How do you measure the ROI of your B2B event?

The success of many business events is still measured by the number of attendees. However, there are better ways to measure the Return on Investment (ROI) of your B2B event.

If you want to know specifically how an event went, it is first and foremost necessary to have a clear understanding of the specific goals you want to achieve with the event. By clearly defining what success means to you and your organization from the start, it is easier to determine, implement, and afterwards evaluate an ROI strategy.

Possible objectives for a business event can be:

• Knowledge transfer 

• Brand awareness and image reinforcement 

• Introduction of a new product 

• Strengthening relationships and maintaining contact

In most cases, an objective should eventually lead to more revenue and more sales.

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Assessment criteria

It is of great importance to ensure during the organization of your event that everything is in line with your ROI goals. This way you know whether the type of event and its implementation contribute to achieving the set goals, but also whether you are approaching the right target audience to attend your event. This prevents you from spending money on things that do not contribute to the final profit the event should generate.

Determine your measurement moment(s)

It is possible to measure from before the event until months after the event, and even during the event. The right measurement moment depends entirely on the information you want to collect. However, always ensure a baseline measurement or prospect, possibly an intermediate measurement, and a final measurement moment, so you can compare data and assess the value of the collected data.

Event technology

Of course, the way you collect information is of great importance, as collecting feedback and data can also be done in a fun way. For instance, visitors will be more inclined to participate in a 'smiley survey' at the exit of the event than to answer an extensive questionnaire by email weeks after the event has ended. Furthermore, with the latest event technologies, there are increasingly more opportunities to collect data unobtrusively and effectively. For example, you can track the exact movements of your visitors using 'smart floors'. With Beacons, you can offer visitors of the event personalized actions or services. Active use of your event app is also a smart way to collect useful data.

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ROI formula

To ultimately determine whether an event was successful and whether it was worth the investment, there is a formula. In this formula, the costs and the revenues of the event are weighed against each other. ROI = (revenues – costs) / costs x 100%. With this figure, you know what the added value of your event has been and you can compare events with each other.

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