How to Audit and Optimize Your Event Marketing Tech Stack for the New Fiscal Year

As we approach a new fiscal year, event marketing professionals are likely gearing up for budget planning. This is the perfect time to evaluate your event marketing tech stack: what’s working, what’s not, and where you could optimize. This article will guide you through conducting a tech stack audit, understanding hidden costs, evaluating ROI, and strategically planning for future tech investments.

1. Conducting a Tech Stack Audit: Identify What You Have

Start by auditing your existing tools to gain a clear picture of your tech ecosystem.

• Inventory Your Tools: Make a comprehensive list of all platforms, software, and tools currently in use. Include their primary function—whether it's for event registration, virtual event hosting, social media, analytics, or engagement.
• Categorize by Use Case: Segment these tools based on their function (e.g., attendee engagement, data analytics, social media management). This will help identify overlapping tools or gaps in your stack.
• Determine Ownership: Understanding which team members or departments rely on each tool can reveal dependencies and help prioritize the platforms critical to daily operations.

HubSpot’s guide on tech stack audits offers valuable insights into conducting thorough tech audits, including inventorying and categorizing tools effectively.

2. Evaluating the ROI of Your Existing Tools

Once your tech inventory is in order, it’s time to evaluate how each tool contributes to your goals. A platform may come with excellent features, but it’s only valuable if it’s being used effectively.

• Usage Metrics: Track usage frequency, who is using it, and for which tasks. If a tool is only used for a small portion of your events, consider if the cost aligns with its benefit.
• Cost vs. Value: Compare each tool’s costs against its measurable impact on event success, attendee engagement, revenue generation, or operational efficiency.
• Analyze Overlap: Look for tools with overlapping functions. Consolidating similar tools could save money and streamline workflows.‍
• User Feedback: Collect feedback from users about tool performance, usability, and limitations. Your team’s input is valuable for identifying pain points and areas for improvement.

3. Hidden Costs and Common Pitfalls

Some costs might not be apparent at first glance but can significantly impact your budget in the long run.

• Integration Challenges: Consider any costs associated with integrating tools into your broader tech environment. Some platforms require additional APIs or connectors that may come at an extra fee.
• Scalability and Capacity: Check if your tools can handle increased usage without excessive charges. For example, certain platforms charge based on the number of event attendees or interactions, which can lead to unexpected expenses if your audience grows.‍
• Data Security & Compliance Costs: Ensure compliance with data privacy regulations like GDPR and CCPA, as non-compliance can lead to fines or added costs for enhanced security measures.

TechTarget's article on hidden tech costs covers various costs organizations often overlook when adopting technology.

4. Key Questions to Ask When Deciding to Keep, Replace, or Upgrade

As you consider each tool, use these guiding questions to make informed decisions:

• Does It Align with Our Strategy? If your event strategy has evolved, it’s worth assessing whether your tools still support those goals effectively.
• What Are Competitors or Industry Leaders Using? Staying up-to-date with industry trends can reveal if you’re missing out on tools that could give you a competitive edge.‍
• Can We Justify the Cost? Evaluate whether each tool’s value outweighs its expense. For platforms with high costs and low usage, consider downgrading or replacing them with more affordable alternatives.

For more on selecting technology, McKinsey’s technology adoption framework provides a structured approach.

5. Budget Planning for New Tech: How to Make Strategic Investments

With your tech audit complete, it’s time to budget for new additions or upgrades.

• Set Priorities Based on Gaps: Look for tools that can enhance areas where your current stack falls short.
• Consider All-in-One Platforms vs. Specialized Tools: While all-in-one platforms simplify processes, specialized tools may offer advanced capabilities for specific needs.
• Plan for Onboarding and Training: Include training costs to ensure team members know how to use new tools to their fullest potential.‍
• Look for Scalable Solutions: Prioritize platforms that can adapt to varying event sizes and types without significant cost increases.

Forrester’s Guide to Evaluating MarTech provides insight into making strategic technology investments.

6. Building Flexibility into Your Budget

• Allocate a Contingency Fund: Tech needs can evolve quickly, so setting aside a contingency fund allows for adjustments as new needs arise.
• Set Aside Testing Funds for New Tools: If there’s a promising tool you’re curious about, allocate a small budget to test it or attend product demos.
• Set Aside Testing Funds for New Tools: If there’s a promising tool you’re curious about, allocate a small budget to test it or attend product demos.

CMO’s advice on building a flexible marketing budget can help you create an adaptive budgeting strategy.

7. Pro Tips for Smooth Budget Approval

• Showcase Value, Not Just Cost: When presenting your budget, emphasize how each tech investment impacts event ROI, enhances efficiency, or improves attendee experience.
• Leverage Vendor Negotiation Tactics: Renew contracts with an eye on reducing rates, bundling features, or securing discounts for multi-year commitments.‍
• Highlight Potential Savings from Consolidation: Show how consolidating tools could reduce costs and streamline workflows, helping you achieve a more efficient tech stack.

Negotiation tips for marketing technology on MarTech.org provides tips on working with vendors.

Conclusion

Taking time each year to audit, assess, and optimize your tech stack will keep your organization agile and prepared for the demands of a new fiscal year. By evaluating current tools, understanding costs, and planning for future needs, you’ll build a budget-conscious, high-performing tech stack that supports every event.