As the global events industry strives to recover, international media company and event organiser Diversified Communications is working with specialist data and software provider Smartxpo to set prices across its US division. By combining sales transaction data with customer experience metrics and macro-economic forecasts, Smartxpo’s Artificial Intelligence (AI) platform has delivered price recommendations for several hundred of Diversified’s products, including exhibition space, sponsorship inventory and delegate fees across a range of show brands.
Always a sensitive issue, price setting is particularly difficult this year as organisers look to balance numerous competing factors, including a multi-speed economy (with some sectors booming and others in recession), major spending on Covid-related safety protocols, and a build-up of inflationary pressures in the trade show supply chain.
Mary Larkin (pictured), president of Diversified Communications (USA), said: “We are investing heavily to ensure that our shows provide a safe and effective launchpad for our clients to do business, but we are conscious of the need to make sure they remain affordable in tough economic times. By working with Smartxpo, we were able to take the uncertainty out of this delicate process, and put in place data-driven prices that are appropriate for each industry through this vital recovery period.”
Phil Stone, CEO of Smartxpo commented: “At times this year we have witnessed super-human efforts by organisers to relaunch events and support the recovery of their customers. The last thing they want to do is apply guesswork to something as important as pricing. We are delighted to be able to deploy our software to support the recovery of Diversified’s events.”