Whether you are hosting a virtual, hybrid, or in-person gala, here are 5 ways to get ROI from your next event.
ROI (return on investment) is part of analytics that can be used to understand different aspects of a business. For example, you might use it to see how your audience behaves, or to set benchmarks for future strategies.
For a business to flourish, each aspect of it must contribute to positive returns, including corporate events. But how do you get ROI from your event? Whether you are hosting a virtual, hybrid, or in-person function, here are 5 ways to get ROI from the next event your company holds.
Before You Begin: State Your Goals
Before you begin to learn how to get ROI from your upcoming event, you’ll first need to figure out how you’re going to measure it. Take the time to consider why you’re hosting the engagement and what KPIs you’ll need to track.
There may be a variety of reasons for your business to host, including the following:
Brand Awareness
When you’re planning an event to increase brand awareness, monitor social media engagement or brand recognition after the occasion. You can also track website traffic or branded swag given during the function.
Lead Generation and Sales
For events aimed at generating leads and/or sales, measure how many people inquire about a product or the number of new customers you gain.
Education
When the event is for educational purposes, look at the number of sessions participants have signed up for and their engagement level throughout the program.
Revenue
If you want to track the revenue earned from an event, track the number of tickets sold, the number of new customers you have acquired, or sponsorship revenue.
5 Ways to Get Return on Investment
Once goals and KPIs have been set, measuring the ROI of a program becomes simpler and clearer.
Now let’s look at how your organization can get ROI from its next event.
Market and Plan in Advance
Any event, whether it be virtual, hybrid, or in-person, has the potential to reach a broad audience. Simply put, the more people that attend your event, the greater your return on investment.
The key to increasing registration is to start marketing the event in advance. There are several ways this can be done, including:
- Creating a dedicated event landing page that includes all relevant details
- Advertising the event on your organization’s social media, website, and newsletter.
- Getting in touch with industry influencers and doing cross-content collaborations such as giveaways.
- Building content like blogs, videos, and/or ads that will be valuable to your audience. This will help you build trust with your followers and establish yourself as an industry leader.
Charge For Your Event
A simple yet effective way to get ROI from your event is to host a paid event. Your ticket price should reflect the value the audience gets from attending, along with covering your business expenses.
One way to increase sales and add urgency to your event is by creating a sales ladder/plan. Here are a few ways to do it:
- Offer early bird or group discounts. Your customers will appreciate this because it will allow them to purchase tickets early and encourage them to spread the word.
- Have ticket tiers. A tiering system is a simple way to let you create various access levels at different prices. For example, top-tier tickets can give customers access to exclusive meet-and-greets, whereas bottom-tier tickets can give them branded swag. With this method, your shoppers can attend the event within their budgets and/or according to their needs.
- Promote any well-known speakers or influencers that your audience may know, inviting them to register for the event.
Secure Sponsorship Deals
Whether your event is in-person or virtual, sponsors are key. They can boost your brand’s credibility and bring in new shoppers. Additionally, they can help lower your business’ costs when planning such events. Through sponsors, you can have the ability to invest in other aspects like accommodations for your attendees, a larger venue, or creating PR kits.
One way to win over sponsors is by telling them about how they’ll get exposure and awareness for their brand through your event. For example, you can add their logo to your event banner and create digital advertisements for the event. Encourage them to give attendees swag bags or put together customized backgrounds.
Maximize Participant Data
Take advantage of technology and maximize participant data. Consider using various tools or methods to gather useful information about your participants for building relationships and setting up sales calls. Some data you can try to collect is:
- Attendee personal information and preferences
- Demographics
- The sessions they attended
- Registration vs attendance
- Did they participate in sessions?
- Did they visit any booths?
Details like this can help you figure out what worked and how you can make your event better next time. Information like this can be useful to help segment your audience into groups such as those who liked it, those who didn’t, and those who could be persuaded. In addition, live feedback can be used to create real-time or future changes to the program.
Repurpose Content
Don’t be afraid to repurpose content. If used strategically, an event that you have hosted can bring in returns even after it has ended. You can do this in a few ways:
- Share recordings of the event with attendees so they can revisit the session at their leisure.
- Turn some sessions into gated content. Ask your participants for their email, then give them to access certain content. Furthermore, this will give you a list of leads that can be used for future events.
- Use the content from this event to promote any business functions in the future.
Whether you want to host an event online, or in person, our team of experts here at The Jenelle Group can help you get ROI for your next business function.
From setting goals to finding sponsors to coordinating speakers, we’re here to make sure your event is a success. To learn more about how The Jenelle Group can assist you in getting ROI for your upcoming event contact us here.
