Event ROI – measuring beyond the cash flow
Plan an event, collect registrations, keep an eye on engagement, evaluate cash flow. And if the numbers don’t measure up to the desired KPIs the event is earmarked as a failure. Right? Not exactly.
Meet Aleksandra Panyukhina, experience marketing lead at Pixels. She’s scaled events from 0 to $3M+ in generated pipeline in a year and knows everything about measuring event ROI. It’s all about picking the right metrics.
Recently, Daniel Glickman, Vice President of Marketing at Sequel, conducted an insightful interview with Alexandra, a veteran in the events industry. Alexandra brought valuable input to the table, drawing on her extensive experience in running hundreds of events and the importance of aligning goals within marketing and sales teams.
Glickman opened the conversation by introducing the topic for the day – ‘Measuring beyond Cash Flow Event ROI’. Alexandra responded by emphasizing the value of different metrics beyond just financial ROI. As she pointed out, scope and company-level ROI remain crucial. Still, it is equally important to evaluate other metrics for a more granular understanding of event efficiency.
Additionally, Alexandra highlighted different potential goals that events could be aligned toward. Whether it’s moving deals across the finish line, increasing brand awareness, or bridging gaps within the marketing funnel, these goals are what fuel the ‘why’ behind each event. Determining these goals for an event involves collaboration between the marketing and sales teams, with each event acting as a marketing channel designed to bring the business as close as possible to potential revenue.
The conversation also examined the concept of Account-Based Experiences (ABX). ABX emphasizes providing an orchestrated, pleasant journey for the account, bringing together sales and marketing operations for the same purpose. This approach shifts the focus from selling to creating experiences and relationship-building, which can be crucial in bolstering brand image and building trust.
In the context of the events industry, Alexandra explained how ABX has helped unify metrics and standardize reporting across various event types. It is equally important to keep in mind, as Alexandra suggests, that the transition to an ABX model is not an overnight process. It involves a constant learning curve and takes time to fully implement.
However, one hurdle acknowledged by Alexandra and Daniel in this discussion is the difficulty in measuring event success, especially in the initial experimental phase. It might take up to six months of continuous webinars or any event series to glean significant data. Alexandra strongly recommended seeking stakeholder buy-in from the start and setting clear expectations about the risks of early-stage experimental programs.
In conclusion, the discussion offered a wealth of information emphasizing strategic planning, goal alignment, and the importance of patience in experimenting with different event types. Whether it’s about better understanding event efficiency or the role of ABX in event marketing, Alexandra’s insights provide food for thought for anyone involved in the evolving landscape of the events industry.
