Elon Musk’s journey to purchase Twitter has vast implications for the events industry, and it’s all about the data, says Totem’s growth director, Rob Prevett

In what amounted to the world’s most expensive power move, multi-disciplinary entrepreneur Elon Musk recently moved to purchase social media giant Twitter in a seemingly off-the-cuff act of whimsy.

Critics labelled the acquisition attempt (which is still underway) ‘foolhardy’ and ‘impulsive’, given Twitter’s questionable financial performance. However, while the surface-level reason for the purchase was protecting free speech, a major upside of a purchase by Musk – or indeed any buyer – will be the ability to control the platform best positioned for a future in which data is ‘the new currency’.

Data is something Elon Musk has witnessed the power of first hand. Tesla has revolutionised the automotive industry in recent years with everything from its manufacturing to its marketing, and data is the key to that success. His Tesla cars capture a huge number of data points on each customer, everything from speed and location, to average journey duration, navigation history, browsing data, radio listening history and more.

These variables allow Tesla to paint with a much finer brush when identifying user behaviour. This in turn allows them to offer products and services that are highly tailored to their customer specific needs. Not only does this ensure they deliver next level customer services, but it also opens up whole new business models. Tesla recently entered a lucrative vertical market, insurance. Using driver data the company states that they will be able to reduce the cost of car insurance by up to 30% because "they know their cars better."

But it’s not just Tesla or Elon Musk. The world’s most powerful companies – including Meta and Amazon – are also fixated on optimising data, so isn’t it time the events industry leveraged it’s data too?

Taking a 30,000ft view of our industry, it’s an impressive proposition: we gather the most forward-thinking industry influencers to engage meaningfully with those with the purchasing power to shape their sector’s future.

There is, however, a flaw in the traditional event model, or rather, a missed opportunity of gargantuan proportions: after winning the battle for hearts and minds, event organisers figuratively and literally pull the plug, only to wait another year before they once again unite their valuable stakeholders.

The key to advancing events is technology and data. Mastering this is the key to understanding your audience on a deep level. The problem is, almost everyone is still preoccupied with ‘digitisation’, when they should be thinking in terms of ‘digitalisation’. The former is about replicating digitally what’s gone before, the latter is about reimagining your business digitally from the ground-up.

Your event can be the foundation for a complete ecosystem for the sector or business it serves: an ‘always-on’ platform where speakers can turn their one-off talk into a regular hub for targeted visitors, where sponsors can benefit from prolonged year-round exposure, and where attendees can enjoy a holistic experience that rewards them with regular interactive content, finely tailored to their interests.

Let’s say you run an IT event, and a talk on cyber security proved popular. What if, during that seminar, attendees were invited to an online platform to build on the discussion and share ideas, while extending virtual networking opportunities before the in-person event comes around?

Data eliminates guesswork, and allows you to create exactly what your audience demands. This could be a paradigm change in everything from the finer points of your event: the time it takes place, or its venue. Or it could be about creating opportunities for speakers and attendees to build truly interactive communities before once again uniting in a physical space.

We are already in an era where your work/life balance is being weighed up, enabled by the possibilities digital technology brings. Meanwhile, sustainability governance is increasingly requiring metrics that demonstrate dedication to lessening travel and CO2 emissions.

The pandemic brought technological innovation to the forefront – indeed, who can’t say that their weekly video conferencing tally hasn’t increased significantly? But while the event industry adapted to this demand for virtual, there’s a risk that going back to ‘business as usual’ could miss a truly transformational opportunity.

It’s time to embrace a future where data and technology can expand your event to limitless horizons.

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