What defines a successful event? Is it a long list of leads that you come back with? Or is it the number of impressions and interactions your content has managed to generate? Whatever this may be, CMOs are no longer impressed with the numbers that are brought in. They want to know how to improve the overall event experience to drive better results. But this is not as easy as it seems. In many cases, event marketers do not know what to look at in order to derive such insights. The first step in getting to what leadership is looking for is to understand your event’s objectives and key performance indicators.
In this blog, we look at a few insights that could help you get noticed.
Registrations vs rate of no-shows
Noticing registration trends can tell you a lot about how well your promotional content is working and how effective the timing of these initiatives are. You can then center your event promotion strategy based on historical registration data and create promotional activities aimed at the most effective channels. Further, by analyzing the channels that bring in the maximum number of registrations, you can determine if you need to increase marketing spends or revisit distribution strategy.
It is quite possible that the number of registrations obtained while promoting your event turns out non-indicative of the number of attendees actually present on the day of the event. The number of no-shows can indicate if it is a simple case of attendees not being able to make it or if there is a broader problem. A high no-show rate can either boil down to the attendee not being invested enough with the event or simply having other appointments. Whatever the reason, it becomes important to fix these issues by means of creating a buzz, sharing detailed agendas, giving them information that could help them plan their week leading up to the event, and setting last-minute reminders.
The number of meeting check-ins at an event can tell you a lot about how effective your scheduling efforts are. More often than not, meetings are less likely to gain confirmation when scheduled closer to the day of the event. Therefore, one way of improving check-ins and confirmations is by pre-scheduling meetings.
Analyzing meeting check-ins tells you the actual number of meetings that took place, how many meetings it took to close a particular deal and the number of C-suite executives/SMEs it took to influence the sale. This can help you plan and initiate better efforts to improve these statistics and streamline the efforts taken by marketing and sales teams.
Catering to existing customers
Many events are frequented by existing customers. This means that these customers are not only invested in the event but offer unique opportunities for you to extend your reach beyond your current grasp. In simpler words, these customers may be perfect to initiate up-selling and cross-selling campaigns.
It is often easier to cater to existing customers than to acquire a new one. But at the same time, customer retention is a far more complex issue than it is made out to be. A high customer churn can have a very negative impact on revenue flow and may even show on your Net Promoter Score. This is why events need to not only be about drawing in more leads and closing new deals but also about strengthening relationships and initiating relevant conversations with existing customers.
Branding includes a multitude of dimensions. The reputation of the event and brand perception are intertwined. How the event is projected often dictates the number of registrations and attendees present.
Assessing brand impact can not only tell you how your audience perceives the brand but can also tell you what you need to do to achieve your event’s objective. Whether it is to increase awareness, stand out as a thought leader or rebrand altogether, the reputation of the event has a direct impact on the success of the brand. Using social listening tools, sending out surveys and collecting feedback after live sessions are all effective ways to assess and derive insights on where your brand stands in the mind of the attendee.
Cost-per-lead/opportunity and event ROI
The cost-per-lead/opportunity is a direct indication of how cost-effective your event is. The ultimate goal is to obviously minimize the cost-per-lead as much as possible. Not only does this figure tell you the average spending required to acquire a lead but can help you identify ways to maximize sales efficiency. A low cost per lead/opportunity can not only help you justify the cost of event campaigns but the quality of leads can further help reinforce the effectiveness of these campaigns.
Event ROI is obviously an important metric. Events involve massive budgets, typically involving close to 25% of the marketing budget. This indicates the need to maximize the impact of the initial investment to drive top-line and minimize the cost-per-lead/opportunity.
Every event offers marketers and event professionals the opportunity to learn about the trade in greater detail and adapt to the trends of the industry. CMOs are not impressed with superfluous data. They want to indulge themselves with numbers and data that can help them sharpen their strategy and implement ideas that drive better results. Try addressing these points while talking to your CMO at your next review meeting to get noticed. Let us know what you think in the comments section below!
If you like this blog post, take a look at this ebook on ‘Tracking and Analyzing Crucial Event Metrics’