{"id":615,"date":"2015-07-27T10:30:01","date_gmt":"2015-07-27T10:30:01","guid":{"rendered":"http:\/\/www.lakeb2b.com\/blog\/?p=615"},"modified":"2015-07-27T10:30:01","modified_gmt":"2015-07-27T10:30:01","slug":"quantify-justify-4-steps-measure-event-marketing-roi","status":"publish","type":"post","link":"https:\/\/www.lakeb2b.com\/blog\/quantify-justify-4-steps-measure-event-marketing-roi\/","title":{"rendered":"Quantify to Justify &#8211; 4 Steps to Measure Event Marketing ROI"},"content":{"rendered":"<p>In your overall marketing plan, you finally decide that it\u2019s time to utilize event marketing. Whether your event is to generate leads, increase brand awareness or launch a product or service, there are important questions you need answers for before moving on&#8230;<\/p>\n<ul>\n<li>What are your primary and secondary event objectives?<\/li>\n<li>What are the metrics for each objective?<\/li>\n<li>What measurement tools are required to capture data?<\/li>\n<li>How will you calculate event marketing ROI?<\/li>\n<\/ul>\n<p class=\"MsoNormal\">Without answers to these questions, it will be a challenge to justify your event marketing spend and calculate revenues generated from your event. Here\u2019s a simple, 4 step approach to measure event marketing ROI:<\/p>\n<p class=\"MsoNormal\"><b>Step 1 \u2013 Set Objectives<\/b><\/p>\n<p class=\"MsoNormal\">The ideal way to measure event marketing ROI is to pre-determine objectives that are measurable. While, there may be several objectives for your event, it is recommended that you identify one primary objective and one or two secondary objectives to keep your efforts focused.\u00a0Here are some of the objectives identified by marketers from event marketing:<\/p>\n<ul>\n<li>Generating leads (sales qualified)<\/li>\n<li>Building on database of prospects<\/li>\n<li>Achieving ROI<\/li>\n<li>Building brand image and awareness<\/li>\n<li>Introducing a product, service of business concept<\/li>\n<\/ul>\n<p class=\"MsoNormal\"><b>Step 2 \u2013 Add Metrics to Each Objective<\/b><\/p>\n<p class=\"MsoNormal\">For each objective, you need to add metrics in order to make then quantifiable and measurable. Here are examples of metrics you could associate with event marketing objectives:<\/p>\n<p class=\"MsoNormal\"><a href=\"https:\/\/www.lakeb2b.com\/blog\/wp-content\/uploads\/2015\/07\/Event-Marketing-Metrics1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-637 size-medium\" title=\"Event Marketing Metrics\" src=\"https:\/\/www.lakeb2b.com\/blog\/wp-content\/uploads\/2015\/07\/Event-Marketing-Metrics1-580x483.png\" alt=\"Event Marketing Metrics\" width=\"580\" height=\"483\" \/><\/a><\/p>\n<p><em><strong>Additional Read:\u00a0<a href=\"https:\/\/www.lakeb2b.com\/blog\/b2b-lead-generation-strategies-for-financial-companies-what-you-need-to-know\/\">B2B Lead Generation Strategies For Financial Companies: What You Need To Know<\/a><\/strong><\/em><\/p>\n<p class=\"MsoNormal\"><b>Step 3 \u2013 Identify Data Capture for Each Metric <\/b><\/p>\n<p class=\"MsoNormal\">Once you have identified metrics for each objective, you need to know how you want to capture data and measurement tools required.<\/p>\n<p class=\"MsoNormal\"><b>Step 4 \u2013 Measure Event Marketing ROI<\/b><\/p>\n<p class=\"MsoNormal\">With your objectives, metrics and data in place, you can now to approach the main aspect of calculating event marketing ROI. Here are some options:<\/p>\n<p class=\"MsoNormal\"><a href=\"https:\/\/www.lakeb2b.com\/blog\/wp-content\/uploads\/2015\/07\/Event-Marketing-Measurement-Tools1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-638 size-medium\" title=\"Event Marketing Measurement Tools\" src=\"https:\/\/www.lakeb2b.com\/blog\/wp-content\/uploads\/2015\/07\/Event-Marketing-Measurement-Tools1-580x462.png\" alt=\"Event Marketing Measurement Tools\" width=\"580\" height=\"462\" \/><\/a><\/p>\n<p class=\"MsoListParagraph\" style=\"text-indent: -.25in; margin: 0in 0in .0001pt .25in;\"><!-- [if !supportLists]--><span style=\"font-family: Symbol;\">\u00b7<span style=\"font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><!--[endif]--><b>Formula 1 (Expressed as a percentage)<\/b><\/p>\n<p class=\"MsoNormal\" style=\"margin-bottom: .0001pt; text-align: center;\" align=\"center\"><em>Event Marketing ROI = Gross Margin \u2013 Event Expense \/ Event Expense<\/em><\/p>\n<p class=\"MsoNormal\">To identify gross margin, you need to subtract variable costs incurred and direct sales costs from the event revenue. This formula is considered to be a more as it takes into consideration the total lifetime value of customers acquired at the event, instead of taking only the revenue generated immediately.<\/p>\n<p class=\"MsoListParagraph\" style=\"text-indent: -.25in; margin: 0in 0in .0001pt .25in;\"><!-- [if !supportLists]--><span style=\"font-family: Symbol;\">\u00b7<span style=\"font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><!--[endif]--><b>Formula 2 (Expressed as a percentage)<\/b><\/p>\n<p class=\"MsoNormal\" style=\"text-align: center;\" align=\"center\"><em>Event Marketing ROI = Event Revenue \u2013 Event Expense \/ Event Expense<\/em><\/p>\n<p class=\"MsoNormal\">In cases where it is difficult to identify variable and direct sales costs, event revenue can be used to calculate ROI.<\/p>\n<p class=\"MsoNormal\">In both formulas, the ROI is indicated as a percentage. Wherein, zero represents break-even, negative percentage represents loss and positive percentage represents profitable ROI.<\/p>\n<p><em><strong>Additional Read:\u00a0<a href=\"https:\/\/www.lakeb2b.com\/blog\/why-integration-of-erp-and-crm-systems-into-sales-and-marketing-is-important\/\">Why Integration of ERP and CRM Systems into Sales and Marketing is Important?<\/a><\/strong><\/em><\/p>\n<p class=\"MsoListParagraph\" style=\"text-indent: -.25in; margin: 0in 0in .0001pt .25in;\"><!-- [if !supportLists]--><span style=\"font-family: Symbol;\">\u00b7<span style=\"font-size: 7pt; line-height: normal; font-family: 'Times New Roman';\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/span><!--[endif]--><b>Formula 3 (Expressed in dollars)<\/b><\/p>\n<p class=\"MsoNormal\" style=\"text-align: center;\" align=\"center\"><em>Event Marketing ROI = Sales Revenue \/ Total Event Expense<\/em><\/p>\n<p class=\"MsoNormal\">This formula is useful when you need to assess the number of dollars returned for every dollar spent. For instance, if you need to generate 15 dollars for every dollar spent, this formula will help you understand if you have achieved that objective. However, the result through this formula fails to address the profitability and overstates revenue values.<\/p>\n<p class=\"MsoNormal\">To improve your event marketing ROI, you need to adopt an organized approach through planning, capturing, collecting, measuring, analyzing and streamlining your event marketing process.<\/p>\n<div class=\"rounded\" style=\"padding: 11px; line-height: 0.15; text-align: center; background-color: #0377b0;\">\n<p align=\"center\"><span style=\"color: #ffffff;\"><span style=\"color: #ffffff;\"><b>Here are Hard Stats for Hard Facts to Validate Event Marketing ROI<\/b><\/span><\/span><\/p>\n<p align=\"center\"><span style=\"color: #00ccff;\"><span style=\"color: #00ccff;\"><strong><span style=\"color: #ffffff;\"><i><span style=\"line-height: 0.25;\">C<\/span>heck out this Infographic on\u00a0<\/i><\/span><\/strong><\/span><\/span><\/p>\n<p align=\"center\"><span style=\"color: #ffffff;\"><span style=\"color: #ffffff;\"><span style=\"line-height: 0.25px;\"><b><i><a title=\"The Current Landscape of B2B Event Marketing\" href=\"https:\/\/www.lakeb2b.com\/pdf\/The-current-landscape-of-b2b-event-marketing.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #ffffff;\">THE CURRENT LANDSCAPE OF B2B EVENT MARKETING<\/span><\/a><\/i><\/b><\/span><\/span><\/span><span style=\"line-height: 0.5em; background-color: #ffffff;\"><br \/>\n<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In your overall marketing plan, you finally decide that it\u2019s time to utilize event marketing. Whether your event is to generate leads, increase brand awareness or launch a product or service, there are important questions you need answers for before moving on&#8230; What are your primary and secondary event objectives? What are the metrics for [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[51,52,204,205,206],"class_list":["post-615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","tag-b2b-event-marketing","tag-event-marketing","tag-event-marketing-metrics","tag-event-marketing-roi","tag-event-roi"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Quantify to Justify - 4 Steps to Measure Event Marketing ROI<\/title>\n<meta name=\"description\" content=\"Adopt an organized approach to measure event marketing ROI, through planning, capturing, measuring, analyzing and streamlining your event marketing process.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lakeb2b.com\/blog\/quantify-justify-4-steps-measure-event-marketing-roi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Quantify to Justify - 4 Steps to Measure Event Marketing ROI\" \/>\n<meta property=\"og:description\" content=\"Adopt an organized approach to measure event marketing ROI, through planning, capturing, measuring, analyzing and streamlining your event marketing process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lakeb2b.com\/blog\/quantify-justify-4-steps-measure-event-marketing-roi\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-27T10:30:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lakeb2b.com\/blog\/wp-content\/uploads\/2015\/07\/Measure-Event-Marketing-ROI.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"588\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bryan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bryan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.lakeb2b.com\/blog\/quantify-justify-4-steps-measure-event-marketing-roi\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.lakeb2b.com\/blog\/quantify-justify-4-steps-measure-event-marketing-roi\/\"},\"author\":{\"name\":\"Bryan\",\"@id\":\"https:\/\/www.lakeb2b.com\/blog\/#\/schema\/person\/4f4c032cc1febe4a1f91de11aa4541a0\"},\"headline\":\"Quantify to Justify &#8211; 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