Event Marketing

Event Marketing ROI and Its Attributes

Eventually Learning Team

To run a business and make it profitable, there are ample things that should be taken care of. A successful business model consists of a well-researched plan, calculated investments, and a great team of veteran & innovative people. One of the best ways to make your business successful in terms of lead generation, boosting revenue, enhancing skills, and maintaining long-term relationships with clients is ROI analysis.

Event marketing is profoundly viable for accomplishing business objectives, boosting revenue, and making close association with prospects & clients. 52% of business owners claim that event marketing is the marketing channel that drives the most ROI. Events are phenomenal opportunity to support client reliability. Individuals visit seminars not exclusively to make contacts and assimilate new information yet additionally to move away from their hectic schedule and make it an unusual day. Such optimistic experience makes an emotional & enthusiastic association with a brand. In this way, organizing events might be a decent strategy for relationship marketing.

1 Event Marketing ROI (Return on Investment)

Event marketing ROI (return on investment) is fundamentally the net value you get from an event for the expense you've put into the production of the event.

Particularly if you are new to the business, it's feasible you may get befuddled by the various models for ROI analysis, from simple return on investment to incremental margin calculations. This is because of the way that the ideas of event value and cost are abstract and can be changed relying upon the specific context. So how would you sort out the correct equation for evaluating event ROI?

In the easiest terms, ROI (Return on Investment) is a basic equation:

Value of (business won - the amount spent)/amount spent  

It's more pivotal to analyze the effect that is the center around keeping your ROI estimations as reliable and pertinent to anticipated results as could be expected. (Rather than just following formulas).

2 Attribution Models

As a marketer, it is essential to log each and every step of our customer journey until purchase so we can ascertain the ROI of our endeavors. Since that is difficult, we put forth a valiant effort to quantify ROI by utilizing attribution models. This determines how events (and the different activities, and touchpoints related to events) impacted an objective, like driving opportunities and revenue.

While there are various attribution models you can utilize, it's more essential to sort out which attribution model turns out best for your event, event objectives, and marketing group's general way to deal with attribution.

The following attribution models are largely used to measure event ROI

  • First-touch model
  • Lead conversion touch model
  • Last-touch model
  • W-shaped model

First-touch model - One of the simplest models that attribute 100% of the return generated to the marketing initiatives that brings someone to interrelate with your brand. In this case, the first step is more crucial and valuable which brings the person to the last stage of conversion.

Lead conversion touch model – This model is supportive to comprehend what event helped open the opportunity or push the chance across the end goal, paying little heed to the business cycle length. If someone is anonymous and visits your event to attend it without knowing your company or the brand then in this case, this event will be taking the 100 % credits.

Last-touch model – This is one of the best model for observation as to how an event has reached revenue.

W-shaped model - The W-Shaped model is the most appropriate and powerful model for attributing event marketing ROI. It's additionally the hardest to execute. It considers the entirety of the resources and marketing resources that have made a contact at last close.

3 Event Technology And ROI

In a survey report delivered by Frost and Sullivan, the event management software industries are presently worth $28 billion and projected to have a CAGR of 3.3%. The report additionally expresses that more than $500 billion are spent on events every year. With such enormous capital, it is crucial to utilize an event marketing platform to oversee lead attribution from events and help with making events the focal point of all continuous client interaction and experiences. This is entirely tantamount to what marketers are now doing in the world of digitalization, following which channels guests, leads, and at last, their clients are gained from.

4 What Survey Says About Event Marketing ROI

The prominent and most successful businesses globally believe that ROI analysis can easily provide you alluring results provided, it should be implemented thoroughly.

  • 93% of global companies place a high priority on their event programs, 55% of enterprise marketers admit they don’t know how to calculate the ROI of an event.
  • Only 34% of marketers use new referrals, quality of leads, deal closure, the value of sales, and cross-sell/upsell opportunities to measure event ROI.
  • 44% of marketers experience a 3:1 ROI from event marketing.
  • 59% of event planners don’t use any specific model for measuring event ROI.
  • 22% of brands do not have a way of measuring their events.
  • 75% of leads are never followed up with after an exhibition.
  • 87% of consumers said they purchased the brand’s product or service after an event at a later date.
  • 75% of companies with event budgets between $50-100 million expect an event ROI of more than 5:1
  • 48% of brands realize an ROI of between 3:1 to 5:1 with their events and experiences.

5 How Can You Make Your Event Marketing ROI More Influential?

If you really want to make your event marketing ROI more fruitful and gain alluring results then these tactics can help you.

  • Personal contentment isn’t a true measure of success in business. You need to     understand that what measures you have set as a goal. It differs from marketer to marketer. You clearly need to identify your goal.
  • Gamification is one of the best ways to encourage your attendees. If you are using gamification you can easily find how enthusiastically attendees are participating.
  • Always be clear that the agenda you have chosen is right.
  • Is the speaker worthwhile towards the agenda?
  • Is this the best time of the day to hold the event?     
  • Design your event thoroughly and strategically.
  • Follow the event ROI attributes model that suits your business.
  • In this era of digitalization, social media is the most powerful medium to track each and every activity of your attendees’ pre and post-event. It is a key engagement strategy.
  • The event you are organizing is not a common event. You are there to persuade them, to influence them with your communication and planning. So you need to think out of the box.
  • You have to know your event attendees, partners, and the broader ecosystem.

FAQs

1. What are the best Event ROI tools?

There are many tools that help for measuring event ROI but, largely these 6 are very effective. Marketo, Salesforce, Google analytics, Looker, Hubspot, Sugarcrm.

2. What is the best Marketing Platform for event marketing?

Eventbrite is the most powerful platform for event marketing which can be accessed online or via mobile app. It helps businesses organize and sell tickets online.

3. What are the top 3 event successes KPIs?

Key performance indicators merely specify the success of an event in terms of everything. These three points determine if your event was successful or not.

  1. Number of attendees and their engagement
  2. Social media engagement and web traffic
  3. Gross revenue & reaching objectives of the event ROI

Conclusion

Event marketing ROI is an amalgamation of pre-planning for the event, strategical approach, following the most appropriate attributes model, post-event activity, data collection, and event attendees’ satisfaction. If you truly want to enhance your event ROI, you should not ignore any aspect mentioned above.

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