The measurement of ROI from an event or meeting has long been thought of as a laborious and complicated task. As an article on the Successful Meetings website claims, event ROI has often been considered a ‘theoretical goal’, rather than an ‘actual priority.’
But, the reality of the situation has since changed and perceptions within the industry need to catch up. Measuring event ROI is now possible – and it needn’t be laborious or complicated at all.
As stated, the concept of measuring event ROI isn’t necessarily new; as Anthony Miller, the chief marketing officer for Lanyon explains, the “desire to really understand […] ROI” came about “after the economic crisis of the late 2000s.”
With this increase in interest, event planners began looking into what could be automated to provide the data needed to prove ROI – such as sourcing, registration and on-site engagement. Automating these tasks means more raw data is made available to planners, who then have the task of analysing and leveraging it to its full potential.
To draw on Miller’s analogy, he calls the gathering and understanding of such data a “crawl, walk, run process.” Gathering the data is slow (the ‘crawl’); but looking through and understanding the data can be a little quicker (a ‘walk’ pace); and finally using the insights to inform the next event is faster still – event organisers should be sprinting toward their next event with some clear objectives in mind built on the information gathered from the previous two steps.
By following this process and with the right systems in place, events will be improved not only for the businesses organising and exhibiting, but also for present and future attendees as well.
This is why we developed brandWallet - an intuitive system that allows you to collect visitor data and gain insight into delegate’s actions at an event, enabling better data analysis and ROI measurement. For more information on how brandWallet can help improve your event and prove ROI, contact us today.