I used to work for a CEO that swore events were the best source for growing his business. His small events team worked very hard and was relentless. User conferences, trade shows and roadshows the list goes on. The events team also worked hard to measure the success of their events. However, they used a manual process and they were very dependent on factors outside their control such as customer responses, leads generated and sales closed. Considering the nature of our market and the long sales cycles, it was very difficult to measure the impact of our events to the company bottom line.
In hindsight, these metrics had absolutely nothing to do with the event. To this day, I believe that our events team put on a great show and made invaluable connections that helped drive revenue. They just never got their fair share of credit.
Companies spend thousands of dollars to connect their employees, partners and customers. But when it comes to measuring the success of their events we end up in a black box. With today's new smart badge technology, event planners can rethink measuring event data and ROI. Here are the key metrics that event planners can collect and analyze using smart badges to measure the overall success of an event:
1. Visits: The number of total and unique visits to your session, booth or party.
2. Visit Duration: The average time spent at your session, booth or party.
3. Connections: The total number of people that exchanged contact information at networking events.
4. Engagement: The total number of marketing materials that was collected by attendees from speakers, sponsors and event organizers.
5. Live Heat Maps: An instant measure of the number of people on the event floor and where they are congregating.
6. Bounce Rate: Total unique visits by an attendee that visited a booth or other location only once.
7. Via Score: A single metric that combines all the metrics to evaluate the overall performance of an event.
As we build these metrics and a history of an organization's events with smart badges, it will be easier to tie the data to the bottom line. This new technology combined with powerful analytics tools is empowering event marketing teams to control their own destiny.
What is your perspective on measuring event ROI with smart badges? Share below in the comments.