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Event ROI – 3 Easy Steps to Better Tracking

Event ROI – 3 Easy Steps to Better Tracking

Events Help Close Sales

There is no doubt about it, meetings, events and trade shows can help your company:

  • Generate new leads
  • Close business
  • Build brand awareness
  • Generate media interest and social buzz
  • Strengthen customer relations
  • Generate shareable content through presentations, photos and videos
  • Educate your attendees/participants about new products and services

While there is often a budget line item for events within various departments of your organization, there may be weak (or no) ROI metrics associated with each event. The problem is, when the C-Suite needs to cut costs, meetings and events are often the first to go, just as they were quite possibly making a difference in your organization’s marketing strategy.

3 Ways to Track Results

  1. Measure All Things Digital

    Think about it, you touch the attendee at least 8 times before, during and after your event with a variety of marketing messages. Here are a few samples:

    1. Email save-the-date message
    2. Email the invitation and put the event on your social channels
    3. Send another email invitation
    4. Ask your speakers to write guest blog posts about what they are presenting
    5. The event itself
    6. Social media postings before and during the conference
    7. Conduct an online survey
    8. Remind them of your next meeting

    Be sure to put measurements within each channel. Track the number of opened emails, install Google Analytics within your website and track engagement on your social channels. Share the results of your measurements on a monthly basis leading up to the event and then, months after it with your management team.

  2. Spread the Word through Social

    Rather than put the burden of event marketing solely on one department, request that all events be marketed by every employee in the company.

    This is how virality works:  Let’s say the marketing department is responsible for the Facebook Company Page and there are 10,000 likes on that page. They post the event invitation here. If there are 200 employees that have Facebook accounts with an average of 500 friends within each account, and they are willing to share the event post on their timeline, there is a potential that 100,000 more individuals will see that invite. That is power of social sharing!

    And it doesn’t have to stop at Facebook – the same sharing can occur on LinkedIn and Twitter.

    This can be measured in the registration form where the attendee is asked: “How did you hear about this event?” Hopefully, social media is already on your form. Now, you can measure it from the top to the bottom of the sales funnel.

  3. Establish Your Cost Per Conversion Rate

    "How much do you have to spend to get one sale?"

    The Cost Per Acquisition (CPA) algorithm will tell you how much you spent to get one of these conversions.

    For example, if you spent $20,000 on a large event and had 2,000 people attend which resulted in 200 appointments of which netted 20 sales, your ultimate CPA was $1,000 per sale. However, this metric might be a bit mushy – since you raised your brand awareness significantly through an event that 2,000 people attended – regardless if they bought from you this time or not.

    However, you need to start somewhere and CPA is a good basic measurement of event success. I would highly recommend it. Remember if you offer a large-ticket item or a complex product, the sales cycle will take longer. So, perhaps the CPA should be measured over the course of a year versus a few weeks or months after the event.

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