In a world gradually recovering from the COVID era, the human desire for connection and collaboration is palpable. We're seeing it in the resurgence of the travel industry, and the same urge is propelling the resurgence of in-person events. But here's the burning question - how do we accurately measure the impact of these events on our core business performance?
Traditionally, businesses have used a somewhat simplistic approach to measure event success. How many leads were generated? How many of these leads turned into sales-qualified opportunities or pipeline? The cost per opportunity is then calculated by dividing the total cost of the event by the number of opportunities. While this method might offer a quick snapshot, it’s an undeniably naive and limited view of the true potential of events.
Events, especially those hosted by companies, have far-reaching influences that extend beyond their ability to generate new pipelines. Here, we explore three additional angles that should be considered when evaluating the success of an event.
1. Advancement of Existing Opportunities:
Events serve as an excellent platform for companies to reconnect with existing prospects. Often, deals that seemed stuck or contacts that had gone silent can be re-engaged through the face-to-face interaction provided by events. By connecting with these prospects at the event, deals can often be moved forward, resulting in significant deal advancement.
2. Customer Retention and Engagement:
Events also play a crucial role in customer retention and engagement. Analyzing the engagement of customers who attend an event can provide valuable insights into the influence of the event on product usage and renewal rates. In essence, events can serve as powerful tools to keep your customers engaged and interested in your offerings, thereby increasing customer retention.
3. Expansion Opportunities:
Lastly, events serve as a prime avenue to identify and advance expansion opportunities. By introducing existing customers to new products or services at an event, the average contract value can be significantly increased. This is particularly beneficial as expansion revenue is typically cheaper than new business revenue due to the lower cost of customer acquisition.
In conclusion, the true impact of an event can be measured not just by the new pipeline it generates but also by its influence on deal progression, renewal revenue, and the sourcing and influence of cross-sell and upsell opportunities. As businesses start to host and participate in events post-Covid, it’s essential to adopt this holistic view of event success.