Protecting events as part of an overall marketing budget

EMMC members often sling stories around about cancellations or budgets severely cut by stakeholders, who just aren’t seeing the value for what they perceive (accurately) as a high-ticket item: events. Yes, events have the potential to be expensive. Yes, they often don’t reach the scale of traditional advertising. However, the value of events - tangible and intangible - goes well beyond scale and reach, and well beyond the significant value that comes from getting people together.

So, how do we change hearts-and-minds when it comes to understanding the value of events? How do we prove that events are worth the investment?  

DATA! And of course from data…comes insight.

We’re all aware of anecdotal information that supports the hypothesis that events drive business impact and revenue. But truly transformational insight can’t be anecdotal. It has to be gathered through effective measurement methodologies AND it has to be tied to business results that matter. If we’re able to demonstrate how an event changes minds and behaviors, through credible data, we can protect and increase events as part of an overall marketing budget.

Let’s take a deeper look.

Metrics that matter

We first ask how an event connects to business goals. For example, how does an event drive new, qualified customers to the business? How is the event strengthening loyalty with existing customers? How is the event impacting brand perception?

And further: how is the event delivering value to participants?

Changing Minds. Changing Behaviors

Events are deeply emotive and resonant with participants. The result should be: “I feel differently about the brand than I did before the event.” We need to evaluate this: how is the event driving positive changes in perception of the brand?

Events should also shift how people act as a result of the change in perception. Planners should define a set of targeted behavioral changes and measure whether people plan to exhibit those new behaviors. It may be as simple as, “I plan to buy a product sooner than I would have as a result of attending this event.”

Delivering value

Events that deliver value to participants tend to be the most successful from a business-results standpoint. If we wanted to know one thing from attendees, it would be: “was the event a good use of your time?” No one wants to waste their time at a bad event!

Credible data

There’s plenty of data flying around the event world these days, especially with the rise of virtual events. It’s of critical importance that the data be credible. If it isn’t, it will be clear to stakeholders and confidence will be eroded. Ensure that measurement best practices are followed. For example, craft surveys that are objective and well wirtten. And, the data needs to represent enough of the audience to minimize the margin of error. We suggest targeting 30% and above of the audience to get to a credible total.

If the industry makes these small steps to do more - and better - measurement of events, we’ll all be able to defend our programs when those tough questions are inevitably asked!