Most companies look at events as a sunk cost.
And I personally hate it.
Why do I hate it? I don't want to waste marketing budget on things that don't generate concrete value.
I list out two example of how you can attack an events initiative.
One is about speeding up the project win. The other is about gathering intelligence. And both are measurable.
You can set clear expectations and goals for your colleagues attending an event with a built-in feedback loop.
I think there's two key areas to look at the event ROI. If you as a marketing professional, are going to send one of your colleagues to an industry event, you want be able to track how is that event going to help the business. Especially from a revenue perspective.
There's two things I want you to consider.
The relationship acceleration ROI. If you are sending a colleague to specifically talk to a couple of prospects. Let's say that you know that six of them are gonna be attending an industry conference. The directive to that colleague is they are going to spend time, they're gonna set up meetings with those prospects to hopefully close a deal faster than if they were just trying to pick up the phone or email them or try to schedule a coffee outside of office hours.
Sending them to that conference to accelerate a project close is ideal.
The second thing is competitive intelligence premium. So if you were sending a colleague, and let's say that their directive is, they're gonna go and capture as much industry and market in, um, information that they can get from this conference. So there's four things that they can be looking out for.
- Which competitors are winning and why?
- What new services are clients demanding?
- Which markets are actually heating up or cooling down?
- What pricing strategies are working?
Those are two areas whenever you're thinking about sending someone to an event, what can they get out of it? And then also clear directives to those colleagues that are going of what you're expecting them to bring back.
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