Using technology can either be the most significant asset or the worst mistake an event planner can make for their business. Sure, innovative and new technology has the potential to streamline operations for a lean, optimized event planning machine. However, the wrong technology or poorly implemented technology can be expensive and time-consuming. So, as an event planner, it is important to track event technology's return on investment (ROI). By measuring ROI, event planners can ensure they are dedicating resources to technology that will further their event planning business.
Types of Technology to Measure
Modern event planners have plenty of technology available to them to streamline and optimize their event planning and promotion. When planning an event, they can use marketing technology to manage email campaigns, marketing efforts, and social media promotions. These technologies go hand in hand with event management technology that can monitor event registrations and attendance. Ticketing platforms streamline the process and eliminate the need for manual ticket processing. NYC event planners can use technology to track attendee engagement during the event. Real-time polling, Q&A, and surveys all create trackable engagement channels. Gamification technology tools build excitement and generate trackable engagement. On-site technology can enhance the event experience for attendees while collecting trackable data for future event optimization. Virtual event technology increases remote attendee engagement while tracking attendance and engagement levels. These technologies include virtual booths, networking tools, and live-streaming.
Key Metrics for Measuring ROI
Event planners need to track several metrics to measure an event’s success. For events, planners should track attendee engagement and satisfaction. Engagement metrics include data that defines arrival time, attendance length, dwell time, and participation. Attendee satisfaction includes data that quantifies event guest experience. A New Promoter Score (NPS) reflects the likelihood of attendees recommending the event to others and attending future events. While event planners need to monitor their event budgets, they must also manage their event planning business. Metrics for measuring ROI should include ticket sales, sponsorship numbers, and overhead costs.
Tools for Evaluating ROI
Several tools are available to event planners for monitoring performance, analyzing data, and tracking digital activity. Customer relationship management (CRM) platforms make managing leads, current clients, and a previous client database easier. Using a CRM helps event planners track attendance and post-event conversion rates. Budgeting software is essential for monitoring the financial aspects of event planning. Event planners can use these tools to manage individual event costs and account for their event planning business. Social media monitoring tools help event planners track their digital promotion efforts. These tools help event planners track and measure engagement, brand reach, and event buzz. Event data tracking tools help event planners effectively promote, plan, and production efforts. These tools can be used to track registrations, attendance, and engagement.
Steps to Evaluate ROI
The first step in evaluating ROI is to set clear goals and objectives. Without quantifiable goals, you have nothing against which to measure data metrics to determine performance. Goals should be clearly defined, such as increasing registrations by a certain percentage or lengthening the amount of time guests are in attendance. If possible, track performance in real time with data updates. Doing this makes it easier to see trends sooner and adjust actions as needed. It can also help identify challenges that may hinder performance. After the event, all of the relevant data will be collected in a full report. Perform an analysis of the data to extract useful information. This could include trends, outliers, and peak performance. Perform a cost-benefit analysis to determine ROI.
ROI= (benefits - costs) / costs x 100%
Track Your Digital Investment ROI
The future of event planning is in the implementation of technology. However, event planners need to be strategic in the technology they invest in. Measuring the ROI of event technology is essential to ensure your digital investments deliver maximum value. Track key metrics, leverage analytical tools, and align your technology with your event planning business goals. Dive deeper into new technology and analytical strategies by attending the Event Planner Expo. Get hands-on experience with innovative tech solutions and meet industry leaders.
Get tickets to The Event Planner Expo 2025 and discover innovative technology that can take your event planning to the next level.
