Skip Cox is SVP Research and Measurement at FreemanXP.
The Balancing Act of Event Measurement
From seasoned event organizers to novice marketers, everyone measures event ROI differently. Organizers and meeting planners are often looking to better understand the big picture and are searching for ways to prove ROI while improving their programs.
But each organization has unique goals and objectives. And an event measurement strategy should be as unique as the event itself.
There are, however, certain universal aspects that should be part of every trade show or event measurement plan to ensure a healthy, vibrant, successful program year after year. Instead of looking at metrics individually, event professionals who take a holistic view of their events will uncover deep insights into the health and performance of their program.
It’s a balancing act, but it’s easily achievable with the right framework in place.
Start by examining your event as an ecosystem. Understand that there is a complex network of interactions among your stakeholders, all interdependent on each other for creating and delivering value. Get to know your stakeholders and their relationships both with you as well as with each other. Then examine your event data holistically, measuring against past performance and against industry benchmarks.
Once you do that, you can begin to uncover big-picture trends, as well as how your program performs against the competition. With those insights in hand, you now have the tools you need to deliver more value to your stakeholders. You will also have a clear-cut guide for improving your event.
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.