Events are more than just a chance to build brand awareness. They are venues to bring in customers, build a healthy sales pipeline and close deals. But how do you know if your events are delivering good results? Any sales professional knows that racking up numbers is only half the battle. The other half is knowing what to measure and how to build on what you already have. This is where metrics at events comes into play.
More often than not, it has been seen that event marketers do not know what they are measuring, and how the various statistics impact the event. In this blog post, we look at a few metrics that need to be given importance and decipher why measuring them can help B2B events stand out.
Customer churn and win rate:
Essentially, the customer churn rate is the number of customers that have been chosen to opt out of using your product. The win rate is the number of opportunities that have successfully converted into customers. For businesses that primarily use events to generate new leads and customers, these metrics are very important. These are excellent venues to help understand factors that are working in your favor and those that are preventing opportunities from converting. Furthermore, analyzing these metrics can help understand why the event is not generating the revenue and what you need to rectify these shortcomings.
Average deal size:
A large number of meetings does not necessarily mean a successful event. The average deal size has a direct say on how healthy the sales pipeline is. At the end of the day, revenue and profit are the most important aspects that determine the success of a business. For this reason, a strong sales framework can guide sales reps to identify opportunities that are profitable. In other words, keeping an eye on the average deal size highlights opportunities that are more likely to have a larger contribution to the top line figure.
In one of our previous blogs, Aaron Karpathy mentions that the primary challenge lies in creating a tangible link between the numerous customer conversations and the event through sales pipeline numbers. There are, no doubt, numerous ways in which sales teams measure the success at events. Event ROI has been a resonating theme at some of this year’s biggest events. Companies spend more than 20% of their marketing budgets on events. Since events are such tedious and expensive affairs, it is important to keep track on the return on these investments.
Soft metrics and hard metrics are meant to complement each other. These are metrics that measure engagement, brand focus, customer interaction and social media statistics. Although soft metrics talk more on the qualitative lines of the event, they are just as important as hard metrics. One way of gathering these metrics is through the use of an effective sales advancement platform. Identifying soft metric aspects and evaluating customer behavior and demographics can go a long way in understanding what customers are looking for in the event experience. These are direct indications of how an event can better cater to customer needs and implement factors that encourage involvement. Concentrating on these factors helps highlight factors that can help influence customers to become sales ready.
Metrics reflect the effectiveness of the implemented strategy and are a support to understanding what is working for and against the success of the event. Sales reps need to understand what the metric tells them about the event and how their work affects the numbers. Metrics are meant to be constructive frameworks on how customers engage with your brand and indicators on what needs to be done to better the overall event experience.
For more B2B event trends and happenings, visit the Jifflenow blog.