70% of event planners do not measure ROI, while 50% do not use any event management toolsAzavista, the first data driven group travel and event planning solution, surveyed 400 event planners from agencies and enterprises around the world. The goal of the survey was to identify the key problems event planners face, as well as the correlation between these challenges and the measurement of Event Return on Investment and the use of technology tools.
According to the Azavista survey “Event Management: Budgetary Challenges and Event ROI”, over 70% of event planners do not measure the ROI of their events. Almost 60% stated that their budgets have been cut at least by 20% in the last 2-3 years and identified issues like limited resources and cost control as some of the main challenges they face.
“As event budgets become tighter and planners need to do more with less, measuring Event ROI can facilitate budget approvals, improve the overall success of the event and be utilized to avoid pitfalls in future projects. We believe that planners should start embracing a more evidence based approach in order to safeguard declining budgets and maintain the viability of their events” , stated JP van der Kuijl, Azavista CEO.
Another interesting finding from the Azavista Survey was that the penetration of technology tools remains significantly low in the event planning industry. Almost 50% of respondents do not use any Event Management Solutions at all; 160 respondents out of the 400 surveyed, use registration tools, while about 40 utilize Supplier Sourcing & RFP Tools and 70 Event Reporting Tools and Mobile/Web Apps. This finding is strengthened even more with the fact that 82% of respondents state that they are not aware of tools or solutions which can help them measure and boost Event ROI.
Azavista recognizes that every event has its own distinct variables, and as such, a standardized method to measure Event ROI that covers all parameters is challenging to implement. However in the survey “Event Planning: Budgetary Challenges and Event ROI”, Azavista identified the main methods event planners use to measure the Return on Investment and success of their events. Here are the top examples:
Analysis of social media content
Monitoring of sales results and new leads
Implementing questionnaires and monitoring attendance
Media coverage reports
Evaluating employee engagement
Solicitations vs participation
Costs vs. opportunities
Measuring the incremental revenue that came from the business contacts created during the event
The results from the Azavista survey, “Event Planning: Budgetary Challenges and Event ROI, June 2013” show that event planners do not emphasize on evaluating and boosting the Return on Investment of their events. Azavista estimates that this trend will change, as budget approvals become more demanding and planners have to validate the importance and success of their events. Furthermore, the penetration of event technology tools still remains low, but given the reduction in recourses and manpower, sooner or later planners will have to turn to technology in order to streamline their work in a more time and cost efficient manner.