I used to work for a CEO that swore events were the best source for growing his business. His small events team worked very hard and was relentless. User conferences, tradeshows & roadshows the list goes on. The events team also worked hard to measure the success of their events. This however was a manual process and was very dependent on factors outside their control such as customer responses, leads generated and sales closed. Considering the nature of our market and the long sales cycles it was very difficult to measure the impact of our events to the company bottom line.
In hindsight, these metrics had absolutely nothing to do with the event. To this day, I believe that our events team put on a great show and made invaluable connections that helped drive revenue. They just never got their fair share of credit.
Companies spend thousands of dollars to connect their employees, partners and customers. But, when it comes to measuring the success of their events we end up in a black box. At Loopd, we are rethinking measuring events. Here are the key metrics that we evaluate to measure the success of an event:
Visits: # of total & unique visits to your session, booth or party.
Visit Duration: average time spent at your session, booth or party.
Connections: the total # of people that exchanged contact information.
Engagement: the total # of marketing materials that was collected.
Live Heat Maps: an instant measure of the # of people on the event floor.
Bounce Rate: total unique visits that visited only once.
Via Score: a single metric that combines all the metrics to evaluate the overall performance of an event.
As we build these metrics and a history of an organization’s events, it will be easier to tie the data to the bottom line. We are empowering event marketing teams to control their own destiny.
What is your perspective on measuring event ROI?