Banzai International, Inc, a leading marketing technology company that provides essential marketing and sales solutions, announced an expansion of Reach, its event marketing solution.
This expansion includes the creation of an operating business unit, investment in new technology systems to support customers more efficiently, and an expanded strategic focus within Banzai to serve additional customers. This expansion is in response to an increase in pipeline for the Reach audience acquisition solution that Banzai has seen in Q1 2024.
Events have become a critical component of effective marketing strategies, providing a unique opportunity to engage with target audiences in a face-to-face setting. However, it’s often a challenge for marketers to attract the right individuals to their events, with many resorting to broad, untargeted promotional tactics like large email campaigns or organic social media blasts. This “spray and pray” approach often fails to reach the most relevant and interested prospects.
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Despite a temporary hiatus post-pandemic, the field marketing industry is now experiencing significant growth. Projections indicate a $1 trillion market value increase from 2019 to 2032, growing at a CAGR of 6.4% from 2023 to 2032. Heightened expectations for successful events reflect the industry’s recovery and increasing value placed on face-to-face interactions. According to the 2023 Gartner Tech Marketing Benchmarks Survey, “technology marketers increased investments [in events] by close to 5 percentage points between 2022 and 2023.”
Reach helps marketers drive event registration by inviting a company’s ideal audience through personalized multi-channel campaigns. Leveraging Banzai’s Audience AI feature, Reach targets potential attendees from a database of over 379 million professionals by geographic region, industry, job title and more to fill rooms and sales pipelines. ThoughtSpot, an AI analytics company, saw a 75% increase in registration rates and generated approximately $1 million in new sales pipeline after utilizing Reach.
“We have observed an increase in demand for audience acquisition solutions for both webinars and field marketing. This represents a reversal in market trend from what we saw in 2020-2023 when marketing teams had a sharp decline in field marketing demand due to COVID-19 restrictions,” said Joe Davy, CEO and chairman of Banzai. “We are choosing to continue investing in our Reach business to meet market demand for our customers. Event attendance is a major challenge for marketers utilizing field marketing or webinars as a strategy. Reach enables customers to focus on event and webinar execution while supplementing their event audiences to increase their overall ROI.”
SOURCE: GlobeNewswire