Get strategic about measuring ROI on your events
Setting up a strategy to measure your Event ROI
“The event was a big success”— this vague observation might be adequate to win over your customers and clients. But your management and investors would need explicit numbers to determine if the event was indeed a success.
No Simple Way
Measuring ROI isn’t something simple. If you’re struggling with it, welcome aboard! The first thing you need to identify is the real goal and objective of your event. Forward, you’ll have to dive yourself in finding the associated metrics that are relevant to your event and goals. You then connect all the dots, and if things go well, you will have your event ROI .
Sounds confusing? We would be surprised if it wasn’t. In order to measure ROI, an organization needs to plan ahead, be strategic and follow a set of well thought out steps.
Collect data of important KPIs
There exist many Key Point Indicators (KPIs) that can be helpful in finding if your event was successful or not. However, you need to identify and focus on the list of KPIs that are more relevant to your event type and goals.
Broadly put, there are 2 different types of ROI:
- Tactical ROI: The return from your individual and specific action or campaign (For example, Facebook Ads, Press Releases, and more).
- Strategic ROI: Collectively, the return from your overall effort or event (like leads generated, revenue and more).
It is very well possible to have good tactical ROI but poor strategic ROI. This is the reason why you should care about both equally. They can be measured using definite data of important metrics. “Important metrics”, again, what they are, depends on your distinct goals. Identify your event goals, determine the related metrics and conclude with concrete ROI numbers with you.
Identify Your Goals (and relevant metrics)
The objectives of corporate events could be diverse. Corporations are increasingly using events to market their services and or for prospecting. Events are also helpful to make direct sales, others might want to expand their brand reach. Some events are used to close deals with clients, while others others are used to recruit a new team. What is your goal?
Here are some common examples of goals and the metrics that complements them:
- Generate New Leads: Number of attendees/audience, number of qualified leads, cost per qualified leads.
- Increase sales/revenue: Number of leads generated, number of transactions closed, number of new customers/clients, expense to revenue ratio.
- To Create Awareness: Number of attendees, number of impressions on social media platforms, number of press mentions, pre-post event awareness levels.
- Launch a new product/service: Number of press mentions, number of impressions on social media platforms, number of leads generated, numbers of samples ordered.
- Enter a new market: Number of prospects gathered by industry, number of qualified leads generated, number of press mentions.
The mentioned examples aren’t exhaustive by any means. They are just to give you a basic idea about common goals of corporate events and the correlating KPIs that helps in determining the ROI.
So while there are many thought processes on “how to measure the return of my events” and that marketers are frantically looking for a solution, the simple answer really varies from individual to individual— what is your goal? Identify your goals and objective and setup up your processes to strategically and tactically gather the data you need in order to measure the metrics relevant to you.
This is the third in our 4-blogs series that discusses the significance, benefits, challenges, and strategies of measuring ROI of corporate events.