If you clicked on this blog, it might be safe to assume that you’re amongst the 55% of marketers who are not totally sure how to calculate their event’s ROI. Or among, you know, the unknown percentage who aren’t ready to cop to not knowing. And if you just started unconsciously nodding your head, don’t worry—we’ll totally keep this between us.
In our last blog post we walked you through how to create valuable content to drive revenue to your next event. If you managed to make it through its entirety, congrats! You now have the necessary knowledge needed to create an event strategy that nurtures your audience with foolproof, trustworthy content. So, what’s next? Now let’s measure that success.
Here’s how to measure the ROI of your event.
Step 1: Stop, drop, roll & download our comprehensive guide—How To Drive Revenue Through Events. You didn’t think we’d give it away that easy, did ya?
Step 2: Okay fine, since I already have you here let’s break this bad boy down into three snackable sections.
Marketing sourced & influenced revenue
1 Lifecycle marketing
What is lifecycle marketing exactly? Lifecycle marketing is the evolution of lead generation that focuses on viewing the funnel in its entirety and making decisions based on the final stage—the customer. This can be utilized for identifying quick wins after your event, like new leads and how many leads went from one stage to the next.
2 Marketing sourced & influenced revenue
Marketing sourced and influenced revenue is generated by initiatives driven by the marketing department. These marketing initiatives are then measured through attribution. The true purpose of attribution being—to let you know what is and isn’t working when it comes to generating revenue.
Our comprehensive guide covers the most common attribution models used for analyzing which touchpoints receive credit for creating revenue. But, since we’re feeling extra nice today, we’ll give you a few pointers.
First-touch & last-touch: This gives the first touchpoint or the last touchpoint of your prospects’ journey 100% of the credit.
Multi-touch: A more balanced look at your whole marketing strategy as opposed to just one item, giving each touchpoint a certain amount of credit.
Self-reported: AKA letting the individual who raises their hand tell you how they found out about your event and/or company.
Sales-reported: Having your SDR/AE ask how they heard about the event in the initial sales call.
3 Closed-loop reporting
Closed-loop reporting simply means “closing the loop” between the data that marketing is reporting on from their marketing automation and/or event management platform (i.e. Hubspot, Marketo, Swoogo) and the data that the sales team is collecting which is generally seen in a CRM (i.e. Hubspot, Salesforce, Pardot.) Closing this loop allows marketers to focus and report on their monetary contribution to the business instead of solely top-of-funnel lead generation.
But before you yell, “Show me the money!” like Jerry Maguire, find out more in our guide on how to close the loop.
Woof—you still with me? We recognize we just bombarded you with a bunch of dense information, so if you’re feeling lost, it might be best to check out our guide for a step-by-step breakdown on how to measure the ROI of your next event.
Craving more? Download our guide to learn how to:
Measure marketing sourced & influenced revenue using an attribution method.
Close the loop between lifecycle marketing metrics, marketing sourced & influenced revenue.
Pull reports that show you exactly how much revenue your event brought (+ keeps bringing in.)