Enterprises spend millions of dollars on events and the buzz word on everyone’s mind – right from the CMO to VP of Events to Sales and Marketing teams is event Return on Investment (ROI). As elusive as a sighting a unicorn, event ROI can strike fear in the most fearless of event managers as well.
While events are organized for a plethora of reasons such as building connections, advancing the sales pipeline, promoting business interests, and introducing new concepts/technology, the ultimate goal is to achieve ROI. Return on the amount that has been invested is a significant indication of the performance of the event.
The conundrum arises when ROI is not measured correctly mainly due to the different methods and calculations used by everyone. Certain metrics such as revenue from registrations and sponsorships can be objectively measured but when it comes to other returns such as messaging, social media presence, etc., the context can vary and is highly subjective, making it difficult to stick to a particular formula to calculate event ROI. This, in turn, can result in costly mistakes.
Metrics Commonly Used To Measure Event ROI
What does provide a measure of stability is relying on certain metrics that can be used to calculate or measure Event ROI. These include the frequency of B2B meetings, effective use of meeting rooms, time spent in meetings, win rate, and influenced revenue.
Strategic B2b meetings at an event with investors, customers, executives, etc have the potential to make a business impact. More the number of meetings, higher is the chance of advancing the deal along the sales pipeline.
It is also important to track the usage of meeting rooms as this can be a clear indicator of where investment is being used. Apart from this, looking at the time spent in meetings by the right people allows you to see if the business is maximizing the value of the investment at trade shows and conferences. Other metrics to look at are the win rate as well as the influenced revenue.
How B2B Meetings Impact Event ROI
There are heaps of articles online that talk about the importance of events and event ROI but not many dig deep into the activity that helps events become as successful as they can possibly be. Although it seems quite obvious, the impact of B2B meetings at events should not be underestimated.
Strategic B2B meetings can be defined as business-to-business engagements between executives, subject matter experts, and their target audiences such as prospects, customers, press, analysts, suppliers, investors, etc. that result in sales, partnerships, business development, influence, and investments. Without these meetings, an event cannot be successful. B2B meetings help in –
1. Fostering Better Connections
While virtual meetings are on the rise today, nothing compares to a good old face to face meeting where discussions and interactions can not only help propel the agenda forward but can also foster better connections. This sets the foundation for business deals in the future.
2. Advancing the Sales Pipeline
Every interaction at B2B event meetings is directly connected to the sales pipeline. Identifying these interactions, their impact on the pipeline, and mapping them back to the overall meeting agenda can be useful to track the result of the meeting on the sales pipeline.
3. Influenced Revenue Pipeline
While Event ROI is the final result, tracking the influenced revenue pipeline is necessary and this can be accomplished by utilizing a CRM to track the prospect through the sales cycle. Once a deal is closed with a prospect, you can see the amount of revenue generated and tie it back to the trade show/event where you met the new customer and this is possible only when there is information that can be analyzed. What can be measured can also be acted upon and improved.
At Jifflenow, we firmly believe that more meetings result in more pipeline which can then result in impacted revenue and ultimately, event ROI. However, how does one track meetings? How are productive meetings organized?
Our answer is to adopt Meeting Automation Platforms(MAP) into your repertoire of automation software. Using a Meeting Automation Platform enhances the quality and quantity of these meetings significantly leading to a stronger impact on Event ROI.
To know more about the world’s #1 Meeting Automation Platform and how it can benefit your enterprise, schedule a demo with our expert.