The Importance of Real-Time Data for Event Management

Data is one of the most valuable tools event organizers can use to optimize the attendee experience. Yet, many events wind up being data-rich but insight-poor: while there’s no shortage of information available, without the right tools to gather and make meaning of it, all of that data goes untapped. 

Here, we take a closer look into the types of real-time data you can collect from attendees using Billfold’s POS system and how you can use these analytics to elevate the overall success of your event.

What Types of Real-Time Data Can Event Organizers Collect?

Real-time data can be collected and analyzed across the entire lifespan of an event. From pre-event RSVP and ticket forms to post-event surveys, you can gather valuable information from your attendees well before and after the event even takes place. 

Direct registrant data, such as name, email, and phone number, can be useful for segmenting your markets and tailoring event offerings to various attendee profiles. Post-event survey data can shape decisions for future events. Everything from feedback on the event’s layout to thoughts on merchandise or food and beverage offerings can be collected to plan forthcoming events more strategically.

However, there is also great value in the real-time data that is collected during the event itself. Information can be gathered from virtually every touchpoint of your event, but here are just some ideas to consider:

• Entry and Exit Date: Use entry and exit data to track attendance, as well as the rate of no-shows and the average time spent at your event.
• Feedback: Collect feedback from on-site surveys to track sentiment on presentations, webinars, merchandise, and other aspects of the event.
• Monitor Stock: Track sales of food, beverages, and merchandise in real time to replenish stock proactively.
• Track Event Hot Spots: Identify traffic and spending patterns to find out what’s popular at your event or venue and where there might be lulls.

Incentivize Attendees: Push promotional opportunities based on brand or vendor loyalty during an event and ensure the offers are relevant to the customer’s spending patterns.

Real-time analytics are a game-changer for event management. Collecting data in real-time allows you to be proactive when it comes to making decisions over the course of your event. Below are some ways you can optimize your event in real-time with the data you collect using Billfold.

Proactive Resource Allocation

One of the most powerful ways to optimize the attendee experience is to prevent disappointment from long lines and insufficient offerings. Real-time data allows organizers to replenish resources before they’re depleted and plan proactively for crowds. 

Whether it’s adding more chairs or refilling snack stations, these efforts go a long way in creating a seamless guest experience. Billfold’s robust Marketplace Management dashboard allows for the simplified management of many different vendors, merchants, and locations.  

Perfect the Sales Funnel

Tracking metrics such as engagement with and purchases from booths, vendors, and other touchpoints allows event planners to assess funnel analytics and determine whether there are any snags that get in the way of conversions. With Billfold IQ, you get real-time analytics from every interaction point in your event, providing you with valuable consumer intelligence.

Identify High-Demand Regions

There are bound to be regions within an event that draw larger crowds, whether it’s a particular food vendor or entertainment stage during a fair or live music festival. Tracking how guests interact with certain aspects of your event allows you to highlight popular exhibitors or attractions, or trigger notifications and announcements to visit other features of the event to even out crowds. 

Offer Tailored Messaging

By analyzing attendee behavior, purchase patterns, and demographics, you can offer tailored messages and advertisements geared toward your guests’ interests. Through this data-driven decision-making, you’ll be more likely to deliver targeted messages that actually appeal to your attendees—and therefore lead to greater conversion rates. Billfold Engage taps into these interests, connecting sponsors and vendors with customers from the registration stage to the days after the event. The relevance of these offers leads to a significant increase in on-the-spot purchases, making Billfold a profit opportunity as opposed to a cost center.

Reduce Wasted Time

With granular data, you keep a pulse on your event’s operations to know where resources are needed most. This allows you to reduce wasted administrative time and focus efforts on the aspects of your event that are making the biggest impact.

Looking for ways to optimize your next event? Find out more about Billfold’s cashless payment solutions for boosting attendee satisfaction and event revenue.