It’s a fact — no two marketing events are ever the same, but they all have at least two characteristics in common: they’re more expensive than the average online campaign, and without the proper tools, their success can be difficult to measure.
As event attendance can vary and influence your prospects at different stages of the buyer’s journey, it can become complex to track each event’s campaign metrics. Since events are also often considered an “offline” channel, marketers often feel overwhelmed when it comes to setting event goals and tracking metrics. As a result, they track the metric they know best: lead generation.
According to a Regalix report on the state of B2B event marketing, 80% of marketers identified lead generation as their main event objective. While events certainly have the potential to generate leads, marketers are undermining their own efforts by building event campaigns around that goal. Lead generation simply indicates successful business results; it proves neither a campaign’s value or its ROI.
Track Revenue and ROI to Prove Your Event’s Success
For marketers that are tracking revenue-related event marketing goals, the results are impressive. According to an EventTrack study, 23% of those who measure their event’s ROI see a 3:1 return and 45% see a return of 5:1 or greater, which shows that events have the potential to drive serious business results.
Knowing that your event created or influenced deals that turned into a certain dollar amount of revenue for your organization is powerful information and it’s a much more persuasive metric than lead generation if you’re trying to build a budget or get buy-in for future events. While most marketers track events from a first-touch and last-touch point-of-view, your metrics shouldn’t stop there unless you want to miss out on how your events impact everything in the middle of your funnel.
These days, marketers are using multi-touch attribution to track the event metrics that really matter. By being able to prove your event’s ROI on pipeline and revenue, you give yourself and your entire marketing team a way to prove out the successes of an event to the rest of your organization.
Using multi-touch attribution also makes it easier to holistically and comprehensively understand how an event impacts an organization. Since it gives you a way to track every single event touchpoint possible — from lead generation, to opportunity creation, to close, your marketing team is able to make smarter decisions about whether to repeat the event or save their budget.
How to Start Proving Your Event’s Success
Since there’s a lot of moving parts to an event, we’ve created an outline with the most important event metrics to track and how to start tracking them. Take a look at the list below to get started.
- Social Media Impressions: Set up an event hashtag that’s specific to each of your events to keep track of how many times it’s uniquely used. This metric will give you a good indication of attendee engagement and the brand awareness your event generates.
- # of Press Mentions or Articles: Similar to social media impressions, this will help you qualitatively determine the extent to which your event is helping with brand awareness. You should also pay attention to what the press might be saying about your event: are they simply mentioning it, or doing a more in-depth story that will ultimately help establish your organization as thought leaders?
- Net new leads: Not only should you consider the number of new leads your event generates, but you should also assess the quality of these leads. Do they fit in with your buyer personas, or are the new leads primarily people who fall outside of your target market?
- Invitees vs. Registrants: Out of the people you invited, how many actually registered? After multiple events, you should calculate a benchmark conversion rate for what to expect when you’re setting up event campaigns in the future. This will also help you optimize your event invitation and promotion plan as you’re able to test tactics for each event you host.
- Opportunity Amount of Registrants: If current prospects who register for your event are tied to a potential deal with a certain dollar amount, calculate that as registrants roll in. Not only will this give you a good idea of the revenue results to which your event might lead, but it will also help activate your sales team when they have a potential dollar amount to chase.
- Number of Registrants vs. Attendees: Out of the number of people who register, how many attend? As with your invitee to registrant conversion rate, setting a benchmark conversion rate for the number of registrants to the number of attendees will help you better plan for your events and optimize this number as you go.
- Percentage of Attendees from Target Accounts: Events aren’t just about getting people in the room—they’re about getting the right people in the room. Out of all of your attendees, how many were from accounts that your organization is actively targeting?
- Opportunity Amount of Attendees: Once attendees are in the room with your sales reps, having a dollar amount of potential deals to close with attendees who are at the event will encourage your sales team to have the right conversations with the right people.
- Pipeline Influenced By the Event: After your event, keep track of the dollar value of sales opportunities that are created with attendees.
- Revenue influenced By the Event: Keep track of the dollar value of opportunities that were created within a predefined number of days after the event that ultimately converted to new business. This is where you will most persuasively prove your event’s ROI.
To learn more about how to measure the success of your event marketing campaigns, join Event Farm and BrightFunnel for a webinar on Thursday, July 13, where we’ll cover everything you need to know about event marketing measurement, including:
- Event metrics to track before, during and after an event
- How event marketing metrics can impact your broader marketing strategy
- How events can impact your marketing pipeline and revenue
- Tips for building an increasingly successful event marketing strategy