Here’s What You Need TO Do To Get A Higher ROI In Event Marketing
You’re going to spend money on launching an event marketing, but it doesn’t matter because event marketing provides higher ROI. This is why almost all of the companies in Malaysia have already shifted to event marketing strategies.
To understand how your event marketing yielded high net value, you should first understand the event ROI meaning. Event ROI is a flexible term that describes the net value an event marketer generates from conducting a marketing event minus the net cost for producing a particular event.
If you want to know how to measure event marketing ROI, the formula is very easy: Event ROI= value/ cost. However, you have to remember that the term ‘value’ used in event marketing has a broad definition; it includes event revenue, pipeline value, lead generated, sponsorships, partnerships, attendees, and press mentions. In the same manner, the ‘cost’ referred under event ROI is broad as well, it includes flights and travel, labor, lodgings, food and drink, time, event booth/ stall, and swag.
Below are some of the reasons why event marketing provides higher ROI.
First and foremost, event marketing provides higher ROI because it increases sales exponentially. In fact, a study confirmed that 70% of people who attended an event marketing became regular customers. Aside from this, another study showed that 65% of the companies that invested in event marketing recovered from sales’ setback. Some companies even run ROI special events to generate more sales.
Indeed, event marketing provides higher ROI because it will provide your company with greater media mileage. A total of 31% of the companies worldwide agreed that event marketing is essential in the business. A study also affirmed that 70% of event marketers believe that event marketing’s success is due to press coverage. This sounded logical because if your trade shows are featured in various TV programs, you’ll definitely get more clients.
Customer relationship is also a vital event ROI metrics. Trade shows, seminars, and product launchings will make you closer to your clients. You’ll hear their pain point firsthand and will be able to tell them how you can help. One survey found out that 51% of event marketers worldwide believe that event marketing is the key to building stronger customer relationships. To include customer relationship to your event marketing metrics, just pay attention to how people reach out to you in your next marketing events. If you draw more attendees, this means your previous event was a success. People come to your marketing event because they know that you can help them solve their problems (whether through your product or service).
Another reason why event marketing provides higher ROI is that it increases brand awareness. Whatever kind of event marketing would you prefer, it will still produce the same result- introduce your product or service to a crowd. A customer survey revealed that 65% of the customers around the world got a better understanding of a particular brand after attending an event marketing. This percentage is huge, even surpassing the exposure you’ll get when you pay for TV advertisements. Aside from brand build-up, event marketing also drives a higher ROI because it helps build a positive relationship between customers and clients.
- Increased Engagements. Event marketing provides a higher ROI because it improves customers’ engagement. Among the metrics to measure the engagement rate include live poll responses, event app downloads, mentioned event hashtags on social media, and questions asked during an event.
How to PRACTICALLY Measure Event ROI
Although there are apps you can use to calculate the event ROI benchmark for a particular event; still, it is best if you calculate your event’s ROI manually. Here are the three easy steps to do it.
- Calculate the Cost. To know if an event marketing provides higher ROI, you have to get the so-called TOCE (Total Cost to Execute). TOCE includes two categories: upfront costs and hidden costs.
- Computer Objective Results. After your marketing event, you have to check whether you achieve your ‘north goals’ or not. You have to check the after-event recruitment, business development opportunities, lead generation, revenue generated, and customer acquisition.
- Measure Subjective Results. Included in the subjective results are the following: networking, recruitment, customer relationships, and brand awareness.
These are but some of the proofs that, indeed, event marketing provides higher ROI. Before it becomes too late, you must do the shift. Launch an event marketing now, so that your business will be noticed online and offline!
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