Last month, Harvard Business Review Analytic Services released their global survey of 376 business leaders about the way technology can help them track event ROI and ultimately, allow them to create better events.
This report summary speaks to the benefits and best practices of technology. It also categorizes companies into two buckets: adopters and non-adopters.
Hopefully, this information will be useful when pitching to your boss or committee about the rationale behind your request for better technology equipment and software.
Adopters and Non-Adopters
The organizations that are most likely to use event marketing technology are:
- Tech companies
- Professional services organizations
- Consulting firms
- Health care companies
The ones that are least likely to use event technology are:
- Energy companies
- Telecom organizations
The reasons for non-adoption are:
- Lack of budget
- Feeling their current technology is good enough
- Don’t see a value in the newest platforms
Adopters Event Technology Annual Budget
- 37% spend between $20,000 - 100,000
- 30% spend $ 19,999 or less
- 17% spend between $100,001 – 500,000
- 16% spend more than $500,001
In addition, in 2019:
- 40% stated they plan on spending more on hosting events
- 30% said they plan on spending more on sponsoring conferences
Event Technology Benefits
According to the survey, adopters found a:
- 40% improvement in the ability to track and measure events
- 39% enhancement in the event registration process
- 31% increase in productivity
- 30% attendee experience improvement
- 26% improvement in matching planning/execution to goals/objectives
Tracking Metrics Among Adopters
The best embracers track the following event measurements:
- 77% the number of attendees
- 60% the number of qualified leads
- 53% amount in sales pipeline – especially in the first 90 days post-event
- 48% number of social media mentions (listening)
- 37% movement through sales funnel
- 35% amount of new revenue
- 31% cost per customer acquired
They track this information through the following mechanisms:
- Post-event sales for 90 days following event
- Focus groups
- Linking event information to the company’s CRM system
- Social Media sentiment
- Program participation
Event Technology Best Practices
According to their in-depth event practitioners’ interviews, Harvard Business Review came up with the following technology best practices:
- Integrate event technology into your IT infrastructure.
The best event marketing software has legs into other systems, including Business Intelligence and CRM solutions. This allows for an improved client experience since everyone can see the information about a prospect or client at the same time.
- Deep dive into bottom of the funnel metrics.
Track the client’s journey and determine if the top of the funnel started with the event. When this is completed, you will know with better accuracy the amount of time it takes to close clients and common obstacles along the way.
- Align metrics to event types.
HBR points out that different events are used at various points of the funnel. Here are their suggestions:
- Sponsorship events should be tied lead generation measurements
- VIP meetings associated with improved revenue over next 90 days
- User conferences deliver customer renewal and growth (add-on products/services)
- Retail events increase sales for the promotional period
The key to good event ROI, is the successful tracking of attendees from event registration to close - from the top of the funnel to the bottom and the length of time to travel there.
If you have the right software, it can easily integrate into your existing CRM system and provide your team with the correct tools to turn attendees into customers and brand influencers.
This is the time to analyze and test your choices, make recommendations and put them into next year’s budget.
Hartford Technology Rental Offers Event Technology Consultations
We have been involved in thousands of events and are happy to help you with your event rental choices. Call us at 888-520-5667 or contact us online, 24/7, to speak with one of our experienced technology professionals.