Modern tools can help today’s event managers accurately measure ROI for their events. Here’s how.
Though 80% of marketers believe live events are critical to a company’s success, many of them struggle to accurately measure and demonstrate an event’s ROI. As a result, event managers have turned to single proxy measures, like attendance or satisfaction, to help explain an event’s worth. The methods used to gather that data can lead to biased results, so those KPIs don’t tell the whole story — and they don’t help marketers truly understand the business impact of their events.
As business leaders increasingly cut event budgets in favor of more measurable and scalable tactics, like paid media, event marketers face more pressure than ever to demonstrate an event’s value — 39% report that growing their event budget is their biggest challenge. Luckily, today’s technology is changing the way marketers realize their event metrics and empowering event managers to play a key role in business conversations.
New digital intelligence tools provide today’s marketers with data-driven insights to create events that both delight attendees and support their companies’ bottom lines. Here are three key ways event marketers use technology to better define, deliver, and optimize events for ROI.
Measuring session engagement
To really demonstrate an event’s value, managers need to know which sessions or activities registrants attend. Session tracking tools help marketers collect important data, such as how many people enter a session, how long they stay, and which speakers or sessions are most popular. Marketers can use these numbers to adjust their budget based on which topics or speakers should (or shouldn’t) be included next time. Measuring session engagement helps marketers quantify their investments, driving more valuable and attractive events every year.
While half of marketers say that the primary reason to hold an event is to collect leads, 80% of exhibitors report that they don’t follow up with registrants after an event. But today’s lead capture technology makes it easy for marketers to deliver actionable, high-quality insights to their sales teams.
With better information, sales teams can weed out poor leads and focus only on the ones that could make a difference to an event’s ROI, improving qualified lead ratio, increasing conversion, and uncovering new upsell opportunities.
Live dashboards offer event marketers real-time operational data, giving managers the full picture of what’s happening and helping them keep tabs on event KPIs. Real-time insights enable real-time decision-making, so marketers can decide when it’s time to open session doors, investigate why a booth isn’t getting the anticipated traffic, manage crowd flow, and monitor session performance.
This wealth of data allows marketers to quickly respond to onsite issues or attendee demands in real time, seamlessly limiting disruptions or distractions, and keeping the crowd focused on the event. Happy, engaged registrants make for healthier KPIs and richer lead scoring.
Marketers know that events are one of the best ways to connect with customers and generate new business, but they haven’t always had the data or business acumen to share that knowledge. Not only do digital tools give marketers a holistic, quantifiable way to measure event ROI, they empower marketers to approach event planning with a proactive business mind-set.
With innovations from streamlined event operations to successful lead capture, today’s event managers can accurately demonstrate an event’s financial value — and plan future ones to maximize ROI.
To learn more about how today’s technology can help you optimize and demonstrate event ROI, contact us.