“25-30% of annual marketing spend is on events”.
An interesting and encouraging percentage, however, the biggest challenge we face as event marketers is measuring the success of our events, and whether that spend is justified.
DoubleDutch Key Account Lead for the UK, Luke Glen, led an interesting conversation and debate at our November lunch, around the different methods of capturing this data, and in turn using this to optimise future events.
As event marketers, we traditionally measure our events by how many people turn up, tickets sales etc. Do we then go on to find out what people are doing, where they go to, and who do they speak to?
It’s easy to speak about the business value of running an event, however, it’s not always that easy for us to provide the business data to back up that value.
It’s important to consider that all roads eventually lead to the P&L, and to analysis whether the whole event portfolio of an organisation is profitable and successful rather than on an event by event basis.
To give an example, IBM streamlined their portfolio and reduced it by 50%, from 6000 events a year to 3000. They did this by identifying the most profitable events, and which they needed to cull, purely based on data.
Events are one of the hardest marketing and communication channels to measure and it’s crucial to identify the right data for the right event, whether that’s an external client event or an internal sales training event.
Data is powerful, but most event professionals, through the use of different technologies are currently flooded with it, and don’t know how to even begin to analyse it.
The simplest and easiest way is to ensure you have set clear and measurable objectives from the start.
Then and only then can you work with your technology supplier, whether that’s an event app or registration tool, to pull and analyse the meaningful data you need to measure the success of your event, in turn optimising it for the future.