When stakeholders invest the time and budget to bring people together face-to-face, they want to know they achieved their goals. It's not enough simply to host an event; organizations need to be able to measure its impact. But measuring the impact of a networking event takes some extra effort.
On a recent MeetingsNet webinar that examined the why and how of networking events, Cvent’s Carisa Bartelt, manager, industry marketing, spent some time discussing this crucial measurement question.
“Whether it's driving leads, accelerating deals, or supporting customer retention, when it comes to networking events, measuring success means that you must look at both the immediate business outcomes and the long-term impact of relationships that you've built,” Bartelt said. The former is your return on investment, or ROI, while the latter is return on emotion, or ROE.
ROI is the traditional way to measure event success. “It's about tracking direct business outcomes: How many leads were generated? How many new partnerships were formed? Did any deals close because of the event? For example, if your networking event brought together key prospects, ROI would measure how many of those connections turned into actionable business opportunities within the next 30, 60, or 90 days,” Bartelt said. “That’s something tangible that you can track in your CRM.”
But while networking events are also aimed at building trust and forming relationships, different success metrics are needed. Stakeholders want to know “how well the event created emotional resonance and personal connection,” noted Bartelt. “So, for ROE, we measure the depth of those connections. Did attendees feel like they made meaningful relationships? Were those relationships strong enough to build trust and loyalty?”
Bartelt said that tracking social-media engagement around the event and post-event surveys are two good ways to gauge relationship-building success. And when designing those surveys, one of the most important questions to ask is, “Would you come to another one?”
“Repeat attendance is huge, said Bartelt. “Did they feel connected enough to come back? Did they get enough out of it?
“Ultimately, networking events aren't just about closing deals on the spot. They’re about fostering those relationships, and that's why you have to find a way to balance both ROI and ROE to measure success.” And that begins when designing your events and defining success for your stakeholders. Make sure that both ways of assessing the event are thought through from the start.
The full webinar, Networking Events Done Right—Designing Experiences That Connect, is available on-demand at MeetingsNet.com.
