HOW TO: Measure ROI for Live Events

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With the increasing availability of data, measurement reports often become an overwhelming sea of numbers. In this presentation, you will learn how to break down and view data in ways that help measure, report and determine the return on investment (ROI) of your live events. Topics include measurement methodology, optimization opportunities and benchmarking.
• An understanding of the value of data-based decision making
• The ability to decipher various types of metrics and assess their value
• A collection of measurement methodologies that help demonstrate ROI
• A framework for creating valuable reports for your organization

Published in: Business, Technology

HOW TO: Measure ROI for Live Events

  1. Mastering measurement, reporting and ROI
 – For event marketers #liveROI
  2. SVP, Group Strategy Director
 Jack Morton Worldwide e: ben_grossman@jackmorton.com
 m: + 1.617.752.1171
 t: @BenGrossman
 w: www.ben-grossman.com
 – Read our blog: blog.jackmorton.com
 Follow us on twitter: @JackMorton
 Visit us online: www.jackmorton.com For today’s presentation visit:
 http://bit.ly/JackROI Ben Grossman –
  3. Measurement agenda The landscape 3 types that matter Developing plans Trends
  4. Measurement agenda The landscape 3 types that matter Developing plans Trends
  5. Only CEB, 2012 Of marketers’ decisions are made based on data 11% The sad truth
  6. CEB, 2012 The sad truth Influences on marketers’ decisions 2 3 4 5 1 Colleague recommendation Conversations with experts One-off customer Data Past experience & intuition CEB, 2012
  7. CEB, 2012 A little secret CEB, 2012 When marketers’ statistical aptitude was tested with 5 questions, almost half (44%) got 4+ questions wrong. 6% A mere got all five right.
  8. 15-20% increase in ROI for companies that put data at the center of their marketing and sales decisions What’s at stake McKinsey, 2013
  9. What’s at stake 15-20% $150 – $200 billion of additional value based on global marketing of $1 trillion/year increase in ROI for companies that put data at the center of their marketing and sales decisions McKinsey, 2013
  10. What’s your relationship with measurement today? What do you want it to be tomorrow?
  11. Measurement agenda The landscape 3 types that matter Developing plans Trends
  12. 3 ways measurement matters 1 Measuring success and returns. ROI Optimization engine. KPI Context for planning. Insight 2 3
  13. 3 ways measurement matters 1 Measuring success and returns. ROI Optimization engine. KPI Context for planning. Insight 2 3
  14. Return on investment: a simple equation. – For most marketers, the challenge in calculating ROI is not determining the investment (cost) of the experience, but rather determining what business value is delivered. ROI = Business Value - Investment Investment
  15. Measurement shouldn’t be an intellectually bankrupt exercise. It can't cost more than the value you get out of it. – @BenGrossman Tweetable tip –
  16. Return on investment: Defining business value. – Customer Lifetime Value (CLTV) -- not immediate sales -- sets the standard for determining value (and thus, lift in value). Harvard Business School offers a useful tool to help organizations calculate CLTV: http://bit.ly/HBSCLTV.
  17. The best way to determine business value of a specific live event is two-fold: 1. Use cohort analysis of attendees’ pre/ post behavior to determine a lift in value. This is easiest if you can track a new sale or a lift in spending behavior. 2. Compare attendee value to a control group of consumers to make sure that the value you’re identifying is unique to those who came to your event. Customer Lifetime Value (CLTV) -- not immediate sales -- sets the standard for determining value (and thus, lift in value). Harvard Business School offers a useful tool to help organizations calculate CLTV: http://bit.ly/CLTVtool. Return on investment: Defining business value. –
  18. What if your value doesn’t come through in new sales or sales lift? That’s okay — but you have to find a way to quantify other metrics: 1. Retention 2. Cost Avoidance 3. Advocacy 4. Preference 5. Awareness 6. Familiarity 7. Many more! Customer Lifetime Value (CLTV) -- not immediate sales -- sets the standard for determining value (and thus, lift in value). Harvard Business School offers a useful tool to help organizations calculate CLTV: http://bit.ly/CLTVtool. Return on investment: Defining business value. –
  19. What if I can’t use my audience’s actual behavior as a way to derive value? Our sales and marketing systems are integrated. My sales people don’t share data. Always see if you can fix that first, so you use a marketing automation or customer relationship management platform to determine true value. It’s worth it! Otherwise, using a self-reported survey can be a relatively accurate substitute. Asking questions about purchase intention, retention intention or likelihood to recommend (Net Promoter Score) can help. Customer Lifetime Value (CLTV) -- not immediate sales -- sets the standard for determining value (and thus, lift in value). Harvard Business School offers a useful tool to help organizations calculate CLTV: http://bit.ly/CLTVtool. Return on investment: Defining business value. –
  20. 3 ways measurement matters 1 Measuring success and returns. ROI Optimization engine. KPI Context for planning. Insight 2 3
  21. Experiences must be agile. If you’re not changing something, you’re not listening closely enough. – @BenGrossman Tweetable tip –
  22. Key performance indicators: an optimization engine. – Key performance indicators (KPIs) are a set of initiative- specific metrics that are the key drivers of ultimate success and returns.
  23. Key performance indicators: an optimization engine. – Optimizing against KPIs on an iterative and ongoing basis allows marketers to maximize returns. Common live experience KPIs include: Key performance indicators (KPIs) are a set of initiative- specific metrics that are the key drivers of ultimate success and returns. ▪ # of Attendees ▪ Net Promoter Score ▪ Avg. Time Spent ▪ Engagement Rates ▪ Conversion Rates ▪ Satisfaction ▪ Attendee Quality ▪ Social Media Sentiment ▪ Attendance Rate ▪ Event Loyalty Rate ▪ Digital Channel Metrics ▪ Digital Installation Interaction Metrics ▪ Social Media Engagement Rates ▪ # of Impressions
  24. Key performance indicators: an optimization engine. – Note: These numbers are typically not in dollars and cents. Key performance indicators (KPIs) are a set of initiative- specific metrics that are the key drivers of ultimate success and returns. ▪ # of Attendees ▪ Net Promoter Score ▪ Avg. Time Spent ▪ Engagement Rates ▪ Conversion Rates ▪ Satisfaction ▪ Attendee Quality ▪ Social Media Sentiment ▪ Attendance Rate ▪ Event Loyalty Rate ▪ Digital Channel Metrics ▪ Digital Installation Interaction Metrics ▪ Social Media Engagement Rates ▪ # of Impressions
  25. 3 ways measurement matters 1 Measuring success and returns. ROI Optimization engine. KPI Context for planning. Insight 2 3
  26. Your brand experiences should get smarter every time they happen. – @BenGrossman #LiveROI Tweetable tip –
  27. Measuring for insight: providing context for planning. – Often times, marketers get bogged down reporting metrics that don’t matter to senior level audiences. But certain, insight-driving information should be preserved.
  28. Measuring for insight: providing context for planning. – Complementary data that doesn’t speak directly to success can provide context (the “why”) behind certain results. These should be reported sparingly, but analyzed carefully. Examples include: Often times, marketers get bogged down reporting metrics that don’t matter to senior level audiences. But certain, insight-driving information should be preserved. ▪ Gender of Attendees ▪ Attendee Ages ▪ Geography ▪ Ethnicity of Attendees ▪ Weather ▪ Food Consumption ▪ # of Brand Ambassadors ▪ # of Complaints ▪ Quality of Staff ▪ Time of Year ▪ Time of Day ▪ Confounding World/ Local Events ▪ Competitive Landscape ▪ Creative Considerations
  29. 3 ways measurement matters 1 Measuring success and returns. ROI Optimization engine. KPI Context for planning. Insight 2 3
  30. 3 ways measurement matters 1 Measuring success and returns. ROI Optimization engine. KPI Context for planning. Insight 2 3 Measure and report based on your audience.
  31. 3 ways measurement matters 1 C-Suite ROI Marketing Team KPI Day-to-Day Event Team Insight 2 3 Measure and report based on your audience.
  32. Measurement agenda The landscape 3 types that matter Developing plans Trends
  33. Measurement simplicity is key. And simplicity doesn’t happen without some complex planning. – @BenGrossman #LiveROI Tweetable tip –
  34. Define Plan Report & Optimize Recommend Repeat Developing a measurement plan
  35. Developing a measurement plan Define Plan Report & Optimize Recommend Define the measurable measure of success for your live experience. Establish what data outputs you will need to conduct your analysis. Create report templates for the analyses you will want to generate.
  36. Developing a measurement plan Define Plan Report & Optimize Recommend Plan how you will collect data to create the inputs for your models and reports. Institute dashboards, surveys, and database integrations that enable you to operationalize your Measurement Plan. Establish team roles and responsibilities. Identify optimization opportunities.
  37. Developing a measurement plan Define Plan Report & Optimize Recommend Reporting should be a mix of instant indicators and thorough post-analysis. An optimization plan should enable real-time shifts that are feasible and actionable.
  38. Developing a measurement plan Define Plan Report & Optimize Recommend Final results should be reported to relevant stakeholders (sometimes requires multiple reports) in an insights and implications format.
  39. Define Plan Report & Optimize Recommend Developing a measurement plan Repeat
  40. Measurement agenda The landscape 3 types that matter Developing plans Trends
  41. When social media-empowered attendees called for it, HubSpot opened up more space in real time at its Inbound 2013 conference. It also tracked which sessions filled up and used the data to invite speakers to host encore presentations before the conference was over. Just in time optimization. – HubSpot opened up more space in real time at its Inbound 2013 conference and used social media to determine which speakers should host encore presentations.
  42. Fab.com is using DelightedApp to survey its customers with a one-question Net Promoter Score survey that lives within the email. Response rates are through the roof. Simplicity rules. – In a world where data is growing at a rate of 40% per year, there are two types of people: complicators and simplifiers. You want simplifiers doing your measurement.
  43. Webtrends appended its customer profiles with B2B data sources and cut its profiling process from 21 days to 24 hours. Making big 
 data small. – Big Data is only as good as how you use it. Consider small ways for data to enhance your understanding of event attendees and customers.
  44. Measurement agenda The landscape 3 types that matter Developing plans Trends
  45. SVP, Group Strategy Director
 Jack Morton Worldwide e: ben_grossman@jackmorton.com
 m: + 1.617.752.1171
 t: @BenGrossman
 w: www.ben-grossman.com
 – Read our blog: blog.jackmorton.com
 Follow us on twitter: @JackMorton
 Visit us online: www.jackmorton.com For today’s presentation visit:
 http://bit.ly/JackROI Ben Grossman – How did we measure up? Continue the conversation!
  46. Mastering measurement, reporting and ROI
 – For event marketers #liveROI

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