webmasterSeptember 18, 2018September 18, 2018Last 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-AdoptersThe organizations that are most likely to use event marketing technology are:Tech companiesProfessional services organizationsConsulting firmsHealth care companiesThe ones that are least likely to use event technology are:Energy companiesTelecom organizationsThe reasons for non-adoption are:Lack of budgetFeeling their current technology is good enoughDon’t see a value in the newest platformsAdopters Event Technology Annual Budget37% spend between $20,000 – 100,00030% spend $ 19,999 or less17% spend between $100,001 – 500,00016% spend more than $500,001In addition, in 2019:40% stated they plan on spending more on hosting events30% said they plan on spending more on sponsoring conferencesEvent Technology BenefitsAccording to the survey, adopters found a:40% improvement in the ability to track and measure events39% enhancement in the event registration process31% increase in productivity30% attendee experience improvement26% improvement in matching planning/execution to goals/objectivesTracking Metrics Among AdoptersThe best embracers track the following event measurements:77% the number of attendees60% the number of qualified leads53% amount in sales pipeline – especially in the first 90 days post-event48% number of social media mentions (listening)37% movement through sales funnel35% amount of new revenue31% cost per customer acquiredThey track this information through the following mechanisms:Post-event sales for 90 days following eventSurveysFocus groupsLinking event information to the company’s CRM systemSocial Media sentimentProgram participationEvent Technology Best PracticesAccording 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 measurementsVIP meetings associated with improved revenue over next 90 daysUser conferences deliver customer renewal and growth (add-on products/services)Retail events increase sales for the promotional periodConclusionThe 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 ConsultationsWe 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.