Events require a large portion of B2B budgets, but determining ROI is often overlooked in the planning process. Clearly defining what the objectives are before the event takes place is vital in determining if the goals were met at the outset of a project. This seems logical, but it is often disregarded. Creating a benchmark will help prove the ROI to senior leadership, as well as give you guidance regarding the next event (if it’s an annual / recurring event). A key question to ask is: What are the goals of the program? From there, defining objectives is easier.
By understanding the various metrics available, you can choose the appropriate ones to measure depending on your objectives . Potential metrics include:
- Both the number of attendees as well as the length of their visit.
- Measurement of audience participation in the event – either via social media “buzz,” face-to-face interaction, or how they interacted with their computers for virtual trade shows (questions, emails, chats, etc.).
- Surveys can be distributed to attendees before, during and after the event has occurred.
BEFORE: When polling before the event, you can gain insight into what content would be most helpful, and share the results during the show to create more excitement at the event.
DURING: Surveying during an event is an easy way to engage with attendees and a great way to encourage follow up.
AFTER: Always share results from surveys taken during and after the show, and include a post-event survey to ask how the attendees heard about the event. Was it an email calling out an “early-bird” registration price, a Twitter mention, or a co-worker? What convinced them to attend, what did they like or dislike and what recommendations do they have for future events? The answers will better inform which promotions worked the best as well as where to make improvements for the next event.
Measuring the success of an event should occur soon after the event ends, but should not stop after these statistics are gathered.
- Ask participants if they’d be willing to participate in a targeted email campaign. Then continue to send them a series of communication materials. A drip campaign can be established so your audience will receive continuous messaging after the show.
- Send your participants an offer, gift or direct mail piece after the event.
This is essential in B2B marketing because events like distributor and market trade shows, grand openings, awards ceremonies and webinars are often the only time you’ll receive your attendees’ full attention. Time and attention is precious, so don’t allow events to pass by without gaining useful information from your participants to provide ROI for the effort.
None of this is rocket science, but it IS important. If timing and workflow has not allowed you to implement the above to date, try some of these tactics during your next social gathering at home! I’m sure the after-party water cooler talk will be more than enough to encourage your marketing team to elevate their measurement strategies.
DBCrawford 