Challenge 1: Measuring and Reporting ROI

Executive Summary

One of the primary challenges faced by event creators is accurately measuring and reporting the Return on Investment (ROI). Events often deliver intangible benefits that are hard to quantify, such as engagement levels and experiential gains. This white paper discusses strategies for internal justification, changing the narrative around ROI, and understanding both the audience and stakeholders’ expectations. Additionally, we incorporate insights from the ICE Annual Benchmarking Research, highlighting key metrics that are being used across the event industry to measure success.

Introduction

Events have become a staple of corporate marketing and engagement strategies, yet justifying their cost and reporting their success remains challenging. Traditional methods of measuring ROI often fail to capture the full scope of event outcomes, particularly the intangible, "warm and fuzzy" feelings that build brand loyalty and recognition.

This white paper explores key challenges in measuring and reporting ROI for events, offering solutions that shift the focus from mere numbers to deeper behavioral changes in attendees. Using a combination of common industry metrics, as well as insights from the ICE Annual Benchmarking Research, event creators can showcase both the financial and experiential value of their events.

Key Challenges and Issues

Traditional ROI models struggle to capture engagement beyond superficial metrics like attendance. It's important to understand not just how many people attended but how deeply they engaged with the content and each other.

According to the ICE Benchmarking Research supported by Cvent, attendee satisfaction is a leading metric, used by 93.5% of respondents, highlighting the importance of measuring both attendance and engagement quality.

Many events are designed to evoke emotional reactions, which can create lasting loyalty. However, these feelings are difficult to quantify when justifying budget allocations. Utilising post event surveys, a method employed by 76.1% of respondents in the ICE research, can help capture qualitative feedback and measure emotional connections.

ROI remains crucial, but a successful event should also seek to change attendee behaviors. Events designed purely to measure financial outcomes may fail to fully engage attendees and achieve broader objectives. Metrics like lead generation, used by 58.7% of respondents, can provide a fuller picture of the event's impact.

The success of an event is often measured by whether it meets the expectations of both the audience and the stakeholders. To achieve this, organisers need to understand what each group wants to get out of the event and design the experience accordingly. High attendee satisfaction, as indicated by the 93.5% in the ICE Benchmarking data, signals alignment with audience expectations.

While some elements of an event must remain consistent, each iteration must offer something new to create excitement. The "wow factor" should be present every time, though the core objectives may remain the same.

Events are often judged by the number of attendees, but a better measure might be the quality of the attendees and their level of participation. The ICE research shows that 71.7% of event creators still measure attendance numbers, but there is a shift toward tracking deeper engagement metrics like lead generation and content performance (52.2%).

Proposed Solutions

Traditional ROI models focus too heavily on numbers. Instead, the focus should be on the "Return on Experience" (ROE). Experiences that create lasting impressions lead to stronger brand loyalty and long term business relationships.  Post event surveys, used by 76.1% of respondents in the ICE Benchmarking Research, are a valuable tool for capturing attendees' experiential feedback.

Successful events go beyond just providing information. They are designed to inspire action and change the behaviours of attendees. Defining and measuring the desired behavioural outcomes can give stakeholders a more accurate view of the event's value. Lead generation (58.7%) and net promoter scores (39.1%) can offer insights into how effectively an event drives future business opportunities.

Each event should offer something new to avoid stagnation. Event creators should always strive to surprise and delight attendees, even if the core components of the event remain the same. Metrics like social media engagement, which is tracked by 37% of respondents, can help gauge excitement and interest around the event.

Instead of focusing solely on attendance numbers, consider the quality of the participants. High Level decision makers attending your event may have a far greater impact than a large crowd of less influential individuals. Content performance, a metric used by 52.2% of respondents, can help assess the depth of engagement from key attendees.

Events shouldn’t be seen as one time occurrences. By extending the experience through pre and post event engagement, the ROI can be stretched beyond the event's actual date. This can include digital marketing efforts, content sharing, and follow-up communications. User activity within event apps (17.4%) provides valuable insights into ongoing engagement and interaction post event.

Additional Considerations

Event creators should think creatively and focus on differentiation. This can involve unique formats, innovative content delivery, and new ways of engaging participants. Differentiate the event while ensuring it aligns with audience expectations.

Clearly define the behavioural changes or shifts that the event is designed to create. Then, work backward to design an event experience that fosters these changes.

Choosing a venue that supports your goals can enhance the overall experience. A unique or flexible venue can reinforce the differentiation and impact of the event.

While revenue is a key metric, events should also aim to build reputation and recognition within the industry. These intangible benefits are often what stakeholders care about most but are hardest to measure.

Conclusion and Next Steps

By incorporating both qualitative and quantitative metrics into ROI reporting, event creators can provide a clearer, more comprehensive view of their event’s success. Metrics such as attendee satisfaction, postevent surveys, and social media engagement from the ICE Benchmarking Research illustrate the growing importance of capturing both the tangible and intangible benefits of events.

By expanding the definition of ROI to include experiential and behavioural outcomes, events can be positioned as essential components of a company’s marketing and business development strategy, ensuring long-term value for stakeholders.

The ICEXPO has opened the door to new ways of engaging with delegates, exhibitors, and stakeholders. The question now is how we turn these insights into actionable change. By implementing the proposed solutions, event creators can elevate the role of events within the broader marketing strategy, ensuring that they are seen as essential components rather than optional add-ons.

Register to join an ICECHAT session here to continue this conversation and contribute to the development of a “good-better-best” strategy that will shape the future of event marketing.