How Event Technology Impacts Your Event ROI
Mar 27, 2024 Praggya Joshi
The job of an event planner is not only to organize and execute events. If what you do does not help you make dollars or build a reputation, it doesn’t amount to much. In milder terms, your events should generate some kind of ROI that benefits your brand in the long term. No matter what kind of event it is—a workshop, a promotional event, or a trade show—a laser-sharp focus on event ROI is essential and cannot be overlooked.
But is there an easy way to maximize the bottom line of your event?
The answer is yes. By using cutting-edge event tech, you can shape your events in ways that bring you favorable returns. In this blog, we’ll delve into the impact of latest event technologies on the bottom line.
What Is Event ROI?
In simple words, ROI is the value that event planners or marketers gain with respect to the overall cost of organizing an event. It is a positive value that can take various forms. ROI can be revenue, positive reviews and testimonials, future sales, leads, or a boost in brand recognition.
Event ROI is slightly different than event profit. ROI from an event is calculated as net value divided by net cost. Setting clear goals and connecting them to corresponding metrics is the best way to know whether you are receiving the intended bottom line. For instance, if your goal is to increase awareness, the corresponding metrics for it will be the number of registrations, social media impressions, and website visits. Event technology, such as an all-in-one event management software and social media metrics tools, can help you determine whether you have achieved the desired ROI.
How Event Tech Boosts ROI?
Event tech lets you deliver a glitch-free and personalized attendee experience. It cuts costs and time spent organizing events. You can use technology to improve different aspects of your event. We have explained the major ones below.
Custom Event Websites for Effective Promotion
More than half of people on this planet use search engines to look for interesting events. If you have created a dedicated event website, it is easy to catch the attention of your potential attendees. A custom event website is a great way to build excitement about your event and boost awareness.
You can showcase anything on an event website, such as special activities, sessions, testimonials from past attendees, and even a ticket purchase or registration form. An aesthetically pleasing website with a lively layout and a user-friendly interface gives a stimulating experience to your customers. It helps you build a narrative around your event, making it memorable. Thus, it becomes much easier to promote your event.
Event Apps for Enhanced Experiences
An event app has become an integral tool today to maximize event ROI. They ease the complexities involved in organizing events and provide a seamless experience to all. For attendees, a modern event app provides a simplified interface to view schedules, select sessions, and network with fellow attendees. Event apps also have features that benefit sponsors and exhibitors by helping them track and engage with hot leads. These features contribute to a hyper-personalized event experience.
For organizers, event management apps are ideal for easily executing and tracking various activities. Features like QR codes for ensuring seamless and fraud-proof check-in, live tracking of attendees on event floor, and more present organizers with essential tools to manage the entire event end-to-end, hassle-free. Events apps also feature a variety of engagement functionalities, such as multi-track schedules, live polls, Q&A, and social feeds, which help boost interaction and engagement, directly impacting event ROI.
Event Analytics for Identifying Areas of Strength
You need data to deliver highly successful events and boost your bottom line. Without it, identifying your events' strengths and weaknesses is impossible, which means not getting the desired ROI.
Fortunately, today, event tech has advanced enough to provide you with detailed analytics on your event. For instance, an event app, as mentioned above, provides data on behaviors and preferences of attendees by tracking session attendance and engagement with features that attendees find most interesting. Such information about users helps not only to adjust an event in real-time but also to improve it in the future. You can find the most frequent search terms, most visited presentations, and general app activity. This kind of data proves valuable for improving the effectiveness of an event.
Event Planner for Streamlined Workflows
Event planners can save time, minimize errors, and boost attendee experiences with the right planning and management tools. A customizable event planning tool helps you keep every aspect of your project management in a centralized place. You can create events, assign tasks, and use labels to prioritize them.
Customized labels in an event planner for task statuses help simplify event planning. Moreover, you can assign a budget and keep yourself organized financially. Put simply, modern event planners take away the stress of managing events so organizers can deliver the best events. They make it easier for you to handle every facet of your event well. The impact of this technology on the ROI is immense. It helps you cut costs and deliver hassle-free experiences.
Summing Up
Event tech’s impact on ROI is significant. By staying abreast of the latest technology and trends, and integrating them into the planning process, event professionals can meet the rising expectations of attendees. This approach helps in uninterrupted execution of impactful events. Also, the broader advantage of the ROI it delivers lies in positioning event organizers as leaders in their industry.
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