Mimi Flanders, VP of Global Field Marketing at Promethean.
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In-person events are dead—or so it may have seemed at the height of the pandemic lockdowns.
As dust gathered in the conference halls, virtual events proliferated. The advantages of going digital soon became clear. Improved accessibility, impressive attendance rates, robust data collection, and cost efficiency made virtual events an attractive option. But as lockdown restrictions lifted, in-person events have made an impressive comeback. In March 2022, Bett UK welcomed over 22,000 in-person attendees, about 45,000 people attended CES earlier this year, and MWC’s attendance jumped to over 60,000. With ample opportunity at both in-person and virtual events, companies are now adopting a more diversified event strategy.
Events remain one of the most critical interactions throughout the entire buyer journey. With the switch to a diversified strategy comes an opportunity for organizations to reevaluate their approach to B2B events and to optimize the event mix strategy across in-person, virtual and hybrid gatherings. Here are five steps for boosting the efficacy of your event strategy and maximizing ROI.
1. Begin With The Goal In Mind
Revisit your reasons for doing an event. Are market awareness and building reputation your primary drivers, or is demand generation paramount? In the past two years, we learned that we can influence buyer behavior without in-person events. Now it is time to mix it up and consider the best format options.
There will always be “premiere events” and large trade shows that you need to go to—these are often no-brainers. But tier-two and tier-three shows—in-person, virtual or hybrid—can be an important part of the strategy too. These smaller, more intimate conferences can offer more direct access to your target audiences. With tier-two and tier-three shows, prioritize based on your target audience. Will the media, analysts or influencers be present? Does the event attract the right personas and buying groups?
Takeaway: Revisit your event selection criteria to consider hard costs, value (reputation, demand and so on) and event format (in-person, virtual and hybrid).
2. Focus On The Fundamentals
Ensuring that events are part of an integrated campaign is critical. Think about using social media, paid media, email invites, out-of-home ads, website posts, partner comms and your employees to make some noise. All these things sound standard, but after two years of not doing in-person events, out-of-practice marketers may be more focused on event logistics than on driving attendance.
Also, don’t overlook the press. If you can secure a registered press list, pitch meetings for company spokespeople with media attendees. Planning to make an announcement at a show? Begin making some buzz around the key themes of the announcement in advance of the event through briefings, Q&As or podcast recordings.
Takeaway: Get on reporters’ radar, whether for a call or in-person briefing, two or three weeks ahead of the event.
3. Maximize Customer Experience
Seth Godin nailed it when he said: “People do not buy goods and services. They buy relations, stories, and magic.” Create magic by using learnings from virtual events to provide a hybrid experience. For in-person events, send a pre-event email offer to key targets for high-value items to redeem at the booth. For virtual events, add a food or drink tasting to the schedule to build exclusivity and a sense of community. Introduce experiential elements like a scavenger hunt with both physical and virtual elements to bring the best experience to all event participants.
Stay on top of the trends that deliver the most memorable and engaging experiences. AR/VR can still drive high engagement with visitors and can have a shelf life beyond the show. Tap into many people’s interests in sustainability. Consider eco-friendly alternatives to traditional physical or printed content and explore offering merchandise that “gives back”—where a portion of the proceeds of a sale goes toward a worthy cause. And don’t forget the impact of creative giveaways for getting your brand seen—but remember that supply chain issues are still with us, so order early.
Takeaway: Think outside of your typical event sponsorships to achieve a greater impact.
4. Reevaluate How You Measure ROI
Historically, event efficacy was measured by the number of leads that events generated. But this hyper-focus on lead gen led to a paradoxical sort of tunnel vision that at times detached marketers from revenue goals.
It’s time to broaden the lens and rethink how we measure event ROI. When evaluating the return on investment for B2B events, consider the bigger picture: How many of your target companies did you connect with? What inroads were made with those buying groups? Don’t let traditional MQL targets obscure those results.
We know that not everything that can be counted counts and not everything that counts can be counted. ROI should also consider awareness and brand recognition. What engagement did your participation in the event garner on social media? How does your event presence impact your press coverage? In what ways did the event support audience education? Marketers often overlook these metrics, but they should take them into consideration.
Takeaway: Take a holistic approach to measurement to realize value beyond leads.
5. Cross The Finish Line
Just because the event is over doesn’t mean your work is done. Post-event follow-up is equally important. For press and social media, have commentary prepped from event attendees talking about key takeaways from the show and forward-looking insights so you can create a quick roundup article. Ensure that you drop all new contacts into a nurture program and follow all leads for closed-loop reporting that demonstrates the value of the event.
Takeaway: Conduct a post-mortem—every event interaction provides an opportunity for improvement.
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