“You can’t manage what you can’t measure.”
The famous quote that never was (Deming never actually said it) has made its way into hearts and minds of business. Perhaps it is because seemingly everything can be measured these days that there is little patience for any activity that cannot be measured. But regardless of the reason, if you’re in marketing you know measuring ROI is king.
And you’re feeling the pressure.
Marketers are under pressure to measure the revenue impact of every activity.
It’s no longer enough to feed leads into the funnel and walk away feeling proud. The feed-and-flee approach has given way to one which holds marketers accountable for closing the revenue loop. And marketing budgets are justified only with clear evidence of the revenue impact of each and every activity.
How should marketers respond to this pressure when it comes to B2B events? Let’s face it: Events have traditionally been difficult to measure, expensive, and therefore fairly high risk. Yet the role of these activities has never been more important as CEOs express the need for their businesses to get closer to customers.
Representing nearly one-third of a typical marketing budget, events demand the attention of marketers. It’s time to prove-it or lose-it.
Marketers have the opportunity to bring events directly into the revenue cycle where they can both bring a business closer to its customers and have a clear and measurable impact on revenue.
Events can directly impact the revenue cycle.
Here are 5 ways events can drive revenue:
- Filling the Top of the Funnel:
People who make the effort to register, pay for, and attend events are unlike other customers. They’re clearly engaged with the subject matter. As a marketer, then, events are an opportunity to fill the top of the sales funnel with qualified prospects and leads.
- Enriching Customer Profiles:
Starting with event registration and extending throughout the event lifecycle, attendee preferences and behaviors allow marketers to enrich prospect and customer profiles and map them to the revenue cycle. This intelligence can tie directly in to marketing automation and CRM systems to strengthen lead nurturing and inform sales activities.
- Facilitating the Buying Process:
Today’s buyers are taking matters into their own hands and waiting until the last steps to contact a company’s sales rep. Digital content marketing is on the scene to facilitate this trend by giving buyers access to the content they need to search, review, and compare products and services. But you will be hard-pressed to find a better content delivery mechanism than events. Content delivered by subject matter experts, speaking directly to a willing audience, demonstrations and product trials conducted in a face-to-face environment, 1:1 meetings between prospects and solution providers… events offer a direct line to the revenue cycle.
- Fostering Meaningful Connections:
According to research, 40% of prospects are converted to new customers through face-to-face meetings and 28% of current business would be lost without those meetings. Connections between event participants, made possible via self-directed or automated appointment matching, facilitate connections and allow even participants to “get down to business” as they take their next steps in the buying process. These connections play straight into the revenue cycle.
- Building a Community:
Gaining commitment and buy-in along the revenue cycle is vital to long-term success. Marketing consultant, speaker and best-selling author, John Jantsch believes “the future of business and commitment building resides in the idea of viewing your business as a platform for your community.” In this context, Jantsch refers to a platform as a system that helps people create products, services, profits, businesses, communities, and networks of their own. Events are perfectly suited to act as a platform in this way. Events are all about learning, making connections, bringing people and ideas together, and facilitating attendees’ goals.
As you strive to prove and improve the value of events by delivering a better event experience and measurable business results, event management technology can help. With technology, you can simplify and automate processes around event registration, marketing, reporting, and more. And today’s leading edge solutions integrate with major marketing automation and CRM platforms to amplify your efforts.
We invite you to learn more about Certain’s enterprise event management platform and its power to accelerate business.