Setting the right KPIs and ROIs to measure performance is a crucial task for any business. It requires experience and a bit of trial and error to reach a level where you know the right goals for your business and how to successfully reach them.
33% of marketers spend more than 21% of their marketing budget on events, so it would only make sense to spend this much if you are getting back more in return. How? One of the most effective methods is utilizing event technology to understand and assess your ROIs.
Why event technology adoption is integral in this era
The basic definition of “event technology” is that it’s any digital tool that can help you complete tasks relevant to your work as an event organizer, which include but are not limited to: event marketing software, event management software and mobile event apps. They have now become commodities for the event-tech mix that it’s hard to separate technology from the conversation when we talk about events.
Understanding ROIs through the lens of event technology
Using technologies such as Eventtus, as an event organizer, you will be able to produce an overall better event experience for your audience, get things organized and most importantly, mirror your success. Let’s reverse engineer the narrative for a second: what if you use these event apps and tools to calibrate your goals, and to set more accurate future ROIs? Tools like these can help you pinpoint exactly how to make more money as well as how to make your event better.
It’s true that in order to measure results, you need to have set objectives. If you don’t have objectives you wouldn’t know what data to collect. Once you have this data, that’s when you should work your objectives in a way that will help you generate more revenue. As an event organizer, it is difficult to know the exact financial quota of all of your returns, but you must present your ROIs to your team and sponsors. In order for that to take place, you must have an initial understanding of both your event performance as well as the flexible concept of ROIs.
Event ROI Clarity
The very fluid nature of the term ROI can cause a problem if interpreted in terms of revenue only. The basic definition of event ROI is that it’s “the net value an event marketer gets from an event for the net cost that goes into producing it”.
You have to keep in mind that value encapsulates revenue generated from registrations, as well as sponsorships and partnerships, leads added to the sales pipeline, the number of people who attended the event, the satisfaction of attendees and more.
This concept also applies to the event’s net cost. The cost of an event is not just the financial price of producing an event, but also the time and resources that go into an event.
Event profit = net value – net cost
Event ROI = net value / net cost
Keeping that in mind while analyzing your event data is crucial.
How to harness your event data
Your event registration platform will provide you with data on your event attendees, the ticket sales and the registration process. You will get an understanding of your event’s performance by providing you with answers to these questions:
- When are people registering?
The sales by time report will help you pinpoint the date and time someone registered for your event.
- How did they know about the event?
The sales by source report will help you learn where most of your sales originate from (social media, email, referral…etc)
- What type of ticket did they purchase?
The sales by ticket type report will help you understand what type of audience is attracted to your event (Early bird, VIP)
- What’s their job title and where do they work?
The registration questions will help you know the career level and current workplace of your event visitors.
Read also: How to increase your event ticket sales
How to utilize these findings
Analyzing these findings in comparison to the analysis of your promotional spending will help give you a more accurate and efficient way to calculate the cost-per-attendee and spot which channel drove the most revenue for your event.
The very fact that people are registering for your event means that you now have a trail of information on these people – from their names, companies to their email addresses and much more. How to utilize each piece of information you find depends on the goals of your organization.
Integrating your event app with other internal systems such as customer relationship management (CRM) solution, marketing automation platform, or financial software will help keep all your data synced and up to date, saving your team the energy and time of having to undergo such processes manually. That’s why Eventtus integrates seamlessly with all systems and websites, so that you could upload content and export data without any hassle.
During the event:
An event engagement app will transform how your attendees interact with your event. Eventtus app delivers the highest engagement rate of 97%, through its editable agenda, live polls and Q&A sessions, social feed and matchmaking feature.
Event apps will give you insightful measurable reports on:
- Active users
Showing the number of attendees actively engaged with your app. It’s not enough that your audience downloads the app, the number of engaged attendees on the app will greatly factor into the statistical significance of your event data.
- Top content
Showing you which sections of your event app are most popular
- Top interest
Showing you which speakers, sessions and discussions your audience is actively engaged with
- Live content engagements
People now are more interested in live engagement. Live polls, quizzes or Q&A can be a huge incentive for driving audience participation. It’s also a goldmine for what your audience is interested in and will give you a more in-depth insight into why they enjoyed this specific piece of content.
In Eventtus’ analytics dashboard for organizers, you will get valuable data about all the previous points and more, easily accessible and updated in real-time.
How to utilize these findings
Carefully analyzing these data will help when it comes to using the right resources for the right type of content. If a certain type of content is getting popular and outgrowing the resources you had previously allocated for it, then you need to reconsider its worth. You can even try to revive unpopular content by adding more live polls or Q&As as a part of its presentation form. There are many ways to drive meaning and value out of these data so that it serves your goals more effectively and with minimal cost.
After the event:
Success now is measured through your attendees’ feedback and sentiment. This might be the more in-depth qualitative analysis that you need to actually boost your event in the right direction.
This phase holds reports that can determine:
- Attendance vs no show rates
This will help you compare the number of people who attended your event vs the people who registered but never attended
- Retention Rates
This gives you a glimpse into how many attendees attended previous events, and how many are brand new to your events.
- Gathering feedback
You can gather feedback on sessions or speakers attendees liked or disliked or even what your audience would like to see in future events. This time with more details about their experience through non-intrusive opinion polls.
How to utilize these findings
These reports help you understand how effective your event is at retaining previous attendees. When combined with session and speaker ratings, you can better understand what aspects of your event require improvements and which of them deserve more resources next time.
If you require additional data, in-depth analysis of your event, you can request business intelligence reports and analytics from Eventtus, which analyze and result in findings and conclusions about your event details to help you measure ROI effectively and plan accordingly.
Don’t forget your sponsors
Attendees are not the only stakeholders you should be worried about here. Your sponsors contribute to a huge part of your ROIs. You should highlight the key points that benefit your sponsors and exhibitors by using an event app.
Benefits such as that:
- Event apps will be another digital platform where your sponsor’s presence is very prominent
- It will help with visibility by letting attendees easily find where the exhibitors are placed through the app
- It can also be used as an advertising tool through the use of app notification to highlight certain events or actions that your sponsor want to capitalize on
When you get your Eventtus event app, you will have the opportunity to showcase and promote your event sponsors, partners & exhibitors by providing them with a high exposure and a wide reach to all the event attendees or the segment they want to target. This can be done through custom push notifications, getting featured in the main menu or exhibitors’ list or being placed in the event agenda.
To add to that, Eventtus’s leadbox can now help your sponsors and exhibitors leverage qualified leads in the most efficient way possible making this one of the best and most organized lead retrieval experiences. It will also give you reports on the quality of leads collected as well as keep track of your individual team members performances.
What to do next
Now that you have seen what the wide array of event technology platforms can offer you and how it helps you gain tangible knowledge and feedback about your event after investing in one or more of these technologies for your event. Your primary target now should be to increase the attendees’ engagement with your event app so that you can get accurate results and in turn accurate analysis that will inform an increase your ROIs.