A survey of 400 event planners around the world by event management software firm Azavista found that 70% do not measure ROI.
The research, 'Event Management: Budgetary Challenges and Event ROI', also revealed that almost 60% had seen their budgets cut in the last two to three years. The majority of these respondents said the cuts were more than 20% of their original budgets. As a result, they face challenges of limited resources and cost control.
JP van der Kuijl, Azavista's chief executive, said: "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 utilised 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."
Almost 50% of the event planners surveyed do not use any event management tools, with 82% not aware of tools or solutions that could help them measure and boost event ROI.