Events have always been a strategy for building relationships, generating leads, and enhancing brand visibility. But as a CEO, you might find yourself questioning the value of these events. Are they really worth the investment? And if so, how do you measure their return on investment (ROI)? Let’s explore the importance of events and the best ways to gauge their effectiveness.
Current trends in event marketing
Events are integral to B2B marketing, with a significant portion of marketing budgets allocated to hosting and participating in them.
According to recent data, 87% of B2B marketers believe that in-person events are a critical component of their success. This includes conferences, trade shows, webinars, and more. These events offer unique opportunities for businesses to connect with potential clients, partners, and industry leaders in a way that digital marketing often cannot replicate.
Benefits of events in B2B marketing
One of the primary benefits of events is the opportunity for networking. They provide a space for face-to-face interactions, which can lead to meaningful business relationships and partnerships.
Events are also powerful tools for increasing brand awareness. By showcasing your products, services, and expertise, you can significantly enhance your brand’s visibility and credibility in the market.
Lead generation
Events are a breeding ground for generating high-quality leads. Attendees are often decision-makers and influencers looking for solutions to their business challenges.
For example, a B2B software company might showcase its latest product at a trade show, attracting interest from numerous potential clients who are actively seeking new technology solutions.
Customer engagement
Engaging with customers face-to-face at events can deepen relationships and foster loyalty. It allows for real-time feedback and interaction, which can be invaluable.
Consider the example of a company that hosts an annual user conference, providing a space for customers to connect, share experiences, and learn more about the company's offerings.
Thought leadership
Participating in or hosting events can establish your company as an industry leader. Speaking opportunities, panel discussions, and workshops are excellent platforms to share your expertise and insights.
A successful example is a CEO delivering a keynote at an industry conference, thereby positioning the company as a thought leader and innovator in the space.
Challenges and considerations: Cost and resource investment
While there are plenty of benefits of attending events, there are some challenges to consider in order for it to be successful. Events start with a cost to entry, which means, hosting or participating in events requires significant financial and logistical resources. This includes costs for venue rental, marketing materials, travel, and staffing you need to be aware of and plan for.
To manage and optimize your budget, consider focusing on events that align closely with your target audience and business goals. Streamlining event logistics and leveraging digital tools for virtual events can also reduce costs.
Measuring your event ROI
Measuring the ROI of events can be complex due to the various qualitative and quantitative factors involved. However, it’s essential to have a clear strategy for tracking and evaluating the impact of your events.
Practical steps to measure ROI of events
Follow these steps to make understanding the ROI of your events clear and easy.
1. Set clear objectives
You can’t accurately measure the ROI of your event if you don’t set any goals upfront. Make sure you and your team are aligned on the goals of the event and what metrics or KPIs you will be tracking to show success.
- Define your goals: Establish clear objectives for the event, such as lead generation, brand awareness, or customer engagement.
- Establish KPIs: Determine the key performance indicators (KPIs) that will help you measure success. These might include the number of leads generated, the quality of interactions, or the level of brand exposure.
2. Tracking metrics before, during, and after the event
Staying up to date on the performance of the event from start to finish will make it easier to calculate the ROI afterwards. There are a few things to keep in mind and keep track of as you launch pre-event campaigns, attend the event, and send follow-up emails to attendees.
- Pre-event metrics: Monitor registrations, social media engagement, email open rates, and other indicators of interest and reach.
- During-event metrics: Track attendance numbers, engagement levels (such as session participation and booth visits), and real-time feedback.
- Post-event metrics: Measure lead conversion rates, sales generated from event leads, follow-up engagement, and overall customer satisfaction.
3. Using the right tools and technology
Make sure to leverage CRM software, event management platforms, and analytics tools to track and measure your event’s performance. Tools like HubSpot, Salesforce, and Eventbrite can provide valuable insights into attendee behavior and lead conversion.
Note: Using a CRM to track leads from the initial point of contact at an event through to the final sale can give you a clear picture of the event’s ROI.
An example of a successful event
One of our clients, Matterway, just had a successful event experience at the BPO Summit & Awards 2024, and we’re still waiting to see the full ROI today.
As part of the event marketing, we launched highly targeted campaigns –both emails and ads to generate awareness, which turned out to be a huge success with the following results:
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- 200l impressions from ad campaigns
- 79 leads from ad campaigns
- 9 meetings booked from the event
"We had a full event full of conversations with lots of relevant people we wanted to talk to. We spoke to 80% of the event attendees. It felt like we were the main attraction in a way. We really blew it out of the water.” - Matterway Chief of Staff
"It was a great success. We generated a lot of interest and traffic to the booth and spoke to everyone we wanted to speak to and more. It could not have gone any better.” - Matterway CEO
Successful events can drive more business than ever
Events can be a highly effective component of your B2B marketing strategy, offering opportunities for lead generation, customer engagement, and establishing thought leadership. While they require significant investment, the potential rewards make them worth considering.
By setting clear objectives, tracking relevant metrics, and leveraging technology, you can measure the ROI of your events and ensure they contribute to your business goals.
For more insights and assistance with planning and measuring the ROI of your B2B events, contact us for a consultation. Let us help you unlock the potential of events and achieve your marketing objectives.
You might also be interested in our blog on Go-to-Market Retrospectives: Reflecting on marketing successes and setbacks.
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