Boosting Marketing ROI with Events
Now there’s more proof that you can boost your return on investment (ROI) by hosting events. According to the Harvard Business Review Analytic Services and Splash, ROI can be directly correlated to event marketing. The latest HBR report, “The Event Marketing Evolution: An Era of Data, Technology, and Revenue Impact,” shows how to increase effectiveness with marketing using events and exhibits.
Exhibits Add Value to Business
According to the survey, 52 percent of event marketers say that exhibits increase their business value greater than any other marketing channel. In addition, 23 percent of these marketers can determine the ROI for their events. So, if you want to know how much of a return on your investment you are receiving from exhibits, you need to have access to data from the event. Data is your gold mine for being able to determine if an event was worth its salt.
Attendees Also Host Trade Shows
Among the study findings were several statistics about the existing exhibit planning workforce. The study reports that one-third of exhibitors also host their own trade shows. For example, a shoe manufacturer may attend a trade show as an exhibitor and also puts on a major shoe show each year.
Size of Event Planning Teams
Fifty-one percent of event planners surveyed had one to 10 staff, which is equivalent to a small business. Twenty-seven percent, just over a quarter of respondents, have more than 11 people full time for their event operations.
Money for Event Marketing
As for event budgets, 30 percent spend approximately 20 percent of their budget for marketing. Only one in 10 spend more than 50 percent to market their events. This information can guide your own budget estimates to ensure you are not overspending with no return on your expenses. In fact, four out of 10 event planners expect to spend more for event hosting in the next year.
About the State of Event Marketing
Spending money on exhibits is solid gold for businesses of varying sizes. To explain more about the results, meet Ben Hindman, CEO of Harvard Business Review Analytic Services and Splash.
According to Hindman, “More than ever before, it is crucial for businesses to go beyond the digital space to build meaningful relationships through human, in-person experiences. However, measuring event ROI is challenging and until recently, it was nearly impossible. Now, with the growing investment in events and the mutation of end-to-end event technology, event marketers have the ability to report on much more than anecdotal results.”
Hindman continued to explain, “The study confirms that high-performing companies are especially tapping into the marketing power of events and investing in technology that’s helping them measure the impact of their events down to the actual revenue. We see these same trends at Splash in our own top-performing customers, who we refer to as Event Optimizers.”
By focusing on using events as marketing tools and using data to evaluate the performance of these tools, you can improve your event ROI. In doing so, you increase brand visibility and strength in a fast-growing marketplace.
Become an Event Optimizer
If you want to improve the way you operate your events as a professional planner, continue reading more at eConnections. We are your leading resource for improving the ROI for your upcoming events.