Due to Covid-19, events are being cancelled and postponed, so what now? CMO’s and CFO’s need to make the most of the time available, to step back and reflect on previous events. Did they deliver ROI? Did they materially increase sales? Was it enough?
The view from the bridge says not. The reality is that despite the events industry itself being a booming £42.3 billion per year earner in the UK2, 70% of business card users say they don’t get enough ROI out of the events1 where those cards are exchanged.
This is a career-limiting admission, as CEOs and CFOs are under ever-increasing pressure to demonstrate ROI and value for their investment in events. And no wonder, given that 93% of developing companies’ budgets prioritise this marketing channel3.
But with some 1.3 million events taking place in the UK every year, attracting 85 million attendees2, the revenue potential would clearly seem to be there for the taking.
So what’s going wrong?
Measurement: a non-event?
The issue is that, historically, there simply hasn’t been a reliable method of tracking the results of event activities, analysing the data intelligently, and extracting the hidden value in it.
And there is still a distinct inability to accurately measure event ROI, success and potential revenue – so the reality is that most businesses don’t truly know if their events are moving the needle or bleeding them dry.
It’s all best-efforts and guesswork – and there must be a better way to truly realise the benefits that events bring and unlock their revenue growth potential.
There is. Here’s how.
Events to revenue: the critical connector
An event is a captive audience in one place – gold dust as long as you and they are still in the same room.
But what happens after that? How do you turn conversations, interest, business cards and all the other non-digital trappings of event interaction into outcomes that you can measure and accelerate?
Consider, for a moment, an easy to use platform and app that can rapidly translate your event experiences into data that seamlessly and automatically integrates with your existing CRM systems4, enabling 100% of connections from events to be delivered directly into the top of your sales funnel.
From that environment, you can then clearly see key actionable insights and metrics from event activities, enabling your business to maximise results.
You can track attendees’ engagement, measure KPIs and accurately understand ROI, giving you the critical connector that enables you to drive revenue from your events by connecting, integrating, and gaining deeper analytic insight into opportunities and risks – for both current and future engagements.
Hitting the sales accelerator
But it doesn’t stop there. A solution that can integrate can also accelerate.
Thus, by aggregating social media connections off the back of the event data, a platform like this creates an integrated marketing infrastructure – enabling you to build networks, communities, sales opportunities and revenue – rapidly, and with virtually zero manual intervention and effort.
Improving the event experience for all
And flowing from this, a solution of this kind enhances many other processes, too, with inbuilt promotional tools to enable organisers to publicise events easily and increase attendance figures, and seamless connectivity to make interactions with attendees and their businesses frictionless.
It is a dramatically improved event experience all round – for organisers, for attendees, and for those nervous CEOs and CFOs looking for demonstrable return on investment!
Whilst face-to-face events are taking a break due to Covid-19, you should be thinking ahead. When events are ‘back on’ there will be an abundance of them as businesses play catch-up. Planning ahead to make them frictionless and admin-light will be key as workloads increase to keep up, once the wheel is turning again. And, when businesses are potentially being hit from a revenue and bottom line perspective, ensuring that you’ll be able to accelerate the sales funnel at future events will be more crucial than ever to really justify the value of the event, inform future investment decisions, and in some worse cases, to be the life saver for the business.
You heard about it here first…
Where? On the Grapvyn, of course – because that is what this game-changing platform and app is called.
Measuring event success is the most important thing next to the event organisation itself. So start seeing your money’s worth from your events here: Register Interest
After all, your competitors are reading this too!
1 – Grapvyn research
2 – Eventbrite
3 – Harvard Business Review
4 – Integrations with leading CRM systems. Connect with us to discuss your requirements.