David Chalmers, marketing director, Europe at Cvent, explains shares seven tips for achieving and measuring event ROI
It is estimated that, on average, a business will spend around a quarter of its annual marketing spend on events.
This is understandable. Events executed in the right way can be a highly effective way to launch a new product or service, raise the profile of the company, nurture existing client or customer relationships and really boost the new business pipeline.
Yet, for all the reasons that thousands of UK companies hold events each year, the jury is still out as to how many are bothering to measure ROI for their business.
Here are some top tips for achieving and measuring ROI:
1. Define your objectives and desired outcomes
It may seem an obvious first point, but make sure senior management and the marketing team define clear objectives for the event and what they hope to achieve afterwards. All too often, events are organised as an add-on marketing tool without much thought (if any at all) as to how this can be integrated into the broader sales and marketing strategy. Is the event to increase awareness of a new product? Perhaps your aim is to boost new leads and develop prospects? Or simply to cross-sell to existing ones? Whatever the reason, clarity is vital at the onset. Try not to merge too many business wish-lists into one event.
2. Know your audience
We may think we understand the mind-set of the people we want to come along, but don’t presume. Engage with your audience before you create the event. Do your research via traditional methods and social media channels such as Facebook and Twitter. Find out what your audience really want from an event. What format elicits the best reaction? What will excite them about attending a future event – is it key speakers or a panel discussion? If it’s the chance to network, find out how they like to network.
3. Design an event that is going to work
Knowing what your audience wants will equip you to design a compelling event that will support your objectives and desired outcomes. Often people are coming to learn more but also interact, so avoid taking up most of their time by leading them into a darkened room with a PowerPoint for half a day. It happens – quite a lot.
Likewise, facilitate networking at the event so people aren’t left loose in a room just to drink. This may seem like the ideal scenario, but it can fail to bring the attendees together in the right way and often two people from the same company just stand and talk over the crisps for most of the buffet lunch. Instead you may want to orchestrate discussion groups over a lunch so the event has more structure. Or perhaps ask an interesting client to talk about their experience and bring your business proposition to life.
4. Monetise the nos
Even if delegates cannot make your event, it is very important to find out why. Perhaps it’s the cost, location or speaker. You could look at whether they want to have more information on your product and service. It’s a perfect opportunity to create new business leads even at this juncture.
Ensure the registration system is integrated with the company’s CMS system. By doing so you will be able to start collating information about customers and prospects.
5. Promote the event
With time and money invested in the event you’ll want to make sure you get as many people of the right demographic coming along in order to get the maximum return out of your investment. Getting ‘bums on seats’ alone is not the answer but is often used as a measure of success, due to a lack of organisation and not allowing enough planning time.
Make sure the invitation is something that can be easily forwarded on to relevant contacts via email and or social media and send reminders.
6. On the day of the event
Make sure you have enough people attending from your company so they can facilitate lots of interaction on the day; it’s essential the host captures as many business opportunities as possible.
You may want to set up a system where people can book appointments to meet specific people or, if appropriate, experts or key speakers at the event.
7. Post event
Follow up, follow up, follow up. But make sure you do it the right way.
The feedback form is an essential starting point, but make sure your delegates fill it in. All too often, forms are left on the chairs on the day of the event. Email questionnaires can work, or you may want to consider getting real time feedback by sending a feedback form via mobile devices.
And ask the right questions. Don’t simply find out whether they enjoyed the mushroom vol au vents. Of course the hospitality is important but make sure you factor in useful questions about content and format of the event too. Do also find whether they got the information they wanted. Has their perspective on your company or product changed as a result? Most importantly, do they want to learn more?
Don’t let your follow up stop there. Whatever the objective of your event, it will touch other departments, whether that’s sales, marketing or customer service, and your activities after the event will need to involve them. Make sure you have a follow up plan that is structured, integrated, and that will demonstrate to all involved your event has served its purpose.
