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Azavista Whitepaper - Budgetary Challenges and Event ROI

Azavista Whitepaper - Budgetary Challenges and Event ROI

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Published by TravelDailyNews
Azavista Whitepaper - Budgetary Challenges and Event ROI
Azavista Whitepaper - Budgetary Challenges and Event ROI

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Published by: TravelDailyNews on Oct 16, 2013
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12/29/2013

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Azavista White Paper October 2013
Event Management:Budgetary Challengesand Event ROI
 
www.azavista.com
 
IntroductionBudget Cuts a Reality
Has your event budget been reducedduring the last 2-3 years?
In this survey, Azavista sought toidentify the severity of the budge-tary and other problems event plan-ners face, as well as the correllationbetween these challenges and themeasurement of Event Return on In-vestment (ROI). Is measuring EventROI a common practice? Is it seen asa solution? Azavista surveyed, 400event planners from agencies andenterprises around the world.Is measuring Event ROI a commonpractice? Is it seen as a solution to safe-guard declining event budgets?2013 brought a feeling of opti-mism back to the meetings andevents industry as companies be-gan to grow their programs againand bring back events that wereput on hold during the recession. This trend nevertheless is identi-ed only in some markets, conr-ming an ‘asymmetrical recovery’ of regional economies. The current and projected situationof the meetings, events and businesstravel sectors largely reects the evo-lution of the global nancial state, withthe greatest growth being found inthose countries that are experiencingthe highest levels of economic deve-lopment. However, taken globally, theavailable evidence points to a convic-tion on the part of the market that thepath to recovery, however asymmetri-cal, will continue to be followed in theyear ahead.
Source: Event Management: Budgetary Challenges and Event ROI, June 2013
Event planners around the globeare facing the repercussions of thecurrent economic situation. Thiswas conrmed in the Azavista sur-vey, with almost 60% of respon-dents stating that their budgetshave been reduced during the last2-3 years. The majority of these res-pondents also claimed that the cutssurpassed 20% of their initial bud-get. The budgetary challenges plan-ners face are highlighted even morein the survey, where over 1/3 of res-pondents stated that they organize20+ events a year and almost 70%does this in house.
 
Event ROI
Do you measure Event ROI?
 
Source: “Event Management: Budgetary Challenges and Event ROI, June 2013”
How do you measure ROI?
• Analysis of social media content• Monitoring of sales results andnew leads• Questionnaires• Attendance• Media coverage• Employee engagementSolicitations vs participation• Evaluations of attendees and ma-nagers who planned the event• Website clicksCosts vs. opportunities• Measure the incremental revenuethat came from the business con-tacts created during the event 
 
What is more important for the success of your event?
One here can identify the trend of enterprises trying to contain costsand handle the workload on aninternal level. Furthermore, whenrespondents were asked about themain challenges they face in eventplanning, the lack of manpower,time and recourses was stressed.With meetings and events underscrutiny, now more than ever, ROImeasurement and reporting couldgive planners the leverage theyneed to safeguard their budgetsand prove the strategic role of theirevents. However, results from theAzavista survey portray the con-trary; 70% of planners surveyeddo not measure the ROI of theirevents. Azavista estimates thatthis percentage will decrease yearafter year, as planners embrace amore evidence based approach inmitigating budget reductions andboosting the value of their events.Measuring event ROI can be a complexprocedure. Every event has its own dis-tinct variables, and as such, a standar-dized method that covers all parame-ters is challenging to implement. Inthe Azavista survey “Event Planning:Budgetary Challenges and Event ROI”,we identied the main methods eventplanners use to measure the Return onInvestment and success of their events.Here are the top examples:
Source: “Event Management: Budgetary Challenges and Event ROI, June 2013”

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