Prove your event ROI 8 overlooked metrics to improve event measurement
Cvent shows that 52% of businesses believe events provide the greatest ROI compared to other marketing channels.
Data is essential to proving the value of events in the marketing mix. With rising event costs and inflation, data collection and measurability provide vital business intelligence.
Data helps
tell a good event ROI story
From event registration systems and RFIDs to online surveys and event apps, we collect and analyze mountains of valuable attendee information. Often, the data from event technology measures attendance, engagement and satisfaction. So where do you get the hard numbers to measure ROI?
Clear objectives and measurements are key decision drivers for your events. These same objectives and measurements should dictate how you measure and prove ROI.
Every event touchpoint is an opportunity to capture information and tell your ROI story.
A good data picture helps marketers predict what messages, activations and opportunities will resonate with attendees. It also provides data to more effectively measure the event's ROI against business objectives.
It’s time to think outside the box with your event data and go beyond standard event reporting.
The following ideas will teach you how to use existing data and show bottom-line impact to better prove event ROI.
1. Sales attribution rate
Effective attribution helps event marketers reach the right consumer, at the right time, with the right message. To increase conversions and event ROI, identify key differences in sales patterns with event attendees and non-attendees.
Ask questions like:
> Is there a clear sales lift with attendees?
> Is your attendees’ total spend or sales growth higher than other marketing activity?
> Are attendees remaining customers for longer?
2. Lead quality
Making connections and collecting leads are key components, but focus on quality over quantity. Is your event attracting ideal buyers? When you report on attendees, incorporate lead quality to further position events as pipeline contributors.
3. Deal closure cost
Quantify the cost of deal closure with lead time, follow-up communications and outreach, staff support, or other factors. Knowing the average is a powerful way to prove your event’s impact and strengthen your event’s ROI statement.
4. Cross-sell and upsell opportunities
Show how your event educates customers and expands their relationship with your company. When the event objective links to cross-sell or upsell metrics, you further demonstrate how events really work.
5. Conversion rates
Conversion rates and inversion rates (those doing the opposite of what you want) tell you what's working and what isn't. Invest in an event experience that connects with attendees. Understand who is and isn't registering for your event, then adjust your audience acquisition plan accordingly.
6. New referrals
Referrals are critical for success— especially with channel partners. Are you tracking to see if those who refer new customers are also attendees of your event? Show the connection between attendees and referrals by proving how well your event educates attendees on your products, services or brand message.
7. Participant satisfaction and sentiment
Traditional ratings plus social chatter (how far your event reaches) offer qualitative and quantitative data. Your marketing event experience should give attendees something to talk about, so report it!
8. Future brand advocates
Events create memorable experiences when attendees make an emotional connection with your brand. Curate a potential brand advocate list from those who had a powerful experience.
Measurement and ROI don't end when the event does. Include a plan for continued post-event measurement in your event strategy. If you're only measuring progress once, you're missing out on meaningful data. Once you decide how frequently to measure, standardize it from event to event so you have accurate benchmarks for the future.
The most important metrics depend on your event's and organization's desired outcomes. Showing ROI strengthens your event's value and positively impacts event planning in the future.