When looking at your marketing efforts, although not every impact can be calculated or boiled down to a number, a huge amount of it can – and that ROI, or return on investment, can tell you whether that particular marketing activity is worth doing again. Tracking your events ROI tells you if a repeat is going to be a success.
But when it comes to events, ROI is often completely ignored. The average B2B CMO allocates 24% of their marketing budget to live events, but only 39% consider ROI a priority. That’s a vast amount of money being invested in a marketing activity when you aren’t examining what impact you’re having.
If you’ve never tracked ROI for events before, it can be incredibly intimidating. Do you rank attendees or delegates? How can you keep track of new business that stems from the event? Where does social media come into this, and is one aspect more important than the others?
It’s a lot to consider, so let’s take the confusion out of things. Here are OggaDoon’s recommendations for tracking your event ROI.
Start with what you can track
The number of delegates, % of returners, dwell time at a stand, % drop out – these are all numbers that are easy to track, and if you’re not already tracking them, then they are simple changes to implement.
Tracking these numbers for each event that you host or event you attend will start to build a picture of your events, especially if they are part of a series. Start to interrogate the numbers: do you see a larger % dropout for free events? Do fewer delegates return if events are more or less spaced out in the calendar year? Does your dwell time at a stand decrease and increase at the same times in the day?
Now consider your broader reach
This will be different depending on whether you’re hosting an event, attending one, contributing at an exhibition, sponsoring, and more, but it’s time to consider your broader reach.
Have you secured any press coverage? How many? Which titles, and what is their reach? How many column inches? What is the equivalent advertising value?
Now think about social media. How many impressions did your content generate? How many engagements? Did any top tier accounts engage with the content?
You’ll have other marketing activities too, so for each one, think of three metrics that you can track. For newsletters, click through rate and unsubscribes; for your stand, perhaps it’s sign ups or call backs. Whatever makes sense for your business.
Don’t forget sales
Once you get back to the office, it’s not time to hang up your hat and think your ROI is complete: now the hard work begins. Make sure that your sales team is updated with a full debrief of who you met, who you spoke to, and how you left it with each one of them – then if that individual or business gets in touch, you can positively ascribe that sale to your event.
You cannot track everything – but you can track more than you think
We know, we’ve just said to track as much as you can – but part of your reach will result from word of mouth before, during, and after your event.
You can gain a snapshot of that reach and sentiment by releasing a short survey to your delegates the day after your event, asking them for their impressions, opinions, and most importantly, suggestions for improvements.
And don’t forget spend
Remember, all of this impact has to be measured against your spend, so keep a careful eye on your outgoings so that you can do the maths at the end.
It’s a lot to take in, and you probably just want to concentrate on delivering an engaging event. Tracking your event ROI shouldn’t be a burden. Let us do the hard work, and maximise your ROI. Talk to our Events 90 team now.