Are conferences really worth it and how to measure their ROI
With conference season in full-swing, we’re sure you’ve asked yourselves more than once “are conferences really worth it?”. We’ve been to amazing conferences where we’ve come away with clients before we even left. But like you, we’ve also been to ones where we’ve come away feeling completely deflated wondering what was the point in going?
So, what do conferences and digital marketing have in common? The fact they can both be measured, of course! ROI can come in many shapes and forms, so we thought we’d share the ways we measure conferences, before deciding if they were a success or not.
We bet money is your number one decider too. Conferences aren’t cheap. You have to pay entrance fees, travel, accommodation, plus budget for things like those long evenings spent networking at the local pub.
Has more business come in than you spent? Using one of our conferences as an example, by winning a six-month contact we paid off the conference with the first month’s money, turning the other 5 months into a positive ROI. However, we have to admit that it’s a difficult one to judge, as people normally take months to order after events.
Have people noticed you (for all the right reasons)? Did you do something different that got people talking about you (like making a giant human snail and dragging him around the conference)? If so, then you can tick this box. Even if you don’t get orders straight away, people will remember you and come back to you when they need you. You’ll also be the first name on their lips when they get talking about a service you provide.
Did you meet enough people to make your sales team dread you coming back from events? With a bit of TLC, good leads will turn into good sales and good business relationships.
Meeting your current clients
It’s always nice to put a face to the name on the end of the email. And this is especially so when it comes to clients. Meeting in person always helps business relationships prosper. You might find new ways to help your existing clients, or should the worst happen – knowing each other personally can help ease conflicts should they arise.
Did you take something away from the conference that will benefit you both professionally and personally? If you’ve learnt new skills that you can use outside of the conference, then this is definitely a positive ROI. Conferences are there to motivate you and help your business reach new heights. So apart from money, this is something to measure too.
Running a business isn’t easy. And traveling constantly is even worse. If you didn’t have a chance to blow off some steam and catch up with old and new friends, what’s the point?!
We hope you have a successful conference season. And if you’d like to learn more about how you can measure your marketing ROI’s get in touch!