Events are often the single largest expense in a B2B marketing budget (and a significant expense for B2C marketers as well), but can provide a return of $3 to $5 for every dollar spent. That's why nearly two-thirds of event pros plan to spend more on live events this year than last.
When it comes to budgets, corporate event planners have two primary goals. The first is to optimize the return on their event outlays. This means both choosing the right events to attend (or host) and getting the biggest impact out of every dollar spent on the event. Second, they need to be able to quantify their results. This is essential to justify the current event budget and any increased funding in the future.
Event organizers need to be able to measure results at three levels:
* Operational metrics: This includes information such as which sessions, presenters, and activities were most popular. The purpose is improve the experience and attendee value of the event itself.
* Soft benefits: Did attendees enjoy the event? Did brand awareness increase? These outcomes have value, though that can be difficult to quantify. So, it's important to measure these outcomes, but also track results at the third level...
* Hard (quantifiable) benefits. These financial / business benefits ultimately justify the dollars invested in event marketing. Planning for how to maximize these values helps event marketers focus on the most important objectives for each event attended or hosted.
To help you look at these 3 levels in multiple ways link here to 52 Ways To Measure Event ROI, prepared in partnership with our social media specialists.