How to Determine the ROI of Hosting or Participating in Live Business Events

Businesses often participate in or sponsor live events to introduce new products and meet their clientele face-to-face. However, it is important for businesses to select the right events to attend to get the best return on investment (ROI). Here are some tips on how to measure analytics for events to determine which will provide your company with the best ROI.

What Are Event Analytics?

Analytics are used to study the effects of attending or hosting live events such as conferences, seminars, trade shows, appreciation events, or product launches. By studying the analytics, businesses can determine the ROI of attending or hosting one of these events. The data analysed may include:

  • Number of leads generated.
  • The number of closed sales.
  • How much press coverage was received.
  • Number of registered prospects.
  • Number of appointments set up.

This information is then compared to how much money was spent hosting or attending the event to determine the ROI. If the ROI was unfavourable, then your company can change what they did or reconsider attending certain events again.

Ways to Gather Information

For there to be event analytics to study, there needs to be ways to gather the necessary information. Information can be gathered using social media, event surveys, or challenges for your company’s event staff.

Social Media

It isn’t uncommon for businesses to announce and promote their appearances at trade shows, appreciation events, or product launches. They can also use social media sites such as Facebook or Twitter to track feedback after the event is over. However, tracking mentions about your company on social media during the event can help you determine how much success you’re having or how to improve your interactions with your target audience if the data doesn’t seem to be favourable.

Event Surveys

When event attendees stop by your booth, you should gather their email addresses to send them a short survey about your company’s presentation, products, and feedback on the event itself. This information can help determine where your company’s presentation strengths and weaknesses are so you can improve connections with potential and current customers. In addition, gathering their email addresses will allow you to form an email marketing database.

Challenges for Staff

Instead of simply manning the booth at trade shows and other live events, your event staff should go out onto the floor to meet potential customers and to gather leads. To encourage them to be proactive, create challenges and incentivise them to reward those who did the best. You can challenge your staff to gather the most business cards, get new followers on social media sites, or make the most appointments during the event.

By studying the feedback about your company during the event via social media, studying the information via surveys, and analysing the number of connections made during an event, you can start to determine the ROI for attending or hosting live events. If the ROI is favourable, then you know that those events have been successful for your company and you should plan to continue participating in live business events.

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