendees – and how their expectations have changed.
Let’s start with virtual.
Now I know we’ve already talked about how attendees are expecting virtual events to be more engaging, informative, and captivating. But I wanted to give you some concrete examples.
Let’s take webinars. The old school way of creating a webinar was to show a presentation with a voiceover and then do sales follow up a few weeks later.
In the new digital age, this approach will no longer work. Attendees expect not only to interact with the presenter, but also with the other attendees so they can learn in a multi-dimensional way and engage with their peers.
Organizations are now realizing that webinars, are opportunities to talk WITH their attendees – not just AT them.
And it’s not just during the webinar…. but before and after also. For example – imagine joining one of 5 virtual roundtable discussions after the webinar on a key topic of interest so you can continue the conversation.
Now, in addition to making the virtual event more interactive, you can captivate your audiences with an up leveled production.
Imagine a more dynamic, broadcast-quality session that looks like a TV show rather than the typical PowerPoint presentation.
What was once passive, will now be interactive, which will make attendees want to come back to your virtual events again and again.
Now…the attendee expectations haven’t just changed for virtual events, but also for in-person events.
Attendees are now expecting the same type of digital components to enhance their in-person experience.
Think more personalized networking sessions, more interactive mobile event apps, access to on-demand content for the sessions they missed, and online communities to continue the conversation post-event.
So, I hope it is clear, that the attendees’ expectations for a digital experience aren’t just for virtual, it’s also for in-person and hybrid as well.
Now, let’s talk about the 3rd pillar – what we call “The Triple Threat”
What’s the triple threat?
It’s the 3 different event delivery models – in-person, virtual and hybrid. As a planner, you have to be proficient in managing, producing, & executing all 3. So in the modern event landscape, you have to become a triple threat yourself. And it’s the combination of these 3 event types, that we believe will lead to even greater success for our industry.
Let me explain. We’ve talked a lot about the importance of virtual events as part of a more strategic Total Event Program.
But even though virtual is important, it can never replace the in-person experience. And there are many reasons why… for example we’ve all seen that engagement levels are much higher at in-person events when compared to virtual ones.
While we all know virtual events deliver engagement at scale….But nothing beats an in-person event where you can actually shake someone’s hand, look them in the eye, and break bread…
Our desire for true human connection is just too powerful. In addition, let’s not all forget about the experience economy.
Just look at what happened this summer – especially in the US. Demand for travel went through the roof and it was next to impossible to find a hotel room or flight that wasn’t sold out.
It’s clear. People value experiences. Experiences like visiting Vegas or experiencing this amazing venue that Caesars has built.
Big round of applause for our event host, CAESARS FORUM.
So, the desire for humans to connect and the desire for “experiences”…. are just 2 of the many reasons why we believe in-person events will return.
In fact, as we look ahead into 2022, our sourcing data shows that in-person events are coming back.
Just take a look at those positive trends. It’s great to see. So our industry’s recent success with virtual, combined with our desire for in-person events, will lead us right into hybrid….
Because with hybrid….you get the best of both worlds. Because your attendee gets the flexibility to choose what’s right for them on how to engage with your event.
Take a look at this video to see how Cvent is powering this hybrid experience.
[VIDEO]
As you can see, our engineers have been busy developing and innovating on a lot of new things. We’ve spent the last 18 months building out our platform to support the rise of 3 event types….this triple threat.
But you’re probably wondering….. why is a platform approach so important. It’s pretty simple. From the planner perspective, Using 3-12 different point solutions has always been a challenge.
Now, when you add in multiple event types, the event landscape becomes…. even more complex.
Without one system of record or one platform to manage your total event program across in-person, virtual, and hybrid… Data gets lost, event ROI becomes more difficult to prove …but worst of all, your attendee doesn’t get a seamless experience.
And here’s the reality – every organization has to be able to consistently execute all 3 delivery models because we believe your attendees won’t just expect it, they’ll demand it.
Take this conference – we obviously have people who decided to fly to Vegas to come in person, and then we have our much larger virtual audience.
But then there’s another group of people. It’s the people who flew into Vegas… and are not in this ballroom right now, because they’re probably enjoying the sunshine and watching my keynote virtually… next to pool… on their iPad.
The point is….no matter where your attendees are….Whether they are in this ballroom, at their home… or actually in Vegas next to the pool…they want to interact with your event on their terms and that’s why you need to deliver all 3 – virtual, in-person, and hybrid.
You need to be a triple threat.
Now, let’s talk about the 4th and final pillar: It’s called the continuous event.
Let me explain.
Because of the triple threat, we’ve expanded the way attendees can interact with events. And frankly, when you factor in that content… is now on-demand, the traditional start and end dates of events start to blur – because in the digital world, engagement never stops.
We believe planners and marketers now have a tremendous opportunity to embrace what we’re calling the continuous event.
These “always on” digital environments are where event organizers can engage their: customers, employees, members, alumni, or donors with more content, and more opportunities to connect.
But this idea goes even deeper. Think about the continuous event like a college course.
Over an entire semester, you become deeply integrated into the program, you learn new skills and develop meaningful relationships, because the program goes beyond a one-time interaction.
As a matter of fact, it’s almost like you’re building a mini community around the event. It’s a massive opportunity….and if our industry can perfect this continuous event – it may outperform every other sales, marketing, or engagement strategy out there.
Now developing this will take time, but when we do, I believe it’s going to take our industry to the next level.
So together, these 4 pillars have created….. a new kind of engagement economy.
Where the opportunities to engage and interact have multiplied. And here’s the thing. Technology is driving the convergence of all 4 of these trends that I’ve discussed today…and together, they’re changing our trillion-dollar industry forever. It’s important that we embrace it, not fear it.
The fact that you’re here at Cvent CONNECT means that you’re doing exactly that --- you’re embracing this evolution.
To help you on your technology journey…if I could be so bold…..I’d like to suggest 3 things you should consider doing at the conference.
1st – Go to our product roadmap sessions.
If I had to pick the most important session of the conference, that’s it. It’s also right after my presentation. Our 1,100 engineers have created some new and innovative products and features that I don’t want you to miss.
2nd – Take a tech tour.
Whether you’re attending in-person or virtually, get a behind the scenes look at what technology is being used to bring this hybrid experience to life.
And 3rd, just enjoy the conference.
You don’t often get the chance to walk in the shoes of your attendee…of your customer. Immerse yourself in the content, in the networking, and just the overall experience. But most of all – have a little fun and get to know your colleagues.
So, as I wrap up today, I’d like to reflect on the last 12 months since last year’s Cvent CONNECT.
Just like our industry has changed, we’ve changed. As a business, we’ve also gone through a complete transformation – and it hasn’t been easy.
Think about this.
Pre-pandemic, 95% of our revenue came from in-person events.
Like all of you, we had to quickly pivot and adapt. But our employees rose to the challenge. They never stopped believing in the company and they never stopped believing in this industry.
But we couldn’t have done it without all of you…our customers. You never stopped investing in us….and you never stopped believing in us. Because of this belief, we were able to persevere, and we were able to continue to innovate.
And because of that, we have exciting news to share.
Now… some of you may have already seen our recent announcement – but for those who haven’t….we plan to go public again.
We’re extremely excited about this next chapter for Cvent….and also for what it means for the meetings & events industry. It’s nice to have this extra boost after a difficult 18 months. Now through this process we’re expecting to raise more than $800M – which will help us further invest in delivering exceptional products and exceptional support – that you’ve come to expect.
We’re proud to have a blue-chip list of investors that include some of the top mutual funds in the world, and we’re also proud that Zoom has become a strategic corporate investor in the company.
But I want to assure you….no matter how large or small your organization, or how many events you host, or how many people are on your team, we’re here for you. You’ll always have a partner that understands your business, the complexities of your role, and some of the pain points that you experience.
We’re here to support you in your technology journey and to help you….make the most of this digital transformation.
Your trust in us over the last two decades – and especially sticking with us over the last 18 months has meant the world to us….and has made this all possible. And for that…. I want to thank you from the bottom of my heart.
I’d like to close with this.
One year ago, I said we were on the cusp of the Golden Age of Events. A time where more events are being organized A time where more attendees are being engaged. A time where events become an even MORE critical part of the business landscape. A time where our industry will be stronger than ever.
Why?
Because as people, we thrive on the human connection. Meetings and events give TEXTURE to life. Connecting is fundamental to who we are. And because we’re witnessing the transformation of our trillion-dollar industry, the opportunities to connect have become more numerous…more engaging, and more impactful.
Together, I look forward to making the most of this new events landscape.
Thank you for listening.
Welcome, to Cvent CONNECT.
Additional Information
In connection with the Business Combination, Dragoneer intends to file with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which will include a preliminary prospectus and preliminary proxy statement. Dragoneer will mail a definitive proxy statement/final prospectus and other relevant documents to its shareholders. This communication is not a substitute for the Registration Statement, the definitive proxy statement/final prospectus or any other document that Dragoneer will send to its shareholders in connection with the Business Combination. The information to be filed by Dragoneer will contain substantially more information about Cvent than is being furnished with this communication and may contain information that an investor will consider important in making a decision regarding an investment in Dragoneer securities.
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