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The Most Important Metric to Measure Event ROI? Engagement

The Most Important Metric to Measure Event ROI? Engagement

Engaged prospects and customers are the backbone of any successful business. And Live Engagement Marketing (LEM) can be an ultimate driver for maximizing and influencing business opportunities and outcomes. But how do you prove to leadership (and to your marketing colleagues) just how effective your live events are at engaging your prospects and customers?

While tracking short-term goals like leads generated and registration vs attendance are a good start, it is essential to take a look at quantitative data to analyze your event's success.

Not sure exactly where to start? Before the event, gather your marketing team, CMO, and VP of Sales to determine the event's objectives. Nine times out of ten the focus will be on education, advocacy (retention) and sales pipeline. Working backwards from your goals to determine what you should measure will help you to structure your event for success.

Now let’s dive into four ways to prove the value and impact your events have on your overall business.

  1. The Event Funnel

Before event apps event marketers had two real measures of data -- registrations vs attendance. Today, as a result of the collision between the physical event and the digital event, we’ve broaden our data set to include engagement. The picture you should be focusing on starts with number of promotion emails sent, number of attendees and ends with number of meetings requested, number of conversations had. These engagement cues paint a full picture of your event impact and allow you to set benchmarks to improve upon event to event.

  1. Customer Advocacy

Learn who's committed to your brand by tracking number of repeat attendees, number & summary of sessions attended through your event performance dashboard.

Look to see if there is a correlation between event engagement, upsell and retention?  By taking a look at sessions attended, you can see which customers are most interested in which product lines, or who is there to pick up on thought-leadership content.

Proof of advocacy can lead to a compelling story of event impact on customer retention.

  1. Brand Recognition and Influence

Calculate your event's influence on brand recognition and growth by tracking metrics such as number of mentions and impressions in the media, increased number of followers on social media during your event, number and demographics of influential attendees and trends in website traffic. Using the DoubleDutch Event Performance, you can identify your influencers and ask them to participate in testimonials used to keep the buzz going long after the event.

There is no solidified way to track brand recognition, but it should always be considered when showing the impact of your event.

  1. Focus on Your Sponsors

Sponsors and exhibitors are a fantastic way to offset event costs. When proving the value of your event to leadership it’s important to know the revenue impact your sponsors have on your event as well as their retention indicators. Be sure to track sponsor and exhibitor metrics like number of exhibitor profile views, number of exhibitor bookmarks, number of requested meetings and number of leads scanned.

You can use this data and insight to project future sponsorship revenue and arm your sponsorship sales person with great data for your next event.

Events aren't just an opportunity to showcase your brand and products. Successful events engage customers on multiple channels simultaneously and serve as the foundation of strong, lasting customer relationships. All in all, it’s time to forego the legendary story of events being hard to measure. You and your events have valuable business impact and YOU CAN PROVE IT.

Want to learn more about how and why you should track engagement? Check out our eBook, “Engagement: A New Metric to Measure ROI."[/fusion_text]

By DoubleDutch Insider | February 9, 2017

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