In response to the pandemic, event planning and execution have fundamentally changed. The pace of change has sped up so much that unexpected developments are now routine - even more so than before - and digital audiences have suddenly become everyone's main focus.
When it comes to event planning, you have to be realistic about possible shifts in event ROI. Creating value at events in the new normal requires new, resourceful ideas. The following strategies will help you get started and your event’s ROI.
Do you want ‘wow’ your attendees and boost your event ROI simultaneously? Keep reading to find how out Oreed can play out to be your best partner and choice.
What is an Event ROI?
In the context of events, Return On Investment (ROI) is a common business concept that's easy to gloss over the complexities associated with it. Here's how event ROI is defined.
An Event ROI is a calculation used to determine the profitability of an event. To calculate an Event ROI, you will need to take into account the cost of the event, as well as any revenue generated from the event. Create a good ROI for a project by keeping in check the following formula:
Event ROI = (Revenue – Cost) / Cost
For example, if an event costs $100 to produce and generates $200 in revenue, the Event ROI would be 100%. In other words, for every dollar spent on the event, you would earn an additional dollar in revenue.
Event ROIs can be used to compare the profitability of different events, as well as to track the profitability of a single event over time. Additionally, Event ROIs can be used to assess the effectiveness of different marketing and promotional strategies.
When calculating an Event ROI, it is important to consider all costs associated with the event. Additionally, you will also need to take into account any revenue generated from the event, including ticket sales, sponsorships, and merchandise sales.
- The first step to do as part of your event ROI evaluation would involve understanding the event's objectives.
What are you hoping to achieve with your event? Are you looking to generate revenue, increase brand awareness, or build relationships with customers? Once you have a clear understanding of your event's objectives, you will be able to identify the appropriate metrics to use in your Event ROI calculation.
- The second step in calculating your Event ROI is to determine all of the costs associated with your event. This includes both direct and indirect costs.
Direct costs are those expenses that are directly related to the event, such as venue rental, catering, and entertainment. Indirect costs are those expenses that are not directly related to the event but are still necessary in order to produce the event, such as branded marketing and promotion.
In order to determine your event's total cost, you will need to create a budget for your event. Once you have a budget, you can begin to track all of your event's expenses. This will help you to identify any areas where you may be able to save money in the future.
Top Tips to Consider on Improving Event ROI
1. Determine the right mix of marketing channels
There's no one silver bullet when it comes to marketing. The key is to figure out the right mix of channels that will work for your business.
Different businesses will have different needs, so there's no one-size-fits-all solution. But finding the right combination of marketing channels can make all the difference.
So how do you gauge the right mix? It all starts with understanding your audience and what they respond to. From there, you can experiment with different approaches and see what works best for your business.
2. Don’t confuse event planning with event marketing
Despite their importance, most event planners do not have marketing skills. In addition to ensuring the attendee experience is excellent, they are also responsible for making sure the company's event goals are met. Even the best wedding planner cannot convince guests to attend. That must be done on their own accord. More than attracting the right audience, marketing is more about converting them into customers (now and in the future).
3. Prioritize sponsorships and partnerships
When it comes to your event, don't forget to prioritize sponsorships and partnerships. Why? Because they can give you a major ROI boost. And who doesn't love a good ROI?
Therefore, as mentioned above, the identification of your audience is critical for success when it comes to sponsorships and partnerships for events. By understanding who your guests are, you can more easily identify potential sponsoring organizations that share those same values.
The revenue stream could be highly lucrative. Virtual event sponsorship packages cost, on average, $8,456.
How do you persuade sponsors to pay you thousands of dollars? In return, you provide them with something equally valuable. The following ideas may be helpful:
- Exposure: there will be companies eager to sponsor your event if thousands have registered.
- Information: by sharing the analytics data you collect during your event, you can also pique sponsors' interests. Those companies would love to know more about the audience they are attempting to reach.
4. Optimize your event website
What is a good ROI for a project? By not letting your event website become an afterthought. Optimizing your site can make a huge difference in creating a successful event.
Your event website is one of the most important tools you have for promoting your event and getting people to sign up. Make sure you're making the most of it by optimizing your site for search engines and making it easy to use.
A few simple tweaks can make a big difference in how many people view and sign up for your event. Think about the user experience and what information needs to be easy to find.
Consider adding strong calls to action and testing different design elements to see what works best. Your event website is a crucial part of your event planning, so make sure you spend some time optimizing it!
5. Use technology to streamline attendee registration
Use technology to streamline attendee registration. By automating the process, you can make life easier for both your attendees and your staff. It's a win-win!
Studies show those event planners who use technology to streamline attendee registration save an average of 4 hours per event.
That means more time to spend on creating amazing experiences for your guests!
There are a number of different technologies you can use to streamline attendee registration. From online registration forms to badges and check-in software, there are plenty of options to choose from.
So why not give it a try? You might be surprised at how much time you can save.
Here are the top three tools you might find useful:
- Oreed will give you a centralized database system that will give you a holistic view of your data along with valuable insights to make smart decisions on an automated basis. We consider consistency to be a key component of your event's success.
Our guideline? For everyone to move toward the same goal, a clear objective is necessary. As a result, unforecast events and deviations can be avoided, thus reducing the amount of time and money spent on rectifying them. Enough to maximize your event's ROI!
With our unified CRM system, you can better categorize your target audience and provide a customized customer experience. More so, Oreed also helps manage sponsors, registration, and attendance.
- You should definitely include Google Analytics in your tech stack if web traffic is one of your primary KPIs. In this way, you can track the visitors to your website accurately. The best part about Google Analytics is that it's free.
- Event planners who host virtual and hybrid events for lead generation and sales will find HubSpot and Marketo both useful for tracking customer journeys.
6. Leverage social media to create a buzz around your event
When planning an event, don't forget to leverage social media to create a buzz. Utilizing platforms like Facebook, Twitter, and Instagram can help you reach a larger audience and generate excitement leading up to the big day.
People are always talking on social media, so why not use it to your advantage? Create a buzz around your event by leveraging social media. Let people know what's going on and what they can expect. You might be surprised at how many people show up!
7. Generate word-of-mouth marketing
Are you looking for a way to generate word-of-mouth marketing? There are plenty of ways you can do this! One way is to create content that is share-worthy.
This could be a blog post, an infographic, or even a video. Another way to generate word-of-mouth marketing is by giving your customers a great experience. Something as simple as providing amazing customer service or creating a product that exceeds their expectations.
Generate word-of-mouth marketing by providing an amazing product or service that people can't wait to tell their friends about. Creating a buzz around your brand will get people talking, and before you know it, you'll have a thriving word-of-mouth marketing campaign on your hands.
8. Platform selection is critical to integration
The attendance records for virtual events are automatically generated since they are ‘pre-digitized.’ Participants’ interactions can be tracked easily as well as session engagement. The raw data can be fed into your CRM system directly, so you can solicit feedback instantly.
The integration process is a little more complex for in-person events, but it's still possible. CRM integration is a must for companies looking to measure ROI for virtual and live events.
Event management platforms that collect and share data bidirectionally with CRM systems, such as Salesforce, enable event activity to be connected to revenue generation. This is the direct path to measuring ROI accurately.
Solving this ‘last mile’ challenge requires integrating business processes, incorporating data-driven decision-making, and implementing change management. There are different ways to do this. But, one perfect to go about it is to make use of an event management system such as Oreed to help bracket the hassle of successfully managing a virtual event.
9. Develop a post-event marketing plan
Now that the event is over, it's time to start thinking about post-event marketing. This is an important part of generating interest for future events and helps to ensure that your past event is remembered positively.
What goes into a post-event marketing plan? There are a few key elements:
First, you'll want to assess how the event went. What went well? What could have been improved? These learnings will be helpful in planning for future events.
Next, you'll want to reach out to participants and get their feedback. What did they think of the event? Was it valuable to them? Would they attend again? This feedback will be incredibly helpful as you plan future events.
Finally, you'll want to create some content around the event. This could be a blog post, photo gallery, or even a video. This will help generate interest and excitement for the upcoming events.
10. Monitor and measure your event marketing efforts
Keep track of how well your event marketing efforts are doing. This will help you determine what's working and what's not, so you can adjust your strategy accordingly. Plus, it's just plain interesting to see the data and how it changes over time!
A better approach for marketers would be to focus on the metrics that matter. Some metrics have a real impact on event ROI, even when they aren't measured in dollars:
- Rates of registration-to-attendee attrition
- Attendees from the C-suite or decision-makers
- Attendance from target accounts
Tip: Oreed helps facilitate increasing attendance rates so you can plan events that have higher engagement/attendance.
- ROI of ticketed events
- Velocity and acceleration of the funnel
- Improvements in win-rates
- Net additions to your database of qualified contacts
- New-to-existing contact ratio
- Leads generated from new sources
- Attendance at/after the event of demos/meetings
- MQLs (or new qualified leads) on a net basis
While those kinds of quantifiable metrics are easier to measure in a virtual setting, they're also possible to measure in hybrid or in-person settings. ROI analysis can be done accurately by integrating CRM and sales funnel management systems with the right tools.
By tracking these key metrics, you'll be able to fine-tune your event marketing strategy and ensure that your next event is beyond successful.
Customer expectations are changing, so digital efforts need to be repurposed. Adapting to customer journeys requires companies to rethink them quickly and develop digital solutions more rapidly. And this is you need Oreed to help you reshape your customer journey.
11. Collect reviews and testimonials
Ask your happy customers to write a review or testimonial. They help show potential customers that you're trustworthy and that others have had a positive experience with your product or service.
In many marketing areas, such as social media, websites, landing pages, avoidance, etc., authentic, unique, and personal feedback can be used as social proof.
So collect as many as you can, and make sure to showcase the ones that sing your praises the loudest!
Metaverse Events Will Soon Become a Thing
There's no doubt about it. The Metaverse is going to be big. Huge, even. Events taking place there will be something people talk about for years to come. Just imagine what kind of possibilities are open to us now that we can explore and interact with digital versions of reality. It's truly amazing.
And it's not just about entertainment, either. The Metaverse will have a profound impact on how virtual events will be conducted, how we do business, interact with each other, and even how we think about the world around us. It's going to change everything.
The Metaverse is going to be a place where we can be anyone we want to be. We can explore any world we can imagine. And we can do it all with other people from around the globe.
This is going to be a new way of interacting with each other. No more sitting in front of a computer screen alone. We'll be able to explore amazing virtual worlds together, and the sky's the limit as to what we can do.
To find out more, contact us today or request a free consultation.
