How to Measure Your Event’s ROI
Attendance once was the greatest measure for event success. In today’s digital world, attendance is closer to the bottom of the list. There are more factors that affect, measure, and predict an event’s success in a digital landscape. Depending on the purpose of your event, you will have different measures for your ROI.
As marketers, we all want to increase our sales revenue as well as our digital presence. Some would argue that social media fans are just as important as actual customers. When planning your event, remember to have event specific objectives that ladder up to your bigger yearly goals. Specifically, the event should be tied to one larger objective. Focus on social media engagement, online sales, in-store sales, referrals, or new customers. The following are two easy ways to measure your event’s ROI.
- Social Media Engagement
Create a unique branded hashtag for your event. Track the use of the hashtag during the event. Also use your regular brand hashtag in certain tweets. After the event, see if the use of the hashtag increases along with followers and fans on various social networking websites.
Offer print or digital coupons with a short period expiration date. This will help you easily traffic purchases after the event. A branded discount code from the event will also track new customers. While on your website or in your store, get the customer to sign-up for your email or a membership to your store.
There are a variety of other easy, cost effective ways to measure ROI such as surveys and post-event website traffic. The key in this digital age is to measure holistically looking beyond your event. Your attendance goal may have been 100 people, but what you really wanted is 50 new customers and 70 new Facebook fans. Remember to create goals beyond the actual event itself.
Can you think of any other good measures for your events? Share them in the comments section below. Check out How to Make Your Event More Social for more event tips.