How do you measure the success of your B2B event?
It’s not always as easy as it may sound. Traditional measures of ROI are often inadequate, dismissing the individual touchpoints, actions, and costs that attracted your lead to attend the event in the first place (invite emails, paid ads, social media posts, etc.).
In addition, vanity metrics, such as likes and engagement rates, are overused and do not provide you with an accurate perception of value.
When deciding on what key metrics to measure and report on for your company events, here are a few of our top tips:
Start With Your Sales Cycle
When determining what metrics are relevant to your company as a whole, a great place to start is by looking at your buyer behavior data. Important metrics to examine include:
- Average length of sales cycle: Use your sales cycle timeline to influence how you are tracking leads and closed sales from the event. For example, if your average sales cycle is 20 days, you’re not going to have an accurate picture of your event’s value until that time has passed.
- Number of touchpoints: Use customer data to determine the average number of touchpoints a lead typically makes with your company before buying. This could be anything from viewing your website, interacting with a social post, attending an event, opening an email—anything that helps to educate a lead about your product or services. When you’re creating event campaign materials, you should use this number to consider how many pieces of collateral are needed.
- Past attendance to conversion rate: Look at your past event data to determine the average number of attendees who have converted to customers.This helps you to forecast predicted revenue resulting from the event.
- Lead score vs. conversion rate: Analyze the lead score data of any leads who converted to customers from your previous events. Do you see any patterns? Is there anything that surprises you? Leads who are converting slower than expected but have a high score can be a good indication that your event marketing materials are not providing enough value.
Event Metrics by Buyer Stage
Different types of events tend to be better for different goals and lead stages. Before deciding on the event topic, make sure you determine your goal first.
Awareness: Goal is to increase brand visibility, generate MQLs
- Registration vs. attendance rates: How many registered to come, and of those, how many actually attended?
- Survey results/net promoter score: Even though the survey generally happens after the event is over, you can still use this information to determine value and interest.
- Social Proof: Analyze event hashtags, mentions, shares, and more.
Decision: Goal is to nurture leads (MQLs) into SQLs
- New Leads: While the goal is to ultimately to sell your product, attendees that take action through demo requests, content downloads, and even newsletter sign-ups still provide insight into your event’s effectiveness.
- Event feedback/survey result: Use attendee feedback to find out what pain points your leads are experiencing and how you can better nurture them.
- Content downloads/views: Promote any relevant content you may have that supports the message of your event. Track engagement and downloads.
Transaction: Goal is to convert SQLs into closed sales/customers
- Post-event engagement: The event is not over when it ends. Make sure you have a proper event follow-up strategy to keep the momentum going. This should include emails, recap blog posts, retargeting ads, meetings booked, and more.
- Referrals: Referrals generated from or at events are often some of the most valuable. You can use these leads to improve your target audience list as well as create ABM campaigns.
- Upsells: Knowing what your current customers are interested in can help you better nurture your new leads.
Measuring the success of your B2B event starts by having clear goals for the event,a strong understanding of your target audience, and a preferred method for calculating ROI.
What B2B event metrics does your company rely on? Let us know in the comments!