Welcome to part two of Effective Event Evaluation: this time we talk about how to measure pipeline impact. If you’re reading Part 1: A Step-by-Step Approach to Evaluating Event Success: Introducing the Event Evaluation Sheetthen you know how important it is to have a flexible reporting system for your events to better understand what is working and what is not.
The event scorecard is a tool to tell the story of the event, providing an analysis of the most important aspects that should happen and holding people accountable for completing it. By analyzing the data collected through the event scorecard, you can provide valuable recommendations to improve future events and maximize their impact.
However, to effectively evaluate events, it is essential to use event dashboards. AND measure the impact of the pipeline.
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Today, most people identify “impact” as return on investment, and even if your pipeline do long-term ROI impact, it can be better adjusted if you focus directly on the pipeline impact. To measure the true effectiveness of an event, it is important to evaluate its impact on sales pipelineThis can be achieved by analyzing various factors.
Factors for assessing the impact of pipelines
1. Direct lead generation
One of the key metrics to consider is the number of leads generated directly as a result of the event. To track this number, you can monitor website conversions during and around the event period, with a focus on the event itself and the 1-2 days following the event. By analyzing this data, you can identify notable spikes in lead generation, which could indicate a potential pattern or trend. This information will allow you to make informed decisions and optimize your lead generation strategies for future events.
2. Transaction Step Conversion
This involves looking at the progress of active or pending deals in your CRM system. By carefully assessing whether these deals accelerate faster than normal during or after a trade show, you can gain valuable insights. For example, if out of 15 prospects engaged at the event, a significant number progress further in the sales process, this demonstrates a positive correlation between the event and deal progression. This data-driven approach allows you to make informed decisions and optimize your strategies for future events.
3. Increase checking accounts and sales
As you work to grow your existing accounts and increase sales, you can assess the impact that trade shows have on your existing customers and accounts. One effective way to measure this impact is to assess the order volume and subsequent sales that resulted from engaging with these customers during the trade show period. By comparing sales figures before and after their trade show attendance, you can determine if there is a noticeable increase in sales from these accounts. If you see a significant increase in sales after their trade show attendance, this is a clear indication that trade shows are directly impacting sales growth. These data-driven insights help you identify the effectiveness of trade shows in nurturing existing customer relationships and maximizing revenue opportunities.
4. Direct/New Sales
By following a systematic approach, we can identify leads who were already in the prospecting phase but became viable opportunities as a result of attending a specific trade show. These individuals, while initially in the early stages of the sales process, may not have converted at the same rate or even converted at all without the invaluable exposure and engagement they experienced during the event.
By attending the trade show, these prospects were immersed in an environment that allowed them to gain unique insights, make meaningful connections, and interact directly with your brand. This exposure played a critical role in creating a sense of trust and familiarity, which accelerated their decision-making process and transformed them from leads to valuable sales opportunities. Without their trade show attendance, these prospects may have taken much longer to convert, or worse, may never have converted at all. Understanding the impact trade shows have on converting leads into real sales opportunities allows you to strategically leverage these events to drive direct sales growth.
Why it is important to evaluate your impact
By incorporating these elements into your event evaluation process, you can gain a holistic understanding of the event’s success and its impact on the sales pipeline. This data-driven approach provides valuable insights for future event planning and optimizing ROI. Remember, the story of an event goes beyond the numbers; it lies in the subjective and objective aspects assessment of its impact.