Easy Ways to Measure Your Return on Investment (ROI)
When it comes to marketing and advertising campaigns, there are several important aspects that you should accurately track and one of the most important is your return on investment, or ROI. Regardless of the activity you are involved in, making sure that you properly evaluate your ROI is crucial. As with any marketing tool, you need to know how much money you are making from the money that you are spending. Even with tools such as exhibits and trade shows, you have to know the investment return so you can better plan which tools you are going to keep and which ones to eliminate; fortunately this assessment is easy to do if you follow a few basic rules.
Tips to Remember
There are numerous ways to determine your ROI on trade shows and other events and these include the following:
- Using social media: Keep track of what others are saying before, during, and after the event so you can determine which areas you might need to improve.
- Offering a survey while the event is going on: Sending out a survey during or the night of the event is a good idea and can provide valuable insights into your event. Don’t forget to also measure bounce rate, time on page, and other aspects of the survey to make it more useful.
- Using targeted messaging techniques: During the event, use texts to remind customers of the next session or use your app to announce upcoming speakers or events.
- Using games to keep attendees interested: Networking challenges and scavenger hunts are just a few examples but it is simple to find others.
- Utilising the best aspects of your mobile app: This can tell you how many people downloaded your app, who used the messaging function, and much more.
The main point of all of these is to measure the event attendee insights so that you can determine how successful the event was. With trade shows and other events, measuring your ROI isn’t always related to how much money you made but rather how engaged and interested your attendees were.
A Few Final Thoughts
Deciding what your major goals are whenever you have an event scheduled is important because once those are determined, it will be easier to measure the results. If you’re measuring basic awareness, for example, you can find out the number of times that you were mentioned in the press and the total number of attendees. Whatever your goal is, start measuring your event ROI even before the event begins because with trade shows and exhibits, you don’t have to wait months to determine if they were successful. You can gauge your goal of entering new markets by measuring the requests for RFPs and the goal of getting new prospects by measuring the number of new accounts added to your database. These and many other techniques are great for measuring event ROI, which in turn can make future events much more profitable. Everyone wants to be successful and once you learn how to measure your success, the task can be much easier.
